Full Text
REGD. No. D. L.-33004/99
The Gazette of India
CG-DL-E-08062026-273248
EXTRAORDINARY
PART II—Section 3—Sub-section (i)
PUBLISHED BY AUTHORITY
No. 395]
NEW DELHI, THURSDAY, JUNE 4, 2026/JYAISTHA 14, 1948
4025 GI/2026
(!)
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MINISTRY OF COAL
NOTIFICATION
New Delhi, 4th June, 2026
G.S.R. 442(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 Coal 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) "Affiliate” means an associated person in relation to the entity or the entity in
relation to an associated person –
(i) who participates directly or indirectly or through one or more
intermediaries in the management or control or capital of the entity or an
associated person, as the case may be;
(ii) who holds, directly or indirectly, shares carrying not less than twenty-six
per cent. of the voting power in the entity or associated person, as the
case may be;
(iii) who appoints more than half of the board of directors or members of the
board, or one or more executive directors or executive members of the
board of the entity or the associated person, as the case may be; or
(iv) who guarantees not less than ten per cent. of the total borrowings of the
entity or the associated person, as the case may be;
(c) “Associate”, in relation to a person, includes another person:
(i) who, directly or indirectly, by himself, or in combination with other
persons, exercises control over the first person;
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(ii) who holds control of at least twenty per cent. of the total voting
power of the first person;
(iii) who is a holding company or a subsidiary company of the first
person;
(iv) who is a relative, as defined in the Companies Act, 2013, of the first
person;
(v) who is a member of a Hindu Undivided Family of which the first
person is also a member;
(vi) such other cases where the Authority is of the view that a person
shall be considered as an associate based on the facts and factors,
including the extent of control, independence, conflict of interest;
(d) "Authority" means Coal Controller Organisation;
(e) "automated audit trail” means the automated creation and preservation of a time-
sequenced record of transactions, including creation, modification or omission,
in the electronic trading system of the Coal Exchange, for the purpose of
reference at a later date;
(f) "bid" means an electronic document by which a member of the Coal Exchange,
submits the price, quantity, quality or any other specification in relation to a
contract, for the purpose of making a transaction;
(g) “bid type" means the category of bids distinguished by specifications applicable
in relation to each contract to be transacted on the Coal Exchange;
(h) “Board” means the Board of Directors of a Coal Exchange;
(i) “bye-laws" means the provisions relating to the basic framework formulated by
the Coal Exchange for the purposes of the management and trading at the Coal
Exchange, which are duly approved by the Authority;
(j) “cartelisation” means any act by market participants, whereby they limit, control
or attempt to limit or control the storage, transportation, distribution, marketing,
sale, price, trade or transaction in coal;
(k) "circular trading" means trading or transactions by a member or group of
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members, whereby, one or more entities of such member or group enter buy
bids and on the other side, one or more entities of the same member or group
enter sell bids or vice-versa, with the intent to manipulate the price of coal, to
create an artificial market or to defraud or misuse the system;
(l) “clearing” means the process of determining the obligations of members of the
Coal Exchange resulting from the conclusion of a transaction at the Coal
Exchange;
(m) “client” means an entity that has entered into an agreement with a member of a
Coal Exchange for the purpose of dealing through such member;
(n) "coal" means coal or lignite, including their processed forms;
(o) "Coal Exchange” means a mineral exchange referred to in clause (af) of section
3 of the Act, where buyers and sellers of coal, transact, trade and enter into
contracts on an online platform;
(p) "coal sampling agency” means any third party agency empaneled or recognised
by the Authority for the collection, preparation, testing, analysis and
documentation of coal samples;
(q) “company” means a company as defined in clause (20) of section 2 of the
Companies Act, 2013 (18 of 2013);
(r) “contract” means any delivery-based contract approved by the Coal Controller
Organisation and made available for transaction at the Coal Exchange;
(s) “contractual deviation” means any departure from the terms, conditions,
specifications or obligations agreed upon in a contract;
(t) “director” means a director as defined in clause (34) of section 2 of the
Companies Act, 2013 (18 of 2013);
(u) "Form" means form appended to these rules;
(v) "independent director” means a director as defined in clause (47) of section 2 of
the Companies Act, 2013 (18 of 2013);
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(w) “insider” means a person,–
(a) who is, or has been, during the period of six months preceding the concerned
event, associated with the Coal 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 Coal Exchange or by holding any position, whether
permanent or temporary, including a professional or business relationship with
the Coal Exchange, that allows such person, directly or indirectly, access to
unpublished price-sensitive information relating to transactions on the Coal
Exchange; or
(b) who is in possession of, or has access to, unpublished price-sensitive
information relating to transactions on a Coal Exchange; or
(c) who has acquired unpublished price-sensitive information by the
commission of an offence under any of the laws for the time being in the country;
(x) "Insider trading" means,–
(a) communicating, providing or allowing access to any unpublished price-
sensitive information to any person, including other insiders, except where such
communication is in furtherance of legitimate purposes, performance of duties
or discharge of any legal obligations; or
(b)recommending any person, on the basis of unpublished price-sensitive
information, to acquire or dispose of any contract on the Coal Exchange to which
that information relates;
(y) "managing director" means a director as defined in clause (54) of section 2 of
the Companies Act, 2013 (18 of 2013);
(z) "market” means a platform, through the Coal Exchange, where buyers and
sellers buy or sell coal;
(aa) “market manipulation” means,–
(i) entering into any transaction on the Coal Exchange by any market
participant, which -
(a) gives, or is likely to give, false or misleading signals as to the supply of,
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demand for, or price of any of the contract;
(b) secures or attempts to secure, by any member of the Coal Exchange or
client, a relatively higher sale price while curtailing supply to other
beneficiaries entitled to receive the same coal;
(ii) disseminating any information through the media which gives, or is likely
to give, false or misleading signals as to the supply of, demand for, or price
of any contract.
