The Mineral Exchange Rules 2026

4867 GI/202 6 (1) EXTRAORDINARY PART II —Section 3 —Sub-section ( i) PUBLISHED BY AUTHORITY No. 481] NEW DELHI, TUESDAY, JUNE 30, 2026/ ASHADHA 9, 1948 CG-DL-E-03072026-274051 2 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 4 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 6 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 8 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 10 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 12 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 14 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 16 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 18 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 20 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (1) (2) (3) ...................................... ...................................... 22 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 24 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (1) (2) (3) [ फा. सं. एम. VI -16/35/2026 -खान VI ] MINISTRY OF MINES NOTIFICATION New Delhi, the 30 th June, 2026 G.S.R . 539(E).— In exercise of the powers conferred by section 18B of the Mines and Minerals (Development and Regulation) Act, 1957 (67 of 1957), the Central Government hereby makes the following rules, namely: — CHAPTER I PRELIMINARY 1. Short title and commencement. — (1) These rules may be called the Mineral Exchange Rules, 2026. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions. — (1) In these rules, unless the context otherwise requires, — (a) “Act” means the Mines and Minerals (Development and Regulation) Act, 1957 (67 of 1957); (b) “assaying agency” means any third -party agency accredited by the National Accreditation Board for Testing and Calibration Laboratories or the Department of Science and Technology or the Bureau of Indian Standards and empanelled or recognised by mineral exchange for collection, preparation, testing, analysis and documentation of commodity samples; (c) “Authority” means the Indian Bureau of Mines; 26 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (d) “bid” means the electronic document by which a member of mineral exchange submits the price, quantity, quality or any other specification in relation to a contract, for which it seeks to make a transaction; (e) "board” means the board of directors of mineral exchange; (f) “bye -laws” means the provisions relating to the basic framework formulated by a mineral exchange for the purpose of the management and trading at a mineral exchange, which are duly approved by the Authority; (g) “cartelisation” means an act by market participant, whereby they limit or control or attempt to limit or control storage, transportation, distribution, marketing, sale, price, trade or transaction in commodity; (h) “client” means an entity that has entered into an agreement with a member of a mineral exchange for the purpose of dealing through such member; (i) “circular trading” means trading and transaction by a member or group of members, whereby, one or more entities of such member or group enter to buy bids and on the other side, one or more entities of the same member or group enter to sell bids or vice versa , with the intent to manipulate the price of commodity or to create an artificial market or to defraud or misuse the system; (j) “clearing” means the process of determination of obligation of a member of mineral exchange resulting from the conclusion of a transaction at a mineral exchange; (k) “commodity” shall mean all the minerals, its concentrate or its processed forms (including metals), other than those specified in Part A and Part B of the First Schedule to the Act; (l) “company” means a company as defined in clause (20) of section 2 of the Companies Act, 2013 (18 of 2013); (m) “contract” means any delivery -based contract approved by the Authority and is available for transaction at a mineral exchange; (n) “Director” means a director as defined in clause (34) of section 2 of the Companies Act, 2013 (18 of 2013); (o) “Form” means a form appended to these rules; (p) “independent director” means a director as defined in clause (47) of section 2 of the Companies Act, 2013 (18 of 2013); (q) “insider trading” means, — (i) communicating, providing, or allowing access to any unpublished price sensitive information to any person, including an insider, except where such communication is in furtherance of legitimate purpose, performance of duty or discharge of any legal obliga tion; or Explanation 1 .— For the purposes of this sub -clause, “insider” means a person, — (A) who is, or has been, during the six months prior to the concerned event, associated with mineral exchange, directly or indirectly, in any capacity, including by reason of frequent communication with its officers or by being in any contractual, fiduciary or employment relationship or by being a Director, officer or an employee of the mineral exchange or by holding any position, whether temporary or permanent, including a professional or business relationship with the mineral exchange, that allows such person, directly or indirectly, access to unpublished price -sensitive information relating to transactions on a mineral exchange; or (B) who is in possession of, or has access to, unpublished price -sensitive information about transactions on a mineral exchange; or (C) who has acquired unpublished price -sensitive information by commission of an offence under any of the laws for the time being in the country; Explanation 2.— For the purposes of this sub -clause and sub -clause (ii) “unpublished price sensitive information” means any information relating to contract transacted on mineral exchange that is not generally available and which, upon becoming generally available, is li kely to materially affect the price of contract and shall ordinarily include, but not restricted to, information relating to the contract approved by the Authority; (ii) recommending any person, on the basis of unpublished price sensitive information, to acquire or dispose of any contract on the mineral exchange, to which that information relates; (r) “managing director” means a Director as defined in clause (54) of section 2 of the Companies Act, 2013 (18 of 2013); (s) “market” means a platform where buyer and seller buy or sell commodity through mineral exchange; (t) “market manipulation” means, — (i) entering into any transaction on mineral exchange by any market participant, which — (A) give, or is likely to give, false or misleading signal as to the supply of, demand for, or price of any of the contract; (B) secure or attempt to secure, by any member of the mineral exchange or client, a relatively higher sale price while curtailing supply to other beneficiary entitled to receive the same commodity; (ii) disseminating any information through media which give, or is likely to give, false or misleading signal as to the supply of, demand for, or price of any contract; (u) “market participant” include — (i) mineral exchange; (ii) member of mineral exchange; (iii) client; (iv) assaying agency; (v) any other party transacting at the mineral exchange; and 28 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (vi) any other entity, as may be specified by the Authority; (v) “member” means a person who has been granted trading right or clearing right or both the rights by mineral exchange in accordance with these rules, bye -laws and business rules of mineral exchange; (w) “net worth” means the net worth as defined in clause (57) of section 2 of the Companies Act, 2013 (18 of 2013); (x) “Schedule” means a Schedule appended to these rules; (y) “settlement” means the process of discharging the obligation of member or client of such member resulting from conclusion of a transaction at mineral exchange; (z) “settlement guarantee fund” means a fund created and maintained by mineral exchange, to be used for settlement of default of its member or client of such member, as stipulated in the default -remedy mechanism of mineral exchange and comprising of funds as may be determined by mineral exchange with prior approval of the Authority; (za) “shareholder director” means a director of mineral exchange who represent the interest of shareholder and is elected or nominated by that shareholder; (zb) “transaction fee” means the fee payable by member for transaction on mineral exchange. (2) The words and expressions used in these rules and not defined but defined in the Act or in the Securities Contracts (Regulation) Act, 1956 or the rules made thereunder shall have the same meaning respectively assigned to them in said Act or the rules. 