India proposes minerals exchange to regulate metals trading

India’s Ministry of Mines has introduced a bill in the lower house of Parliament to establish a national minerals exchange aimed at regulating the trading of minerals and metals, a copy of the bill showed.

The proposed exchange would facilitate trading in minerals and metals under rules framed by the central government.

It would also maintain a comprehensive data bank of trading activity and include regulations to prevent insider trading and market manipulation.

A government-appointed panel had proposed setting up India’s first iron ore exchange to determine the domestic scale price of the key steelmaking raw material, Reuters reported in April last year.

(By Manvi Pant and Nigam Prusty; Editing by Devika Syamnath)