(ab) "market participants" include the Coal Exchange, its members, clients, coal
sampling agencies, any other party transacting at the Coal Exchange and any
other entity as may be notified by the Authority;
(ac) "market surveillance committee” means the committee referred to in sub-rule
(3) of rule 27;
(ad) "member" means a person who has been granted membership of the Coal
Exchange in accordance with these rules;
(ae) “net worth” means the net worth as defined in clause (57) of section 2 of the
Companies Act, 2013 (18 of 2013);
(af) "persons acting in concert" shall have the same meaning as assigned to it in
clause (q) of sub-regulation (1) of regulation 2 of the Securities and Exchange
Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,
2011;
(ag) “settlement” means the process of discharging the obligations of members or
clients of such members resulting from the conclusion of a transaction at the
Coal Exchange;
(ah) “settlement guarantee fund” means a fund created and maintained by the Coal
Exchange, to be used for the settlement of defaults of its members or clients of
such members, as stipulated in the default-remedy mechanism of the Coal
Exchange and comprising of funds as may be determined by the Coal Exchange
with prior approval of the Authority;
(ai) "shareholder director” means a director of the Coal Exchange who represents the
interests of shareholders and is elected or nominated by such shareholders;
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(aj) "transaction fee" means the fee payable by members for transactions on the Coal
Exchange;
(ak) "unpublished price-sensitive information” means any information relating to
contracts transacted on the Coal Exchange that is not generally available and
which, upon becoming generally available, is likely to materially affect the
price of such contract and shall ordinarily include, but not restricted to,
information relating to the contract approved by the Authority.
(2) Words and expressions used and not defined in these rules but defined in the Act shall have
the meaning respectively assigned to them in the Act.
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Chapter II
Components of Contracts
3. Components of contracts transacted on Coal Exchange. – (1) The price discovery shall be undertaken
by the Coal Exchange through a mechanism that ensures fair, neutral, competitive and efficient prices.
(2) The bidding and price discovery mechanisms shall be conducted in accordance with the procedure
approved by the Authority based on the proposal of the Coal Exchange.
(3) The scheduling and delivery of transactions shall be carried out in coordination among the sellers,
buyers and other relevant market participants, in accordance with the contract approved by the Authority.
(4) The quality of the delivered coal shall be verified by the coal sampling agency in accordance with the
contract approved by the Authority.
4. Contract and settlement conditions. – (1) A contract may be annulled or curtailed in accordance with
the clauses of the contract.
(2) Settlement of payments of the transactions under a contract shall be carried out in accordance with the
provisions of rule 22.
(3) The final price of the traded coal shall be adjusted in accordance with the quality of the coal traded, based
on the price-adjustment mechanism of the contract executed and the quality certification issued by the
coal sampling agency.
(4) Any variance between the quantity actually dispatched and the quantity traded shall be resolved in
accordance with the terms and conditions specified in the executed contract.
Chapter III
Coal Exchange
5. Objectives of the Coal Exchange. – The Coal Exchange shall be established and operated with the
objectives of formulating coal supply contracts and facilitating transactions of such contracts, ensuring fair,
transparent, neutral, efficient and robust price discovery and dissemination and securing the efficient and
timely supply of coal in accordance with the terms of the contract.
6. Eligibility criteria.– For establishing a Coal Exchange, the applicant shall fulfil the following criteria
at the time of making an application for registration of the Coal Exchange,-
(a) the applicant shall be a company limited by shares incorporated under the provisions of the
Companies Act, 2013 (18 of 2013);
(b) the applicant is demutualised;
Explanation. – For the purposes of this sub-rule, the term "demutualised" means that the
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ownership and management of the applicant are segregated from the trading rights, in terms
of these rules;
(c) the applicant shall have a net worth of not less than fifty crore rupees, as per the audited special
balance sheet prepared on any date falling within a period of thirty days immediately
preceding the date of filing the application for grant of registration;
(d) the directors of the applicant shall be eligible for appointments on the Board of Directors in
accordance with rule 16;
(e) the applicant shall satisfy the requirements of ownership under rule 13 and governance
structure under rule 15.
7. Application and documents to be submitted for registration.- (1) The applicant may prefer
an application for registration in Form-A annexed to the Schedule.
(2) The applicant shall pay a one-time, non-refundable application fee of rupees three lakhs and shall
submit the following documents for registration of the Coal Exchange, namely:-
(a) Memorandum and articles of association of the company;
(b) the audited special balance sheet prepared on any date falling within a period of 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 and audited accounts of the applicant for the last three years;
(d) Project report containing the following details, namely:-
(i) the constitution of the proposed Coal Exchange;
(ii) the business plan, including funding sources, of the proposed Coal Exchange;
(iii) the management and administrative structure of the proposed Coal Exchange;
(iv) the infrastructural facilities available or proposed to be acquired by the Coal Exchange;
(v) the timeline of development, setting up and operationalisation of the Coal Exchange.
(3) The draft bye-laws and draft operating procedures of the proposed Coal Exchange on the
aspects, specified in rule 17.
8. Procedure for processing the application. – (1) The Authority shall notify the complete details of the
applicant on the official website of the Authority or Ministry of Coal, inviting suggestions from
stakeholders within a period of thirty days from the date of publication of such notice.
(2) Any comments or information sought by the Authority shall be replied by the applicant within a period
of seven days from the date of receipt of the query made by the Authority.
(3) The Authority may call for further information or documents as may be considered appropriate.