3. Application. — (1) These rules shall apply to — (a) mineral exchange; (b) all market participant including member, client, or assaying agency; (c) delivery -based contract in relation to the commodity, as approved by the Authority. (2) These rules shall not apply to securities, contracts, commodity derivatives or such other instruments regulated by the Securities and Exchange Board of India established under the Securities and Exchange Board of India Act, 1992 (15 of 1992). CHAPTER II MINERAL EXCHANGE 4. Objectives of mineral exchange. — The mineral exchange shall be established and operated with the following objectives, namely: — (a) to design commodity supply contract and to facilitate transaction of such contract; (b) to ensure fair, transparent, neutral, efficient and robust price discovery and dissemination; and (c) to ensure efficient and timely supply of commodity in accordance with the terms of the contract. 5. Functions of mineral exchange. — A mineral exchange shall perform all or any of the functions, namely: — (a) make bye -laws in accordance with the procedure laid down hereunder, for performing such functions, as specified herein; (b) regulate trading operation in mineral commodity and provide a transparent and efficient platform for price discovery ; (c) establish procedure for admission, suspension, or expulsion of member; (d) specify standard for mineral grading, sampling, assaying, weighing, and delivery; (e) determine settlement and clearing procedure, including margin, delivery obligation, and default handling; (f) maintain record and return by member to ensure transparency; (g) maintain a centralised database of mineral traded and grade, volume, trade and participant thereof; (h) ensure that all trade is reported to the relevant regulatory body for compliance and surveillance purpose; (i) establish dispute resolution mechanism between member, client, and other stakeholder; (j) specify the provision related to trading time, trading day, trading session, holiday calendar, and the like; (k) promotion of fair -trade practice and prevention of fraudulent, manipulative or unfair trade practice or price manipulation or market abuse and take disciplinary action where required; (l) conduct research, survey and market study and publish report, bulletin and analytical insight; (m) prevention of cartelisation , insider trading, circular trading, market manipulation and any other matter which is detrimental to the participant of mineral exchange; (n) comply and ensure proper administration and enforcement of these rules and any by -law or direction issued under them; (o) ensure that all client shall hold a valid registration issued by the Indian Bureau of Mines under rule 45 of the Mineral Conservation and Development Rules, 2017; (p) such other functions as may be incidental or ancillary for fulfilling the purpose of mineral exchange in accordance with these rules or any other bye -law made thereunder and any additional functions as may be specified by the Authority. 6. Eligibility for registration of mineral exchange. — The applicant shall fulfil the following criteria for registration of mineral exchange, namely: — (a) it shall be a company limited by shares incorporated or deemed to be incorporated; (b) it shall be demutualised; 30 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] Explanation .— For the purposes of this sub -rule, the term "demutualised" means that the ownership and management of the applicant is segregated from the trading rights, in terms of these rules; (c) it shall have a minimum net worth as specified in rule 11 as per the audited special balance sheet as on any date falling within 30 days immediately preceding the date of filing the application for grant of registration; (d) it shall satisfy the requirement specified under rule 15; and (e) it shall satisfy the requirement relating to the ownership as specified in rule 12 and governance structure as specified in rule 14. 7. Application and documents to be submitted for registration. — (1) An application for registration of mineral exchange shall be made to the Authority in Form I. (2) The applicant shall pay a one -time, non -refundable application fee as specified in the Schedule along with the following documents, namely: — (a) Memorandum and articles of association of the company; (b) audited special balance sheet as on any date falling within thirty days immediately preceding the date of filing the application for grant of registration, showing the net worth of the applicant; (c) copies of the annual report or audited accounts of the applicant for the last three years or such lesser period during which the applicant may have been incorporated; (d) project report containing the following details, namely: — (i) constitution of the proposed mineral exchange; (ii) business plan, including funding sources; (iii) management and administrative structure; (iv) infrastructural facilities available or proposed to be acquired; (v) timeline of development, setting up and operationalization; (e) draft bye -laws and draft business rules covering aspects as specified in rule 16 of these rules; (f) exit scheme as provided under rule 19 of these rules; and (g) any other document, as may be specified by the Authority. 8. Grant of registration. — (1) The Authority shall publish advertisement seeking application for registration as mineral exchange in any leading newspaper and on the website of Authority with the prior approval of the Central Government. (2) The Authority shall notify the salient details of the application received by it for registration as a mineral exchange pursuant to the advertisement on the official website inviting comments and suggestions by the stakeholders up to a period of thirty days from the date of publication of such notice. (3) The Authority may call for comments, remarks, further information or documents as may be considered appropriate and the same shall be replied by the applicant within seven days from the date of receipt of the request. (4) The Authority, after due consideration of the application and being satisfied that the applicant meets the eligibility criteria provided in rule 6 of these rules, may send a proposal to the Central Government for approval for the grant of registration or to reject the application for the reasons to be recorded in writing. (5) The Central Government may refuse or grant its approval to a proposal received under sub -rule (4) and upon grant of approval from the Central Government, the Authority shall issue a certificate of registration to the applicant. (6) An application for registration shall be disposed of within a period of ninety days from the date of its receipt. (7) The Authority may, for the reasons to be recorded in writing, extend any of the timelines specified in this rule in relation to the application process, with the approval of the Central Government. (8) The registration of a mineral exchange shall be for a period of twenty -five years from the date of issue of certificate of registration unless such registration is revoked or cancelled earlier. (9) Every certificate of registration shall be published in the official website of the Authority. 9. Prohibition of unregistered mineral exchange. — (1) No person shall operate or be a member of any unregistered mineral exchange after six months from the date of operationalisation of the first mineral exchange registered under these rules. (2) Any commodity trading platform or market place, which was under operation prior to the date of commencement of these rules shall obtain registration as mineral exchange under these rules within six months of the date of operationalisation of the first mineral exchange registered under these rules, failing which such platform or market place shall cease to operate. 10. Renewal of registration. — (1) The Authority may, on an application filed by mineral exchange in Form I, after making such inquiries as may be necessary in this regard and after obtaining such information as it may require, renew registration for a further period of twenty -five year s or for a lesser period as the Authority consider appropriate. (2) An application for renewal of registration shall be submitted by mineral exchange one year before the expiry of its registration. (3) If an application for renewal of registration is not filed within the time period provided under sub -rule (2), the Authority may, for reasons to be recorded in writing, condone the delay. 