amit@unlistedkraft.in
+91-9599071664
+91-9599071664
ICEX Unlisted Shares
DRHP Status : Not Filed
415
About Company
Indian Commodity Exchange Ltd (ICEX) is a SEBI-regulated national commodity exchange operating through a demutualised corporate structure with online trading, clearing, and settlement systems. The exchange operates in one primary business segment — Commodity Exchange, facilitating commodity derivatives trading within India.
ICEX recommenced trading operations on August 28, 2017 with the launch of the world’s first 1-carat Diamond Derivatives Contract. On its first anniversary (August 28, 2018), ICEX introduced the Steel Long contract, marking continued expansion.
Important Corporate Developments
Merger with NMCE
In FY 2018-19, National Multi-Commodity Exchange (NMCE) was amalgamated with ICEX following NCLT approval. Post-merger:
- All NMCE-listed commodities migrated to the ICEX trading platform
- ICEX expanded to 16 commodity derivatives contracts available for trading
New Product Introductions
- Paddy Basmati Futures launched on July 11, 2019
- Planned rollout of innovative commodity contracts at regular intervals
Clearing & Settlement Infrastructure
ICEX outsources clearing and risk management operations to Metropolitan Clearing Corporation of India Limited (MCCIL) from October 1, 2018.
Technology & Ecosystem Strength
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ICEX infrastructure is designed to attract farmers, traders, and industrial users with improved price discovery, risk management and supply chain support.
License Cancellation – Major Development
Breaking News (13 May 2022)
SEBI has cancelled the ICEX Commodity Exchange license as the company’s net-worth dropped below the mandatory ₹100 crore requirement for operating an exchange.
Summary
ICEX entered the market as an innovative commodity exchange with global firsts like the Diamond Derivatives Contract and showed promising operational growth, strong turnover expansion, and widespread national participation. However, continued losses and erosion of net worth ultimately led to SEBI cancelling the exchange license in May 2022. For investors, ICEX represents a high-risk unlisted company, given:
- License cancellation
- Negative profitability trend
- Uncertain revival or restructuring scope
Fundamentals About ICEX
Key Financials of ICEX
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1 | 1.2 | 0.24 | 0.01 |
| Cost of Material Consumed | 0 | 11 | 1.7 | 0.01 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Gross Margins | 100 | -816.67 | -608.33 | -66.67 |
| Employee Benefit Expenses | 8 | 5.3 | 3 | 3.5 |
| Other Expenses | 16 | 4 | 45 | 2.2 |
| EBITDA | -23 | -19.1 | -49.46 | -5.7 |
| OPM | -2300 | -1591.67 | -20608.33 | -95066.67 |
| Other Income | 2 | 0.8 | 1.5 | 9.6 |
| Finance Cost | 0 | 0 | 0 | 0.07 |
| D&A | 4 | 4 | 10 | 0.9 |
| EBIT | -27 | -23.1 | -59.46 | -6.6 |
| EBIT Margins | -2700 | -1925 | -24775 | -110066.67 |
| PBT | -26 | -22 | -58 | 3 |
| PBT Margins | -2600 | -1833.33 | -24166.67 | 50000 |
| Tax | 0 | 0 | 0.3 | 0 |
| PAT | -26 | -22 | -58.3 | 3 |
| NPM | -2600 | -1833.33 | -24291.67 | 50000 |
| EPS | -0.49 | -0.41 | -1.09 | 0.07 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | -2300 | -1591.67 | -20608.33 | -95066.67 |
| Net Profit Margin | -2600 | -1833.33 | -24291.67 | 50000 |
| Earning Per Share (Diluted) | -0.49 | -0.41 | -1.09 | 0.07 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 6 | 55 | 2.2 | 2.3 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 29 | 14 | 22 | 15 |
| Trade Receivables | 2 | 1 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Assets | 124 | 75 | 60.8 | 61.7 |
| Total Assets | 161 | 145 | 85 | 79 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 266.7 | 266.75 | 266.7 | 226.7 |
| FV | 5 | 5 | 5 | 5 |
| Reserves | -163 | -184 | -243.3 | -240 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 10 | 13.6 | 13 | 0.5 |
| Other Liabilities | 47.3 | 48.65 | 48.6 | 91.8 |
| Total Liabilities | 161 | 145 | 85 | 79 |
Shareholding Pattern of ICEX
| Name | Holding |
|---|---|
| Reliance Exchangenext Limited | 16.33% |
| Central Warehousing Corporation | 11.05% |
| Deputy Director (PMLA), Directorate Of Enforcement | 9.04% |
| MMTC Limited | 6% |
| Others | 57.58% |
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Frequently Asked Questions
These are shares of the Indian Commodity Exchange Ltd., a commodity derivatives exchange whose shares trade privately since the company is not listed on stock exchanges.
Yes. ICEX unlisted shares are available subject to seller availability and market demand. Shares are credited to your demat after KYC and payment.
ICEX is a high-risk investment because SEBI cancelled its commodity exchange license in May 2022 due to net-worth erosion. Investors must exercise caution.
Based on private-market transactions, investor sentiment, revival possibilities, and book value estimates. UnlistedKraft updates pricing transparently.
Yes, a demat account is mandatory.
Yes, shares can still be sold depending on buyer demand in the unlisted market. UnlistedKraft helps facilitate selling.
Currently uncertain. Revival or restructuring will determine any future listing prospects.
No. The company has been loss-making for multiple years, which contributed to license cancellation.
More than two-year holding = LTCG @ 20% with indexation; less = STCG as per tax slab.
UnlistedKraft ensures safe transactions, verified sourcing, and guidance — crucial for high-risk unlisted stocks like ICEX.
+91-9599071664
amit@unlistedkraft.in