(4) The Authority, after due consideration of the application and being satisfied that the applicant meets the
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eligibility criteria specified in rule 6, may propose to grant registration to the applicant for the
establishment of the Coal Exchange.
(5) Where the Authority proposes to grant registration to the applicant, it shall publish a notice of its
proposal on the official website of the Authority for public information for a period of seven days to
invite any further objections or suggestions.
(6) The Authority shall either approve or reject the application for grant of registration within a period of
ninety days from the date of receipt of application.
(7) The Authority may, for reasons to be recorded in writing, extend any of the timelines specified in this
rule.
9. Grant and renewal of registration. – (1) The Authority shall, after making such inquiries as may be
necessary and after obtaining such information as it may require, grant registration subject to such
conditions as it deems fit, or reject the application for reasons to be recorded in writing.
(2) The registration of a Coal Exchange shall be for a period of twenty-five years from the date of grant
of registration, unless such registration is revoked or cancelled.
(3) The Authority may, on an application filed by the Coal Exchange, renew registration for a further
period of twenty-five years, by preferring an application for renewal of registration in Form-B annexed
to the Schedule.
(4) An application for renewal of registration shall be submitted by the Coal Exchange one year before
the expiry of the period of registration.
(5) If an application for renewal of registration is not filed within the time specified, the Authority may,
for reasons to be recorded in writing, condone the delay.
(6) Any electronic trading platform or marketplace where buyers and sellers of coal transact, trade and
enter into contract, which was in operation prior to the date of coming into force of these rules, shall
apply for and obtain the registration under these rules in order to continue their operations:
Provided that if any such platform or marketplace is not registered as a Coal Exchange in accordance
with these rules within a period of six months after the operationalisation of the first Coal Exchange,
such platform or marketplace shall cease to exist.
10. Fees and charges. – The Coal Exchange shall pay,-
(i) a one-time registration fee of rupees fifty lakhs;
(ii) an application fee of rupees three lakhs; and
(iii) an annual fee of thirty lakhs or 0.02% of the trade value on the exchange (excluding taxes) during the
relevant financial year, whichever is higher, as annual fee, subject to a maximum cap of five crore
rupees.
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11. Appointment of Experts by Authority. – (1) The Authority may for the purposes of seeking assistance,
appoint experts on the panel of any ministry or department of the Central Government or any Central
Government public sector enterprise or any statutory or autonomous organisation of the Central
Government.
(2) The officers and staff of the Authority dealing with affairs of Coal Exchange and incidental thereto
shall not be involved in any other work of the office of the Authority.
12. Net worth of applicant.– A Coal Exchange shall maintain at all times a minimum net worth of rupees
fifty crore:
Provided that where the net worth of a Coal Exchange reduces at any time below rupees fifty
crores, the Authority may, for the reasons to be recorded in writing, allow the Coal Exchange such period
as may be considered necessary, to restore the net worth to the level specified in this rule.
13. Ownership structure of Coal Exchange.- (1) The shareholding pattern for equity holders in a Coal
Exchange shall be subject to the following limits, namely:-
(a) no member or client of a Coal Exchange shall, at any time, directly or indirectly, either
individually or together with associates, affiliates or persons acting in concert, acquire or hold
more than five per cent. of the paid-up equity share capital in the Coal Exchange; and
(b) at no point of time any of the member or client of a Coal Exchange, in aggregate, directly or
indirectly, either individually or jointly with associates, affiliates or with persons acting in concert
for any of them, acquire or hold more than forty-nine per cent. of the paid-up equity share capital
in the Coal Exchange.
(2) No person, other than a member or client of a Coal Exchange shall, at any time after five years of
registration of the Coal Exchange, directly or indirectly, either individually or together with associates,
affiliates or with persons acting in concert, acquire or hold more than twenty-five per cent. of the paid-
up equity share capital of the Coal Exchange:
Provided that such persons shall be required to divest their shareholding in excess of twenty-five
per cent. within five years of registration of the Coal Exchange.
14. Disclosure of information of the Coal Exchange.- (1) The Coal Exchange shall, on or before the
thirtieth day of April each year, disclose to the Authority as per Form-C annexed to the Schedule, its
category-wise shareholding pattern as on thirty first day of March of that year, or whenever there is a
significant change in the shareholding or as and when directed by the Authority.
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(2) The Coal Exchange shall maintain and preserve all relevant documents and records relating to the
issue or transfer of its shares for a period of not less than eight years and make such documents available
to the Authority as and when directed.
15. Governance structure of the Coal Exchange. – (1) The Board of Directors of the Coal Exchange shall
consist of the following categories of directors, 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 on the Board:
Provided that for this purpose, the managing director shall be included in the category of
shareholder directors.
(3) The Coal Exchange shall ensure that independent directors are selected from diverse fields of work
and while deciding a particular person as an independent director, the Coal Exchange shall also
take into account the following factors, namely:-
(a) persons having qualifications in the area of law, finance, accounting, economics,
management, administration or any other area relevant to the coal markets;
(b) at least one person having experience and background in finance or accounts shall be
inducted;
(c) persons holding positions of trust and responsibility in reputed organisations or persons
who have retired from such positions;
(d) persons who are likely to have interested positions in commercial contracts and financial
affairs of the Coal Exchange shall be excluded;
(e) persons who are directors in the board of the promoter entity of the Coal Exchange shall
be excluded;
(f) persons who are in any fiduciary relationship with any member of Coal Exchange or
client shall be excluded.
(4) The managing director shall function as the chief executive of the Coal Exchange and all powers in
respect of day-to-day affairs of the Coal Exchange shall be vested in him.
(5) The managing director or any employee of the Coal Exchange shall not be directly or indirectly
associated with any member of the Coal Exchange or client or participant of the Coal Exchange or
with a holding or subsidiary company thereof.