11. Net worth of mineral exchange. — (1) A mineral exchange shall maintain at all times a minimum net worth of fifty crore rupees. (2) In case the net worth of mineral exchange reduces at any time below fifty crore rupees, the Authority may, for the reasons to be recorded in writing, allow six months period to restore the net worth to the level provided in these rules. 12. Ownership structure of mineral exchange. — (1) The shareholding pattern for equity holders in a mineral exchange shall be subject to the following limits, namely: — 32 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (a) any member of mineral exchange or its client shall not, at any time, directly or indirectly, either individually or together with associates, affiliate or persons acting in concert, acquire or hold more than five per cent. of the paid -up equity share c apital in mineral exchange; and (b) member of mineral exchange or its client shall not, in aggregate, directly or indirectly themselves or together with associates, affiliate or persons acting in concert for any of them, acquire or hold more than forty -nine per cent. of the paid -up equit y share capital in mineral exchange. Explanation .— For the purposes of this sub -rule and sub -rule (2), "persons acting in concert" shall have the same meaning as assigned to it in clause (q) of sub -regulation (l) of regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Sha res and Takeovers) Regulations, 2011. (2) A person, other than a member of mineral exchange or its client, shall not, at any time after five years of registration of mineral exchange, directly or indirectly, either individually or together with associates, affiliate or persons acting in concer t, acquire or hold more than twenty -five per cent. of the paid -up equity share capital in mineral exchange. (3) If any person has acquired or hold more than twenty -five per cent. of the paid -up equity share capital in mineral exchange, he shall divest his shareholding in excess of twenty -five per cent. within five years of registration of mineral exchange. (4) The mineral exchange shall publish its category -wise shareholding pattern on its official website annually, for public information. (5) The mineral exchange shall ensure compliance with the shareholding limits as per these rules. 13. Disclosure of information regarding ownership of mineral exchange. — (1) The mineral exchange shall disclose to the Authority its category -wise shareholding pattern and significant beneficial owners in a company in accordance with the provisions of Companies Act, 2013 (18 of 2013) on the following occasions, namely: — (a) on or before the 30th day of April of each year and its category -wise shareholding pattern as on the 31st day of March of that year; (b) whenever there is a significant change in the shareholding; and (c) as and when directed by the Authority. (2) The mineral exchange shall maintain and preserve all documents and records relating to the issue or transfer of its shares for a period of not less than eight years and make them available to the Authority as and when directed. 14. Governance structure of mineral exchange. — (1) The board shall consist of the following categories, namely: — (a) shareholder directors; (b) independent directors ; and (c) managing director. (2) The number of independent directors shall not be less than the number of shareholder directors: Provided that for this purpose, the managing director shall be included in the category of shareholder directors. (3) The mineral exchange shall ensure that the independent directors are selected from diverse fields of work and while deciding to propose name of a particular person as an independent director, it shall take into consideration of the following factors, n amely: — (a) qualifications in the area of law, finance, accounting, economics, management, mineral administration or any other area relevant to mineral market; (b) at least one person shall have experience and background in finance or accounts; (c) person holding position of trust and responsibility in reputed organisation or person who have retired from such position; (d) person who is likely to have interested position in commercial contract and financial affair of mineral exchange, shall not be considered; (e) person who is Director in the board of the promoter entity of mineral exchange, shall not be considered; and (f) person who is in any fiduciary relationship with any member of mineral exchange or client, shall not be considered. (4) The managing director shall function as the chief executive of mineral exchange and all powers in respect of day -to-day affairs of mineral exchange shall be vested with him. (5) The managing director or any employee of mineral exchange shall not be directly or indirectly associated with any member of mineral exchange or client or participant of mineral exchange or with a holding or subsidiary company thereof. (6) The managing director shall ensure that the details of individual bid of member of mineral exchange are not shared with the board. (7) The name of person to be appointed as shareholder director shall be approved by the board, followed by shareholders' approval and shall be submitted to the Authority. (8) The manner of election, appointment, tenure, resignation and vacation of shareholder directors and independent directors shall be governed by the relevant provisions of the Companies Act, 2013 (18 of 2013). (9) No member of mineral exchange or its client shall be on the board directly or indirectly, including through associates, affiliates, or related parties. (10) The name of person appointed as Director following due process as per the Companies Act, 2013 (18 of 2013) shall be submitted to the Authority. (11) The appointment of an independent director shall be for a fixed term of three years, or for such extended period, as may be approved by the Authority. (12) The tenure of the managing director shall be for a period not less than three years and shall not exceed five years. 34 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] 15. Qualification and disqualification for appointment as Director on the board. — (1) A person to be appointed as Director on the board, shall have good reputation and character, and a record of fairness, integrity and honesty. (2) A person to be appointed as Director shall have qualifications in the area of law, finance, accounting, economics, management, administration or any other area relevant to the commodity markets. (3) A person shall be considered as disqualified for appointment or continuation as Director on the board, if he— (a) has been convicted by a court for any offence, whether involving moral turpitude or otherwise and sentenced for imprisonment for not less than six months and a period of five years has not elapsed from the date of expiry of the sentence: Provided that if a person is convicted of any offence and sentenced in respect thereof to imprisonment for a period of seven years or more, such a person shall not be eligible to be appointed as a Director in any mineral exchange; (b) is restrained, prohibited or debarred from holding the post of Director in the board of a company by any other authority constituted under any law for the time being in force; (c) has an adverse order against him by a competent court or tribunal in a winding up proceedings; (d) is an undischarged insolvent; (e) has applied to be adjudicated as an insolvent and the application is pending; (f) is found to be of unsound mind by a court of competent jurisdiction and the finding is in force. (4) A person who suffer from any of the disqualification for appointment as Director shall not be eligible for appointment or continuation as Director on the board. (5) If any shareholder of mineral exchange suffers from any of the disqualification mentioned in sub -rule (3), he shall be debarred from being appointed as Director on the board. 16. Bye -laws and business rules of mineral exchange. — (1) The mineral exchange shall function in accordance with its bye -laws and business rules as approved by the Authority. (2) The Authority shall specify various aspects to be covered as a part of bye -laws and business rules. (3) Any amendment to the bye -laws and business rules shall not be carried out without prior approval of the Authority. 