(6) The managing director shall ensure that the details of individual bids of members of the Coal
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Exchange are not shared with the Board.
(7) The names of persons to be appointed as shareholder directors shall be approved by the Board,
followed by shareholders approval and submitted to the Authority for information.
(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 Coal Exchange or their client shall be on the Board of Directors of any Coal
Exchange.
(10) The names of persons appointed as directors following due process as per the Companies Act 2013
(18 of 2013) shall be submitted to the Authority.
16. Qualifications and disqualifications for appointment as Director in the Board. – (1) A person to be
appointed as director in the Board, shall have good reputation and character, and a record of fairness,
integrity and honesty.
(2) He should have qualifications in the area of law, finance, accounting, economics, management,
administration or any other area relevant to the coal markets.
(3) A person shall be considered as disqualified for appointment or continuation as director in the Board,
in case the person, –
(a) is convicted by a court for any offence involving moral turpitude or fraud or any economic offence
or any offence against any law and a period of five years has not elapsed from the date of expiry of the
conviction:
Provided that in case the 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 Coal Exchange; or
(b) is restrained, prohibited or debarred from holding the post of a director in the Board of a company
by any other authority constituted under any law in force in India; or
(c) has an adverse order against him by a competent court or tribunal in a winding up proceedings;
or
(d) is an undischarged insolvent; or
(e) has applied to be adjudicated as an insolvent and the application is pending; or
(f) is found to be of unsound mind by a court of competent jurisdiction and the finding is in force.
(4) No person who suffers from any of the disqualifications for appointment of director prescribed under
the Companies Act, 2013 (18 of 2013) shall be eligible for appointment or continuation as director in the
Board.
(5) In case any shareholder of the Coal Exchange suffers from any of the disqualifications mentioned in
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sub-rule (2) and (3) of this rule, such shareholder or its nominee shall be debarred from being appointed
as director in the Board.
17. Bye-laws and operating procedures of Coal Exchange.– (1) The Coal Exchange shall function in
accordance with its bye-laws and operating procedures as approved by the Authority.
(2) The Authority shall notify, the various aspects to be covered as part of such bye-laws and operating
procedures.
(3) No amendment to the bye-laws and business rules shall be carried out without prior approval of the
Authority:
Provided that the Authority may, by a separate order, dispense with the requirement of prior
approval for amendment of certain provisions of the bye-laws and operating procedures ;
Provided further that such amendments shall, in all cases, be required to be approved by the
Board before being brought into effect;
Provided also that every amendment so approved by the Board shall be notified to the Authority
within a period of thirty days from the date of approval and the Coal Exchange shall maintain a
record of all such amendments for inspection.
18. Reporting of members of the Coal Exchange. – (1) The Coal Exchange shall submit the details of its
members to the Authority, in Form-D annexed to the Schedule.
(2) Where any discrepancy in contravention of these rules is found in the transactions of a member,
the Authority may, after inquiry as it deems fit and after giving such member an opportunity of
being heard, direct the Coal Exchange to debar or revoke the membership of such member and
such direction shall be without prejudice to any action against the Coal Exchange.
(3) The Authority may direct the Coal Exchange to introduce qualification tests for personnel handling
electronic trading terminals and trading in coal.
(4) The Coal Exchange shall stipulate the criteria for membership, including net worth, minimum base
capital, security deposit requirement and liquid asset requirement.
(5) The Coal Exchange shall maintain supporting documents provided by the members for obtaining
membership including the documents evidencing compliance with any criteria specified by the
Coal Exchange and shall furnish such documents to the Authority as and when required by the
Authority and the documents shall be maintained for a period of not less than five years after the
member has surrendered membership or ceases to be a member of the Coal Exchange:
Provided that the Authority may by order, extend the period of preservation of such
documents in cases where proceedings or investigations are pending against a member.
19. Coal Exchange Transaction fee.- (1) The Coal Exchange shall be required to submit to the Authority
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the details of the transaction fee to be charged by the Coal Exchange based on types of contracts or
quantum of transaction or duration of transaction or such other factors as may be proposed by the Coal
Exchange before the date of commencement of the exchange operation, provided that such transaction
fee shall be subject to the limits as specified by the Authority from time to time.
(2) The Coal Exchange shall be required to submit to the Authority the details of any other charges or
fees to be charged by the Coal Exchange before commencement of the exchange operation, provided
that such charges or fees shall not exceed the limits, if any, specified by the Authority.
20. Approval or suspension of contracts by the Authority. – (1) The Authority may, on its own or on an
application made in this behalf, permit the Coal Exchange to introduce new contracts:
Provided that the Coal Exchange may, after consultation with stakeholders, introduce new bid
types or modify existing bid types conforming to the types and features of the contracts, under
intimation to the Authority along with the details of such consultation and the views of the Coal
Exchange.
(2) Any Coal Exchange seeking permission to introduce a new contract under sub-rule (1), shall submit
to the Authority complete and detailed contract specifications, with the following details, namely:-
(a) type of contract;
(b) price discovery methodology and bye-laws proposed in respect thereof;
(c) transaction period including commencement and tenure of transaction session before
delivery;
(d) risk management mechanism;
(e) margining mechanism;
(f) clearing mechanism;
(g) settlement mechanism;
(h) delivery mechanism;
(i) quality assurance mechanism;
(j) penalty for contractual deviation; and
(k) any other aspects, as mentioned by the Authority.
(3) The Authority may, after granting the concerned Coal Exchange an opportunity of being heard, by
order, suspend transactions of any contract for such period as may be specified in the order or
withdraw any contract from the Coal Exchange:
Provided that the Authority shall record in writing the reasons for suspension or withdrawal
of any contract and such reason shall be communicated to the Coal Exchange.