17. Eligibility and reporting of members of mineral exchange. — (1) An applicant shall meet the following eligibility conditions to become a member of mineral exchange, namely: — (a) he shall be an Indian citizen , firm, company, or institution registered under the any law for the time being in force; (b) he shall be financially sound and possess a satisfactory credit record, with no history of default, fraud, or insolvency; (c) he shall agree in writing to abide by the rules, bye -laws, regulations, and code of conduct of mineral exchange; (d) he shall hold a valid registration issued by the Indian Bureau of Mines under rule 45 of the Mineral Conservation and Development Rules, 2017, if covered under the said rules; and (e) he shall satisfy any additional conditions, qualifications, or criteria as may be specified by mineral exchange or the Authority. (2) The mineral exchange shall have full discretion to accept or reject any application for membership for cogent reasons to be recorded in writing. (3) The mineral exchange shall submit to the Authority the details of its members in the format specified by the Authority strictly in line with the provisions of these rules. (4) Where any discrepancy is found in the transaction of a member, which is in contravention of these rules, the Authority may, after giving him an opportunity of being heard, direct mineral exchange to debar or revoke the membership of such member and any such direction shall be without prejudice to any action that may be taken against mineral exchange under these rules. (5) The Authority may direct mineral exchange to introduce qualification test for personnel handling electronic trading terminals and trading in commodity. (6) The mineral exchange shall stipulate criteria for its membership including net worth, minimum base capital, security deposit requirement and liquid asset requirement. (7) The mineral exchange shall maintain supporting documents provided by the members for obtaining membership including the documents evidencing compliance with any criteria specified by mineral exchange and furnish it to the Authority as and when required and such documents shall be maintained up to a period of not less than five years after the member ceases to be a member of mineral exchange: Provided that the Authority may by order, extend the period of preservation of documents in cases where proceedings or investigations are pending against the member. 18. Fees.— (1) The mineral exchange shall pay a one -time registration fee, annual fee and a renewal fee as specified in the Schedule. (2) The annual fee shall be payable by the 30th of April every year. 19. Exit of mineral exchange. — (1) At the time of registration, mineral exchange shall obtain the approval of the Authority for an exit scheme to be implemented by mineral exchange in the event of its closure or revocation of registration. (2) The exit scheme shall provide the following, namely: — (a) the manner in which the running contracts on mineral exchange shall be closed or the succession plan for all transacted contract; (b) the manner in which mineral exchange shall settle any claims pertaining to pending arbitration cases, arbitration awards, liabilities, or claims of contingent nature and unresolved investor complaint or grievance lying with it; 36 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (c) provision for data migration, record retention, user notice and nomination of a successor or administrator, if any; and (d) any other matter as may be specified by the Authority. (3) The Authority shall undertake periodic review of exit scheme. 20. Grievance redressal of members and clients. — (1) The mineral exchange shall constitute a grievance redressal forum, headed by an independent director of the exchange. (2) The mineral exchange shall disclose, on its website, the details of complaints lodged by members and clients and status of resolution of the grievance. (3) The mineral exchange shall also disclose, on its website, the conflict resolution mechanism followed and the result of grievance resolution. (4) The Authority may call for information on redressal of any specific grievance of mineral exchange. (5) Any unresolved grievance at the level of the redressal forum shall be placed before the Authority. CHAPTER III COMPONENTS AND MANAGEMENT OF CONTRACTS 21. Price discovery. — (1) The price discovery shall be undertaken by mineral exchange through a mechanism that ensures fair, neutral, competitive and efficient price. (2) The bidding and price discovery of a commodity shall be conducted in accordance with the mechanism approved by the Authority, based on the proposal of mineral exchange. 22. Scheduling and delivery. — (1) The scheduling and delivery of transactions shall be carried out in coordination between seller, buyer and other relevant market participant in accordance with the contract approved by the Authority. (2) The quality of delivered commodity shall be verified by the assaying agency in accordance with the contract approved by the Authority. 23. Contract and settlement condition. — (1) A contract may be annulled or curtailed only in accordance with the clauses as stipulated in the contract. (2) The settlement of payment pertaining to the transaction for contract shall be carried as provided under rule 33 of these rules. (3) The final price of traded commodity shall be adjusted in accordance with quality of the commodity traded based on the price adjustment mechanism of contract executed and in accordance with the quality and quantity certification issued by the assaying a gency. (4) Any variance between the quantity actually dispatched and the quantity traded shall be resolved in accordance with the terms and conditions stipulated in the executed contract. 24. Approval or suspension of contract by the Authority. — (1) The Authority may, on its own or on an application made in this behalf, permit any mineral exchange to introduce new contract: Provided that mineral exchange may, after consultation with stakeholder, introduce new bid type or modify existing bid type conforming to the type and feature of the contract approved by the Authority , under intimation to it along with the details of con sultation with stakeholders and the views of mineral exchange. Explanation. — For the purposes of this proviso, “bid type” means the category of bids distinguished by specification applicable in relation to each contract to be transacted on a mineral exchange. (2) Any mineral exchange seeking permission to introduce a new contract under sub -rule (l), shall submit to the Authority complete and detailed contract specifications including the following, namely: — (a) description and type of contract; (b) commodity, including its grade; (c) price discovery methodology and matching rules proposed; (d) transaction period including commencement and tenure of transaction session before delivery; (e) risk management mechanism; (f) margining mechanism; (g) clearing mechanism; (h) settlement mechanism; (i) delivery mechanism; (j) quality assurance mechanism; (k) penalty for contractual deviation; Explanation. — For the purposes of this clause, “contractual deviation” means any departure from the terms, conditions, specifications or obligations agreed upon in a contract; (l) any other aspects, as specified by the Authority. (3) The Authority may, after granting the concerned mineral exchange the opportunity of being heard, by order, suspend transaction of any contract for the period specified in the order or withdraw any contract from mineral exchange. (4) The Authority shall record in writing the reasons for suspension or withdrawal of any contract under sub - rule (3) and it shall be communicated to mineral exchange. CHAPTER IV ROLE AND FUNCTION OF AUTHORITY 25. Appointment of experts by Authority. — (1) The Authority may appoint experts who are already on the panel of the following with respect to similar expert advisory as required by it, namely: — (a) any Ministry or Department of the Central Government; or 38 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (b) any Central Government public sector enterprise or any statutory or autonomous organisation of the Central Government. (2) The Authority may also appoint expert who is not on any panel after following the procedure specified in the manual of policies and procedure of employment of consultant issued by the Central Government in the Ministry of Finance, Department of Expendi ture. 26. Mineral exchange transaction fee. — (1) The mineral exchange shall be required to submit to the Authority the details of the transaction fee to be charged by mineral exchange based on types of contracts or quantum of transaction or duration of transaction or such other factors as may be prop osed by mineral exchange before commencement of the exchange operation, provided that such transaction fee shall be subject to the maximum limit specified by the Authority. (2) The mineral exchange shall be required to submit to the Authority the details of any other charges or fees to be charged by mineral exchange before commencement of its operation, provided that such charges or fees shall not exceed the maximum limits sp ecified by the Authority. 27. Revocation of registration of mineral exchange .— (1) The Authority may, for reasons to be recorded in writing and after giving mineral exchange an opportunity of being heard, revoke the registration granted on the following grounds, namely: — (a) if the functioning of mineral exchange is in violation of any terms and conditions of these rules or terms of registration; (b) if the shareholding of mineral exchange is in violation of the terms and conditions of these rules; (c) if mineral exchange indulges in market manipulation or insider trading; (d) if the net worth of mineral exchange reduces at any time below the amount as provided in rule 11 and has not been restored within the period provided therein; (e) if mineral exchange fails to comply with any direction of the Authority; (f) if mineral exchange makes an application for revocation of registration. (2) Notwithstanding revocation of the registration of mineral exchange, contract executed prior to such revocation shall remain valid and their performance shall be ensured by mineral exchange through exit scheme or as directed by the Authority. 28. Power to issue interim orders. — Where, during an investigation or intervention, the Authority is satisfied that an act in contravention of these rules has been committed, is being committed or is about to be committed, the Authority may, by order, temporarily restrain any person from car rying on such act until the conclusion of such investigation or intervention or until further orders, after giving notice to such person. 29. Power of inspection. — (1) Every registered mineral exchange and every member thereof shall maintain and preserve, for such period as may be specified by the Authority, such books of account and other documents, and the same shall, at all reasonable times, be available for insp ection by the Authority. (2) The Authority may, at any time, undertake inspection, conduct inquiry or carry out audit of any mineral exchange, either through its officers or through a third -party agency. (3) Where an inspection under sub -rule (2) is undertaken by the Authority, such mineral exchange and every Director, manager, officer and any other employee thereof shall cooperate for such inspection, inquiry or audit. 30. Directions by the Authority. — (1) Without prejudice to the exercise of its powers under the Act and rules made thereunder, the Authority may, suo-motu or on receipt of any information or during pendency of any inspection, inquiry or investigation or upon completion thereof, issue such directions as it deems fit in the interest of promoting competitive commodity markets. (2) The Authority may call for any information, documents or records from mineral exchange. (3) The Authority may direct mineral exchange to create and operate a separate window or windows for the auction of certain minerals from the mines or groups of mines as may be specified by the Authority and such auctions shall be conducted in accordance w ith the directions issued by it. 31. Direction by the Central Government. — The Central Government may give such directions to the Authority, as it may deem necessary to carry out the provisions of the Act or these rules. CHAPTER V RISK MANAGEMENT 32. Risk management by mineral exchange. — (1) The mineral exchange shall develop and implement a prudent risk management framework and such framework shall, — (a) be based on best practices, and (b) remain dynamic and responsive to the changing risk profile of the market. (2) For the purposes of maintaining adherence to the framework developed under sub -rule (1), mineral exchange shall constitute a risk assessment and management committee headed by an independent director of the board. (3) The risk assessment and management committee shall review the risk management framework at intervals of six months, specifically in January and July of each year. (4) The risk assessment and management committee shall submit a report to the board of directors and together with the decision of the board of directors, it shall submit a report to the Authority not later than end of March and end of September of each year, respectively. 33. Clearing and settlement. — (1) The mineral exchange shall discharge its obligations relating to the clearing and settlement of transactions undertaken on its platform or marketplace in accordance with its bye-laws. (2) The settlement of transaction between parties, as referred in sub - rule (1), shall be final, irrevocable and binding on parties. (3) The final settlement of transaction between the parties on mineral exchange shall be effected in accordance with the relevant contract, subsequent to the issuance of the confirmation report by the assaying agency. (4) The mineral exchange shall declare a member as a defaulter if such member, — 40 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (a) fails to fulfill its clearing or settlement obligation towards mineral exchange or its client; (b) admit or disclose its inability to fulfil or discharge its duties, obligations and liability towards mineral exchange or its client; (c) fails to pay any sum due to mineral exchange; (d) fails to abide by the arbitration award as laid down in the bye -laws and business rules of mineral exchange; or (e) fails to abide by conditions as may be laid down by mineral exchange. (5) The mineral exchange shall, with the prior approval of the Authority, devise a mechanism to fulfill the obligation of defaulting member. 34. Maintenance of settlement guarantee fund. — (1) Every mineral exchange shall establish and maintain a settlement guarantee fund, to guarantee the settlement of trades executed on it. (2) The mineral exchange shall constitute a settlement guarantee fund management committee headed by an independent director of the board and shall include adequate representation from the members of mineral exchange. (3) The settlement guarantee fund management committee shall be responsible for overseeing the management of settlement guarantee fund. (4) The contribution to the settlement guarantee fund as provided in this rule shall be made by mineral exchange and its members in the manner as may be specified by mineral exchange. (5) In case of shortfall in the settlement guarantee fund, mineral exchange shall replenish it to the threshold level as may be specified by the Authority. (6) The mineral exchange shall invest the proceeds of settlement guarantee fund in safe investments and ensure that the principal amount is not at risk. (7) Not less than fifty per cent. of the proceeds of settlement guarantee fund shall be kept in safe and liquid investments, including but not limited to fixed deposits with Scheduled Public Sector Banks, treasury bills and Government securities in accorda nce with the regulations of the Reserve Bank of India. (8) The mineral exchange shall distribute to its members at least fifty per cent. of the return earned on the initial security deposit invested in the financial year, within forty -five days of the close of that financial year. (9) The distribution under sub -rule (8) shall be made in proportion to — (a) the initial security deposit of the member; and (b) the duration for which such deposit was held with mineral exchange. (10) The principles and methods governing the usage of the settlement guarantee fund shall be specified in the bye -laws and business rules of mineral exchange. (11) The details of investment of the settlement guarantee fund shall be submitted to the Authority on an annual basis together with annual report of mineral exchange. 