21. Risk management by Coal Exchange.– (1) The Coal Exchange shall develop and implement a risk
management framework to identify, monitor and mitigate risks and such framework shall,-
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(a) be based on best practices; and
(b) remain dynamic and responsive to the changing risk profiles of the market.
(2) For the purposes of maintaining adherence to the framework developed under sub-rule (1), the Coal
Exchange shall constitute a Risk Assessment and Management Committee which shall be headed
by an independent director of the Board of the Coal Exchange.
(3) The Risk Assessment and Management Committee shall review the risk management framework at
intervals of six months, specifically in January and July each year.
(4) The Risk Assessment and Management Committee shall submit a report to the Board of Directors.
(5) The Coal Exchange shall submit the report under sub-rule (4) together with the decision of the
Board of Directors, in Form-E annexed to the Schedule, to the Authority not later than the end of
March and end of September each year.
22. Clearing and settlement.– (1) The Coal Exchange shall discharge its obligations relating to the clearing
and settlement of transactions undertaken on its platform in accordance with its bye-laws.
(2) The settlement of a transaction between parties, as referred to in sub- rule (1), shall be final,
irrevocable and binding on such parties.
(3) The final settlement of a transaction between the parties on the Coal Exchange shall be effected in
accordance with the relevant contract, subsequent to the issuance of the confirmation report by a coal
sampling agency.
(4) The Coal Exchange may declare a member as a defaulter if such member,-
(i) fails to fulfil its clearing or settlement obligations towards the Coal Exchange or its client;
(ii) admits or discloses its inability to fulfil or discharge its duties, obligations and liabilities
towards the Coal Exchange or its client;
(iii) fails to pay any sum due to the Coal Exchange, as may be stipulated from time to time;
(iv) fails to abide by an arbitration award as laid down in the bye-laws and operating procedures of
the Coal Exchange; or
(v) fails to abide by conditions as may be laid down by the Coal Exchange.
(5) The Coal Exchange shall, with the prior approval of the Authority, devise a mechanism to fulfil the
obligations of a defaulting member.
23. Settlement Guarantee Fund. – (1) Every Coal Exchange shall establish and maintain a Settlement
Guarantee Fund, to guarantee the settlement of trades executed on it.
(2) The Coal Exchange shall constitute a Settlement Guarantee Fund Management Committee.
(3) The Settlement Guarantee Fund Management Committee shall be headed by an independent director
of the Board and shall include adequate representation from the members of the Coal Exchange.
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THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(i)]
(4) Where a shortfall in the fund, the Coal Exchange shall replenish it to the threshold level as may be
specified by the Authority.
(5) The Coal Exchange shall invest the proceeds of Settlement Guarantee Fund in safe investments and
ensure that the principal amount is not placed at risk.
(6) 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 the Scheduled public sector banks,
treasury bills and Government securities.
(7) The Coal Exchange shall distribute to its members at least seventy per cent. of the return earned on
the initial security deposit invested in the financial year, within a period of forty-five days of the close
of that financial year.
(8) The distribution of the proceeds of settlement guarantee fund under sub-rule (7) 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 the Coal Exchange.
(9) The principles and methods governing the usage of the settlement guarantee fund shall be clearly
communicated to the members and clients through the bye-laws and operating procedures of the Coal
Exchange.
(10) Details of investment of the Settlement Guarantee Fund shall be submitted to the Authority on an
annual basis together with annual report of the Coal Exchange.
24. Information technology infrastructure and trading system of Coal Exchange. – (1) The Coal Exchange
shall operate an electronic trading system and utlilise 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 the Coal Exchange.
(3) An automated audit trail of bids, matching of bids and the execution of transactions shall be
maintained.
(4) The algorithm of the software application used for price discovery shall comply with,–
(a) the requirement specified in sub-rule (5); and
(b) the methodology set out in the bye-laws and operating procedures of the Coal Exchange.
(5) The Coal Exchange shall have the algorithm audited,-
(a) before the commencement of its operations; and
(b) thereafter, once in every two years.
(6) The findings of the audit under sub-rule (5) shall be submitted to the Authority.
(7) The resources employed under sub-rule (6) shall,-
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[PART II—SEC. 3(i)]
(a) possess competence in the audit of algorithms;
(b) hold relevant industry certifications, such as Certified Information Systems Auditor credential
from the Information Systems Audit and Control Association; or
(c) be empanelled with the Standardisation Testing and Quality Certification Directorate under the
Ministry of Electronics and Information Technology.
(8) The Authority may audit or appoint an agency to conduct an audit of the software applications used
by the Coal Exchange for price discovery.
(9) The Coal Exchange shall provide to the Authority the results of the test cases and data as required
by the Authority.
(10) The Coal Exchange shall carry out periodic Information Technology system audit for data security,
data integrity and operational efficiency for every financial year and shall submit the reports thereof
to the Authority by thirtieth day of June following the end of the financial year.
(11) The Coal Exchange shall with the approval of the Board, formulate and implement a cyber security
and cyber resilience framework to manage risks to its systems, networks and databases from cyber-
attacks and threats, and shall submit such framework to the Authority for information.
(12) A security audit of the Information Technology systems shall be carried out each year by an
organisation empaneled with Indian Computer Emergency Response Team.
(13) The Coal Exchange shall establish and maintain a disaster recovery site and alternate trading facility
to ensure business continuity in event of an emergency.
25. Information dissemination by Coal Exchange.– (1) The Coal Exchange shall display on its website links
to all the relevant websites.
(2) The Coal Exchange shall make available on its website in downloadable format regarding prices,
volumes, transaction fees and historic prices of coal traded.