35. Information technology infrastructure and trading system of mineral exchange. — (1) The mineral exchange shall operate an electronic trading system and utilise network communication for its operations. (2) The bid entered by a member shall be checked against availability of funds or collateral in the risk management system before it is accepted into the bid book of mineral exchange. (3) An automated audit trail of bids, matching of bids and the execution of transactions shall be maintained with tamper -evident controls, secure time synchronisation, and defined retention policies to ensure integrity and traceability. Explanation. — For the purposes of this sub -rule “automated audit trail” means automated creation and preservation of a time -sequenced record of transaction, including creation, modification or deletion, in the electronic trading system of a mineral exchange for referen ce at later date or time. (4) The algorithm of the software application used for price discovery shall comply with the requirement provided in rule 21 of these rules, the methodology set out in the bye -laws and business rules of mineral exchange and subject to independent verificat ion and validation to ensure fairness, transparency, and robustness. (5) The mineral exchange shall get the algorithm audited before the commencement of its operations and thereafter, at least once in two years: Provided that if there is any material modification to the algorithm or trading system impacting price discovery, the algorithm shall be audited after each modification. (6) The findings of the audit under sub -rule (5) shall be submitted to the Authority in a structured format indicating observations, risk levels, and corrective actions taken. (7) The resources employed by mineral exchange shall possess competence in audit of algorithms and hold relevant industry certifications, such as Certified Information Systems Auditor credential from Information systems Audit and Control Association or be empaneled with the Standardization Testing and Quality Certification Directorate under the Ministry of Electronics and Information Technology. (8) The Authority may conduct an audit or appoint an agency to conduct an audit of the software applications used by mineral exchange for price discovery from among accredited agencies. (9) The mineral exchange shall provide to the Authority results of the test cases and scenarios as required by the Authority in a documented and traceable manner. (10) The mineral exchange shall carry out periodic information technology system audit for every financial year and shall submit the reports thereof to the Authority by the 30th June following the end of the financial year covering security, integrity, performance, and resilience of the systems, including necessary technical assessments such as vulnerability assessment and penetration testing, application security and the like, i n accordance with applicable standards or guidelines, and such audit may be conducted by the authorised third parties. (11) The mineral exchange shall with the approval of the board, formulate and implement a cyber security and cyber resilience framework to manage risk to its systems, networks and databases from cyber -attacks and threats aligned with national guidelines, a nd shall submit such framework to the Authority for information. 42 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (12) A security audit of the information technology systems shall be carried out each year by an organisation empaneled with Standardisation Testing and Quality Certification Directorate or Indian Computer Emergency Response Team. (13) The mineral exchange shall establish and maintain a disaster recovery site and alternate trading facility to ensure business continuity in event of an emergency and shall conduct periodic testing of such facilities, including disaster recovery drills, to ensure readiness and continuity. 36. Market surveillance by mineral exchange. — (1) The mineral exchange shall establish a surveillance department to carry out day -to-day monitoring and surveillance of transactions and to undertake analysis as provided in sub -rule (7). (2) The mineral exchange shall ensure confidentiality of the bids received at its platform. (3) The mineral exchange shall constitute a market surveillance committee which shall be headed by an independent director of the board and shall include members from the executive team of mineral exchange. (4) No member of the market surveillance committee shall be a member of mineral exchange. (5) The mineral exchange shall ensure that market surveillance is conducted from a physically secure area restricted for authorised personnel. (6) The mineral exchange shall maintain information, data security, and audio recording of conversations of personnel referred to in sub -rule (5) for a period of two years and make them available to the Authority, if so directed. (7) The surveillance department shall analyse the bidding patterns and transactions of participants and submits its analysis and report to the market surveillance committee. (8) The market surveillance committee shall submit quarterly surveillance report to the Authority within thirty days after the end of every quarter. (9) The report under sub -rule (8) shall include an analysis of the following, namely: — (a) transaction pattern of members of mineral exchange over a specific time period; (b) daily, weekly, monthly volatility analysis of prices; (c) price setter analysis of buyer and seller; (d) dominant position by market participant; (e) monitoring of circular trading; (f) sudden high transaction volumes of members of mineral exchange; (g) default by any member of mineral exchange; (h) market concentration in daily transaction; (i) marginal buyer and seller, whose volume was cleared at the margin. (10) The Authority may require the market surveillance committee to submit exception reports highlighting unusual trading patterns, abnormal price movements or trading behaviour, sudden spikes in volume, concentration, or potential market manipulation and the like and action taken by the exchange on a daily basis or such shorter period as may be specified by the Authority. CHAPTER VI DATA SHARING 37. Information dissemination by mineral exchange. — (1) The mineral exchange shall display on its website, links to all the relevant websites. (2) The mineral exchange shall make available in its website in downloadable format regarding price, volume, transaction fee and historic price of commodities traded. (3) The mineral exchange shall publish in its website, the maximum, minimum and average of the traded prices for the month and average volume cleared for all types of contracts transacted. (4) The mineral exchange shall publish on its website, data tables displaying aggregate demand and supply curves for each type of contract. (5) The mineral exchange shall provide to the Authority on a monthly basis, details of all transactions in the formats specified by it. (6) The mineral exchange shall submit to the Authority, bids of all participants along with required analysis, as and when directed by it. (7) The mineral exchange shall organise, on a regular basis, member or client awareness programmes across the country through suitable medium. 38. Transaction reporting by mineral exchange. — (1) The mineral exchange shall submit to the Authority, through a suitable electronic mode, monthly details of all transactions on its platform. (2) The Authority may, at any time by order, direct mineral exchange or any participant to submit any periodical or one -time report on any parameter in such format as it may deem fit and such report shall include, — (a) mineral commodities listed and de -listed; (b) changes in rules and bye -laws; (c) changes in the composition of the governing body; (d) disciplinary action against members; (e) arbitration of disputes (nature and number) between members and non -members; or (f) any other information, data, or report, as may be required by the Authority. (3) The Authority may, by order, specify and review the formats in which any of the information shall be submitted by mineral exchange or any participant. 