(3) The Coal Exchange shall publish on 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 Coal Exchange shall publish on its website, data tables displaying the aggregate demand and supply
curves for each type of contract.
(5) The Coal Exchange shall provide details of all transactions, to the Authority on a monthly basis, in
Form-F specified in the Schedule annexed to these rules.
(6) The Coal Exchange shall submit to the Authority the bids of all participants together with any required
analysis, as and when directed by the Authority.
(7) The Coal Exchange shall organise, on a regular basis, member or client awareness programmes across
the country.
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[PART II—SEC. 3(i)]
26. Transaction reporting by Coal Exchange.– The Coal Exchange shall submit the monthly details of all
transactions on its platform, through a suitable electronic mode, to the Authority.
27. Market surveillance by Coal Exchange.– (1) The Coal Exchange shall establish a surveillance
department to carry out day-to-day monitoring and surveillance of transactions and to undertake the
analysis specified in sub-rule (8).
(2) The Coal Exchange shall ensure confidentiality of the all bids received on its platform.
(3) The Coal 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 the Coal
Exchange.
(4) No member of market surveillance committee shall be a member of the Coal Exchange.
(5) The Coal Exchange shall ensure that market surveillance are conducted from a physically secure and
restricted area by authorised personnel.
(6) The Coal Exchange shall maintain information, data security, and audio recording of conversations of
personnel referred 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
submit its analysis and report to the market surveillance committee.
(8) The market surveillance committee shall submit quarterly surveillance report to the Authority within
a period of 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 the members of the Coal Exchange over a specific time period;
(b) daily, weekly, monthly volatility analysis of prices;
(c) price setter analysis of the buyer and seller;
(d) dominant position by market participants;
(e) monitoring of circular trading;
(f) a sudden high transaction volumes of the members of the Coal Exchange;
(g) a default by any member of the Coal Exchange;
(h) a market concentration in daily transactions; and
(i) marginal buyers and sellers whose volume was cleared at the margin.
28. Annual report.– The Coal Exchange shall submit its annual report, together with its audited balance
sheet, by the thirtieth September every year to the Authority.
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[PART II—SEC. 3(i)]
29. Exit scheme.- (1) At the time of registration, the Coal Exchange shall obtain the approval of the
Authority for an exit scheme to be implemented in the event of its closure or revocation of registration.
(2) The exit scheme shall provide for the following matters, namely:-
(a) the manner in which all running contracts on the Coal Exchange shall be closed or the
succession plan for all transacted contracts; and
(b) the manner in which the Coal Exchange shall settle any claims pertaining to pending
arbitration cases, arbitration awards, liabilities or claims of contingent nature and unresolved
investor complaints or grievances lying with it.
30. Revocation of registration of Coal Exchange.– (1) The Authority may, for reasons to be recorded in
writing and after giving the Coal Exchange an opportunity of being heard, revoke the registration
granted to it in any of the following conditions, namely:-
(a) the functioning of the Coal Exchange is in violation of any terms and conditions of these rules
or terms of its registration;
(b) the shareholding of the Coal Exchange is in violation of the terms and conditions of these rules;
(c) the Coal Exchange indulges in market manipulation or insider trading;
(d) the net worth of the Coal Exchange falls below the specified amount as provided in rule 12;
(e) the Coal Exchange fails to comply with any direction of the Authority; or
(f) the Coal Exchange makes an application for revocation of its registration.
(2) Subject to the revocation of the registration of the Coal Exchange, all contracts executed prior to
such revocation shall remain valid and their performance shall be ensured by the Coal Exchange
through the exit scheme as approved under rule 29.
31. Grievance redressal of members and clients.- (1) The Coal Exchange shall constitute a grievance
redressal forum, which shall be headed by an independent director.
(2) The Coal Exchange shall disclose, on its website, the details of complaints lodged by members
against Coal Exchange and by clients against its members and status of resolution of the grievance.
(3) The Coal Exchange shall also disclose the conflict resolution mechanism followed and the
outcome of the grievance resolution on its website.
(4) The Authority may call for information from the Coal Exchange regarding the redressal of any
specific grievance.
(5) Any unresolved grievance at the level of redressal forum shall be placed before the Authority.
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THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(i)]
Chapter IV
Market Oversight
32. Objectives of market oversight.– The Authority shall maintain market oversight to –
(a) detect and prevent market manipulation, insider trading, cartelisation and abuse of dominant
position by any market participant;
(b) ensure that market participants have confidence in the integrity and fairness of Coal Exchange;
and
(c) ensure that the prices are discovered in a transparent and competitive manner.
33. Procedure for market oversight.– (1) The Authority shall undertake market oversight periodically as
and when required.
(2) The market oversight shall include, but need not limited to, the following, namely:-
(a) the procedure for registration of market participants;
(b) the mechanism for collecting data from market participants;
(c) the details of market participants or any other entities who shall furnish information;
(d) the details of information to be furnished by the entities specified in clause (c);
(e) the periodicity and formats for reporting of information;
(f) measures to prevent any misuse of or unauthorised access to the information furnished by market
participants;
(g) conducting analytics and market surveillance based on the data furnished by the market
participants; and
(h) any other information as may be required by the Authority.
(3) The Authority may order an inquiry or investigation in the event of any of the following
circumstances, namely:-
(i) non-compliance of the statutory obligations by market participants including,-
(a) violation or non-compliance of any of the provisions of these rules;
(b) non-compliance of the orders of the Authority issued for contravention of these rules; or
(c) delay or non-submission of information sought under sub-rule (2) or any other information
sought by the Authority;
(ii) involvement of market participants in any of, the following activities,-
(a) market manipulation;
(b) any form of cartelisation;
55
[PART II—SEC. 3(i)]
(c) insider trading; or
(d) abuse of dominant position by any market participant.