39. Annual report. — The mineral exchange shall submit its annual report along with its audited balance 44 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] sheet by the 30th September of every year to the Authority. CHAPTER VII MARKET OVERSIGHT 40. Objectives of market oversight. — The objectives of market oversight by the Authority shall be, — (a) to detect and prevent market manipulation, insider trading, cartelisation and abuse of dominant position by any market participant; (b) to ensure that market participants have confidence in the integrity and fairness of mineral exchange; and (c) to ensure that the prices are discovered in a transparent and competitive manner. 41. Procedure for market oversight. — (1) The Authority shall undertake market oversight periodically and as and when required. (2) The market oversight shall include, but not limited to, the following, namely: — (a) procedure for registration of market participant; (b) mechanism for collecting data from market participant; (c) details of market participant or any other entity who shall furnish information: (d) details of information to be furnished by the entity specified in clause (c); (e) periodicity and formats for reporting of information; (f) measures to prevent any misuse of or unauthorised access to the information furnished by market participant; (g) conducting analytics and market surveillance based on the data furnished by the market participant; (h) any other information as may be required by the Authority. (3) The Authority may order inquiry or investigation in the event of any of the following circumstances, namely: — (a) non -compliance of the statutory obligations by market participants, including, — (i) violation or non -compliance of any of the provisions of these rules; (ii) non -compliance of the orders of the Authority issued for contravention of these rules; or (iii) delay or non -submission of information sought under sub -rule (2) or any other information sought by the Authority; (b) involvement of market participants in any of the following activities, namely: — (i) market manipulation; (ii) any form of cartelisation; (iii) insider trading; (iv) abuse of dominant position by any market participant. (4) Where an inquiry in relation to the affairs of a mineral exchange or the affairs of any of its members in relation to it has been undertaken under sub -rule (3), — (a) every Director, manager, secretary or other officer of such mineral exchange; (b) every member of such mineral exchange; (c) if the member of mineral exchange is a firm, every partner, manager, secretary or other officer of the firm; and (d) every other person or body of persons who has had dealings in the course of business with any of the persons mentioned in clauses (a), (b) and (c), whether directly or indirectly, shall be bound to produce all such books of account, and other documents in their custody or power, relating to or having a bearing on the subject -matter of such inquiry and also to furnish the inquiring committee within such time as may be specified with any such statement or information relating thereto as may be required of them. 42. Intervention by the Authority. — Upon receipt of any information or report under rule 41 or on its own motion, the Authority may, after giving concerned market participant an opportunity to make a representation in connection therewith and after considering representation, so made, by ord er— (a) require the concerned market participant to take such action in respect of any matter arising out of the report as the Authority may deem fit; (b) refer the case to the adjudicating officer to impose penalty under section 25B of the Act; (c) debar the concerned market participant from participating in any of the contracts provided in rule 3 of these rules for a period as may be specified by the Authority; (d) direct mineral exchange to cancel membership of a member; or (e) suspend or cancel the registration of mineral exchange under these rules. 43. Circumstances requiring intervention. — (1) The Authority may, on being satisfied that any of the below mentioned circumstances exist or is likely to occur in the market, by an order, give such directions as may be necessary, namely: (a) abnormal increase or decrease in prices of a commodity; (b) sudden or unreasonable fluctuation or unwarranted change in the price of a commodity and high volatility; and (c) sudden high transaction volume on a mineral exchange. 46 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (2) In particular and without prejudice to the generality of the foregoing power, the Authority may, by order in writing: (a) impose floor or cap price of a commodity in mineral exchange; (b) suspend transaction activity for a cooling off period (in case of increased volatility); (c) suspend transaction of any specific contract on mineral exchange; or (d) regulate the transaction fee charged by mineral exchange. CHAPTER VIII REVISION 44. Application for revision. — (1) Any market participant aggrieved by, — (a) any order made by the Authority in exercise of the powers conferred on it by or under the Act or the rules made thereunder; or (b) non -passing of any order by the Authority in exercise of the powers conferred on it by or under the Act or the rules made thereunder, within the time specified therefor, may, within three months of the date of communication of the order to him or from the date on which the time period for passing such order expired, apply to the Central Government to revise any order in Form II. (2) The application shall be accompanied by a bank draft for rupees ten thousand as application fee drawn on a Scheduled Bank in the name of the Pay and Accounts Officer, Ministry of Mines payable at New Delhi or by way of a bank transfer to the designated bank account of the Ministry of Mines: Provided that any such application may be entertained after the period of three months if the applicant satisfies the Central Government that he had sufficient cause for not making the application within time. (3) In every application under sub -rule (1) all necessary parties shall be impleaded as party. (4) The applicant shall, furnish sufficient number of copies of application for those parties impleaded under sub-rule (3). (5) On receipt of application and copies thereof, the Central Government shall send a copy of application to each of the parties impleaded under sub -rule (3) specifying a date on or before which he may make his representation, if any, against the revision application: Provided that in case where the revision application has been filed for the reason that no order has been passed by the Authority within the time specified therefor, the Central Government shall before passing an order give the Authority an opportunity of being heard or to represent in the matter. 45. Orders on revision application .— (1) On receipt of an application for revision under rule 44, copies thereof shall be sent to the Authority and to all parties thereof calling upon them to make such comments as they may like to make within three months from the date of issue of the commun ication, and the Authority and the parties, while furnishing comments to the Central Government shall simultaneously endorse a copy of the comments to the other parties. (2) The comments received from any party under sub -rule (1) shall be sent to the other parties for providing further comments as they may like to make within one month from the date of issue of the communication and the parties making further comments shal l send them to all the other parties. (3) The revision application, the communications containing comments and counter -comments referred to in sub -rule (1) and (2) shall constitute the records of the case. (4) After considering the records referred to in sub -rule (3), the Central Government may confirm, modify or set aside the order or pass such other order in relation thereto as the Central Government may deem just and proper. (5) Notwithstanding anything contained in this rule, the Central Government may for sufficient cause, pending the final disposal of an application for revision, stay the execution of the order against which any revision application has been made. CHAPTER IX MISCELLANEOUS 46. Forms, procedure and guidelines. — (1) For the purposes of implementation of these rules and matters incidental thereto, the Authority may specify procedures, and guidelines. (2) The forms wherever required for the prescribed requirements like application for registration, renewal, submitting returns or the like shall be prepared by the Authority in line with the provisions of these rules. Schedule (See rule 7(2) and 18) Fee S. No. Purpose Amount (in ₹) (1) (2) (3) 1. Application fee ₹3,00,000.00 2. Registration fee ₹50,00,000.00 3. Annual fee by registered mineral exchange ₹30,00,000.00 4. Renewal fee by registered mineral exchange ₹2,00,00,000.00 Form I (See rule 7(1) and 10(1) ) Application for registration/ renewal of registration of a mineral exchange To ...................................... ...................................... Subject:— Application for registration/ renewal of registration of a mineral exchange. Sir/Madam, 48 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] Pursuant to advertisement No. .......................... ................. dated .................................for registration as mineral exchange / Certificate of registration No. …… dated............................... issued by the Authority (the Indian Bureau of Mines), we/ I on behalf of ............... ... (name and address of applicant/ mineral exchange) being applicant for mineral exchange/ a mineral exchange as defined in sectio n 18B of the Mines and Minerals (Development and Regulation) Act, 1957 hereby apply for registration/ renewal of registration for the purposes of the said Act. 2. Two copies of the rules, memorandum and articles of association relating in general to the constitution and management of the mineral exchange and two copies of the bye -laws for the regulation of mineral commodities are enclosed. 3. All the necessary information required in the Annexure to this Form is enclosed. Any additional information will be furnished as and when called for by the Authority (the Indian Bureau of Mines). 4. We/ I on behalf of the said applicant/ mineral exchange hereby undertake to comply with the requirements of section 18B of the said Act and rules made thereunder and such other conditions and terms as may be contained in the certificate of registration or be prescribed or imposed subsequently. 5. Treasury Receipt No. ......dated......for ₹….. for application fee is attached. Yours faithfully, Signature of applicant Annexure to application for registration/renewal of registration of mineral exchange Part I – General 1. Name of the applicant / mineral exchange . 2. Address. 3. Date of establishment. 4. Is your mineral exchange a joint venture company (whether public or private) or an association for profit or otherwise? If it is organised on some other basis, this may be stated. 5. Give details of your capital structure and attach three copies of the audited balance sheets and profit and loss account of the mineral exchange for the preceding three financial years. Part II – Membership 6. Do you insist on any minimum qualifications and experience before enrolling new members? If so give details. 7. State the different classes of members, if any, the number thereof and the privileges enjoyed by each class. What is the procedure followed by your exchange for the admission of different classes of new members? 8. What are the rates of your annual subscription in respect of the different classes of member? 9. Do you collect any admission or entrance fees from your members? If so, how much? Part III – Governing Body 10. What is the present strength of your governing body? Give details of the constitution, powers of management, of office of members of the governing body, and the manner in which its business is transacted. 11. Are any trades or commercial interest represented on your governing body? If so, give details of interests represented. 12. Do you have any provision for the appointment of standing or ad hoc sub-committees of the governing body? If so, furnish details of the method of their appointment, terms of office, powers and functions. 13. Give the designations, powers and duties of principal office -bearers of your exchange. If so, give details as to the mode of their appointment, tenure of office and remuneration. Part IV – Trading 14. Give details of business hours . 15. Do you prescribe standard forms of contract for the use of your members? Attach one copy of each such contract form. 16. What provisions have you made for periodical settlement of contracts and differences thereunder, the delivery of, and the passing of delivery orders? 17. If you have clearing house, what returns do the members of your exchange submit regarding the transactions cleared through such clearing house? Does the exchange ask for any regular returns in respect of transactions settled outside the clearing house? Submit one copy of forms used in this connection. 18. How do you fix, alter or postpone the dates of settlement ? 19. Have you any arrangements for recording and publishing market rates including opening, closing, highest and lowest rates? 20. Do you prescribe margin requirements? If yes, give details. 21. Do you prescribe maximum and minimum prices for commodities? If so, how and under what conditions. 22. What are the disciplinary power with the governing body to enforce due compliance by members of the rules and bye -laws of the exchange and generally to ensure proper standard of business conduct? 23. Do you require members to supply such information or explanation and to produce such books relating to their business as your governing body may require? 24. Do you publish any statistics in regard to business done on the mineral exchange including the transactions settled through the clearing house, if maintained? Give details. 25. Do you have any bye -laws contravention of which makes a contract void ? 50 THE GAZETTE OFINDIA : EXTRAORDINARY [PART II—SEC. 3(i)] Part V – Miscellaneous 26. Do you have any machinery for arbitration of disputes between members and/or between members and their constituents? Give details. 27. What provisions have you made for the levy and recovery of fees, fines and penalties? Form II [See rule 44 (1)] Format of application for revision or passing order To [Address] I/We submit the following application for revision / passing of an order which has not been passed within the required time period. S. No. Item detail Particulars (1) (2) (3) 1. Name of applicant (In case of a firm or other association of individuals, provide names of each person constituting the firm or the association of individuals, as the case may be.) 2. Address of the applicant (In case of a firm or other association of individuals, provide addresses of each person constituting the firm or the association of individuals, as the case may be.) 3. Status of the applicant • Mineral exchange • Member of mineral exchange • Client • Assaying agency • Any other party transacting at the mineral exchange • Any other entity, as may be notified by the Authority 4. Purpose of the application (Review of an order passed / request for passing of an order where such an order has not been passed within the time period prescribed) 5. In case of review of an order, date of communication of the order to the applicant or In case of request for passing of an order, the date on which the date on which the time period for passing such order expired 6. Application fee payable 7. Name of bank, demand draft or challan number with date, through which application fee has been paid 8. Whether the application is filed within the prescribed time period Yes/No 9. If not, the reasons for not presenting it within the prescribed limit and seeking condonation of delay 10. Name and complete address of the party/ parties impleaded 11. Number of copies of petition attached (Petition is to be submitted in triplicate if no party is impleaded. Besides these, for each party impleaded one additional copy is to be enclosed) 12. Grounds of revision I/We do hereby declare that the particulars furnished above are correct and am/are ready to furnish any other details, as may be required by you. Place: Date: Yours faithfully, Signature of the applicant Instructions to applicants: (a) The application must be signed by a duly authorised representative of the applicant, in case the applicant is a company. In case the applicant is an individual, the applicant must personally sign the application. In case of a firm or association of individuals, all the persons constituting the firm or association of individuals shall sign the application. (b) The corporate authorisation of the authorised signatory of the applicant (which is a company) must be enclosed with the application. Any change in such corporate authorisation must be immediately intimated to the revision authority. [F. No. M.VI -16/35/2026 -Mines VI] KULVEER SINGH YADAV , Jt. Secy . Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.