34. Intervention by the Authority.– Upon receipt of any information or report under sub-rule (2) of rule 33,
the Authority may, after giving concerned market participants an opportunity to make a representation in
connection therewith and after considering representation, so made, by order,-
(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) debar the concerned market participant from participating in any of the contracts for such period
as may be decided by the Authority;
(c) direct the Coal Exchange to cancel membership of a member; or
(d) suspend or cancel the registration of the Coal Exchange.
35. Circumstances requiring intervention.- (1) The Authority may, on being satisfied that any of the
following circumstances exist in the market or are likely to occur, by an order, give such directions as may
be necessary, namely:-
(i) abnormal increase or decrease in prices of coal;
(ii) sudden or unreasonable fluctuations or unwarranted changes in the prices of coal and high volatility;
or
(iii) sudden high transaction volumes on a Coal Exchange.
(2) In particular and without prejudice to the generality of the power conferred under sub-rule (1), the
Authority may, by order in writing,-
(a) impose a floor or cap price of coal in the Coal Exchange;
(b) suspend transaction activities for a cooling off period in case of increased volatility;
(c) suspend transaction in any specific contract on the Coal Exchange; or
(d) regulate the transaction fee charged by the Coal Exchange.
36. 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 or is likely to be committed, the Authority
may, by an order, after giving notice to the person concerned, temporarily restrain such person from
carrying on that act until the conclusion of such investigation or intervention or until further orders.
37. Power of inspection.– (1) The Authority may, at any time, undertake an inspection, conduct inquiries or
carry out an audit of any Coal Exchange, either through its officers or through a third-party agency.
(2) Where an inspection under sub-rule (1) is undertaken by the Authority, the Coal Exchange and every
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THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(i)]
director, manager, officer and any other employee thereof shall cooperate in such inspection, inquiry
or audit.
38. Directions by the Authority.– (1) Without prejudice to the exercise of its powers under the Act and
the 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 coal markets.
(2) The Authority may, from time to time, call for any information, documents or records from the Coal
Exchange.
Chapter V
Miscellaneous
39. Procedure and Guidelines.– For the purposes of implementation of these rules and matters incidental
thereto, the Authority may specify operating procedures and issue guidelines, in consultation with the
Central Government.
SCHEDULE
FORM-A
[See sub-rule (1) of rule 7]
Application for Coal Exchange Registration
Submission Date:
1. Company Details
Company Name: | Constitution Type:
Corporate Identification Number (CIN): | Date of Incorporation:
Company PAN: | GST Number:
Registered Address:
City: | PIN:
State:
Company Email:
Details of Existing Businesses:
MOA Clause mentioning Coal Exchange:
2. Documents Attached
□ Certificate of Incorporation | □ Company PAN
□ GST Certificate | □ Board Resolution
□ Memorandum of Association | □ Articles of Association
□ Power of Attorney | □ Authorised Signatory ID Proof
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[PART II—SEC. 3(i)]
3. Authorised Signatory Details
Name: | Designation:
Mobile Number: | Email:
ID Proof Type:
4. Board of Directors
Director Name | Director Identification Number | DirectorType | CV Uploaded | Undertaking Uploaded | Pending Case Declaration
5. Shareholder Details
Shareholder Name | Designation | Number of Shares | Shareholding Percentage
6. Financial And Net Worth Details And Documents To Be Submitted
Net Worth (Figures): | Net Worth (Words):
□ Special audited balance sheet | □ Auditor certificate
□ Last three years financial statements | □ Annual report
7. Project Report And Bye-Laws Submission
□ Constitution document | □ Business plan
□ Governance structure | □ Infrastructure plan
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[PART II—SEC. 3(i)]
□ Information Technology and Cybersecurity plan | □ Delivery and logistics plan
□ Market development plan | □ Consolidated project report
□ Draft operating procedures | □ Draft bye-laws
□ Additional documents
8. Application Fee Payment Details
Transaction Reference ID: | Transaction Date:
Bank Name: | Branch:
IFSC: | Amount Paid:
Payment Proof:
Declaration
"I/We hereby declare that the information furnished above is true and correct to the best of my/our knowledge and belief."
Applicant Signature: | Company Seal:
Date:
Place:
For Office Use Only
Application Received On:
Application Number:
Verified By:
Status: | □ Approved | □ Rejected | Checked By:
Remarks:
□ Under Review
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THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(i)]
FORM-B
Application for renewal of registration
[See sub-rule (3) of rule 9]
To
The Coal Controller
Coal Controller Organisation (CCO)
Ministry of Coal
Government of India
Subject:
Application for renewal of registration of Coal Exchange under rule 9 of the Coal Exchange Rules, 2026.
Sir/Madam,
1. We/I on behalf of ___________ (name and address of the Coal Exchange) hereby apply for renewal of registration of the Coal Exchange under the Coal Exchange Rules,
2026.
2. Two copies of the Memorandum and Articles of Association relating to the constitution and management of the Coal Exchange and two copies each of the bye-laws
and operating procedures governing the Coal Exchange, as per the guidelines for bye-laws and operating procedures are enclosed.
3. All information required in this application is enclosed. Any additional information shall be furnished as and when called for by the Coal Controller Organisation.
4. We/I undertake that the Coal Exchange complies with the Mines and Minerals (Development and Regulation) Act, 1957, the Coal Exchange Rules, 2026, and all
applicable guidelines, orders and directions issued by the Coal Controller Organisation or Ministry of Coal from time to time.
5. Proof of payment of the prescribed fee is enclosed.
Yours faithfully
61
[PART II—SEC. 3(i)]
Authorised Signatory
(Name and designation)
for and on behalf of
(Name of the Coal Exchange)
Annexure to renewal form
1. Details of the Coal Exchange
Provide the following details:
• Name of the Coal Exchange
• Registered Office address
• Corporate Office address
• Contact details (email and telephone)
• Website address
Attachments:
• Certificate of Incorporation
• Memorandum of Association
• Articles of Association
2. Registration Details
Provide details of the existing registration granted by the Coal Controller Organisation, including:
• Date of grant of registration
• Validity period of registration
• Date of commencement of operations of the Coal Exchange.
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THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(i)]
3. Ownership Structure
Provide details of the current shareholding pattern of the Coal Exchange.
Attachments:
• Shareholding pattern of the Coal Exchange
• Certificate confirming compliance with ownership limits under the Coal Exchange Rules, 2026.
4. Governance Structure
Provide details of the Board of Directors of the Coal Exchange, including:
• Number of directors
• Number of independent directors
• Number of shareholder directors
• Managing director details
• Provide confirmation that the composition of the Board complies with the Coal Exchange Rules, 2026.
5. Net Worth Compliance
Provide details of the net worth of the Coal Exchange.
Attachments:
• Auditor's certificate confirming net worth of at least fifty crore rupees in accordance with the Coal Exchange Rules, 2026.
6. Financial Statements
Attachments:
• Annual reports of the Coal Exchange for the preceding three financial years
• Audited balance sheet
• Profit and loss account.
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[PART II—SEC. 3(i)]
7. Operational Performance
Provide a summary of the functioning of the Coal Exchange during the period of registration, including:
• Market participants and members
• Coal supply contracts traded
• Market development initiatives.
8. Infrastructure and Technology
Provide details of:
• Trading platform and Information Technology infrastructure
• Cyber-security and data protection systems
• Disaster recovery and business continuity arrangements.
9. Bye-laws and Operating Procedures
Attachments:
• Latest bye-laws of the Coal Exchange approved by the Coal Controller Organisation
• Latest operating procedures of the Coal Exchange
Provide details of any amendments made since the grant of registration.
10. Compliance Statement
Provide a statement confirming compliance with the Coal Exchange Rules, 2026 and applicable guidelines issued by the Coal Controller Organisation.
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THE GAZETTE OF INDIA : EXTRAORDINARY
[PART II—SEC. 3(i)]
FORM-C
Shareholding Pattern Disclosure Report
[See sub-rule (1) of rule 14]
Shareholding Pattern Disclosure Report
Name of the Coal Exchange:
Date:
Sr. No. | Category | Category of Shareholder | PAN | No. of Shareholders | No. of Fully Paid-up Equity Shares Held | No. of Partly Paid-up Equity Shares Held | No. of Shares Underlying Depository Receipts | Total No. of Shares Held (VII)=(IV)+(V)+(VI) | Shareholding as a Percentage of Total No. of Shares (calculated As Per the Securities Contracts (Regulation) Rules, 1957) (VIII) As a Percentage of (A+B+C2) | Number of Voting Rights Held in Each Class of Securities | Shares Underlying Outstanding Convertible Securities | Shareholding Percentage (Assuming Full Conversion) | Locked in Shares | Locked in Shares Percentage | Pledged / Encumbered Shares | Pledged Shares Percentage | Equity Shares in Demat Form
| | | | | | | | | | No. of Voting Rights | Total as a Percentage of (A+B+C) | | | | | |
| | | | | | | | | | Class Eg: X | Class Eg: X | Total | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
65
[PART II—SEC. 3(i)]
FORM-D
Member details submission Report
[See sub-rule (1) of rule 18]
Member Details Submission Report
Name of Coal Exchange:
Month:
Exchange ID | Member ID | Member Name | Registration Number | PAN Number | GST Registration Number | Percentage of Shareholding in exchange | Registered Address | Contact Person | Contact Phone Number | Email Address
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[PART II—SEC. 3(i)]
FORM-E
Risk Assessment Management Committee Report
[See sub-rule (5) of rule 21]
Risk Assessment Management Committee Report
Name of the Coal Exchange:
Date:
Risk ID | Risk Category | Description | Likelihood | Impact | Risk Score | Priority | Mitigation Measures | Responsible Department
R1 | Counterparty Risk | Risk of default by buyer or seller in fulfilling contractual obligations for coal delivery or payment. | Medium | High | High | High | Participant eligibility criteria, financial due diligence, margin requirements, settlement guarantee mechanisms. | Risk Management / Clearing Department
R2 | Price Volatility Risk | Fluctuation in coal prices impacting contract execution and settlement in the term ahead market. | High | Medium | High | High | Market surveillance, price band limits, periodic monitoring of price movements, transparent price discovery mechanisms. | Market Operations / Surveillance
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[PART II—SEC. 3(i)]
FORM-F
Monthly transaction details Report
[See sub-rule (5) of rule 25]
Monthly Transaction Details Report
Name of Coal Exchange:
Month:
S. No. | Transaction Id | Contract Type | Contract ID | Period of Transaction | Time of Transaction | Volume (T) | Seller | Buyer | Coal Grade | Source of Coal | Trade Price (Rs.) | Transaction Fee (Rs.) | Delivery Location | Mode of Delivery
| | | | From Date | To Date | | | Seller Name | Seller ID | Seller State | Buyer Name | Buyer ID | Buyer State | | | | | |
[F. No. CLD-23011/37/2020-CLD]
SANJEEV KUMAR KASSI, Jt. Secy.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054. | SARVESH KUMAR SRIVASTAVA | Digitally signed by SARVESH KUMAR SRIVASTAVA | Date: 2026.06.08 23:26:16
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