The Board of Directors present the Twenty Third Annual Report of your Company, along with the Audited Financial Statement of Accounts
for the Financial Year (FY) ended 31^st March, 2025.

1. STATE OF COMPANY'S AFFAIRS

FINANCIAL RESULTS

The Company's financial performance for the Financial Year (FY) ended 31^st March, 2025 is summarized below:

FINANCIAL HIGHLIGHTS

For FY 2024-25, your Company's (Standalone) total income
stood at ? 1,10,737 lakh as compared to ? 67,124 lakh in FY
2023-24. The operating income during the year under review
was ? 1,01,158 lakh as against ? 59,495 lakh in FY 2023-24. Net
profit after tax in FY 2024-25 was ? 41,478 lakh as compared
to ? 5,196 lakh in FY 2023-24.

The net worth of the Company as at 31^st March, 2025 stood
at ? 1,92,750 lakh as compared to ? 1,54,701 lakh as at 31^st
March, 2024.

CONSOLIDATED FINANCIAL STATEMENT

Your Company has, in accordance with Section 129(3) of the
Companies Act, 2013, prepared the annual consolidated
financial statements, consolidating its financials with its
wholly-owned subsidiary Company, MCXCCL and the
associate companies, CCRL and IIBH. The annual audited
consolidated financial statements have been prepared in
accordance with the requirements of Ind AS prescribed under
Section 133 of the Companies Act, 2013 read with relevant
rules issued thereunder, as applicable, and other accounting

principles generally accepted in India and forms part of this
Annual Report. A statement containing the salient features of
financial statements of the Company's subsidiaries, associates
& joint ventures in Form AOC-1 is attached as Annexure I to
this Report.

TRADING PERFORMANCE

During FY 2024-25, the Average Daily Turnover (ADT) of
commodity futures contracts stood at ? 27,153 crore vis-a¬
vis ? 19,636 crore in FY 2023-24, witnessing a rise of 38%.
However, during the same period, the options notional ADT
went up by 115% to ? 1,91,910 crore from ? 89,244 crore.
The Average Realization Rate (ARR) for the futures stood at ?
2.08 per Lakh vis-a-vis ? 2.10 per lakh (each side) during the
previous year. Overall traded Unique Client Codes for futures
and options (UCC - PAN based) during the period increased
to 13 lakh from 9.3 lakh in the previous year.

The total turnover of commodity futures traded on your
Exchange increased by 40% to ? 70.05 lakh crore in FY
2024-25 as against ? 49.88 lakh crore in FY 2023-24. Further,
options turnover for the year went up by 118% to a record

total turnover of ? 495.13 lakh crore as against ? 226.68 lakh
crore in the previous year. The futures in bullion, energy,
metals and agriculture registered a turnover of ? 45.24 lakh
crore, ? 16.69 lakh crore, ? 8.07 lakh crore and ? 0.03 lakh
crore, respectively, as against ? 31.11 lakh crore, ? 13.82 lakh
crore, ? 4.80 lakh crore and ? 0.06 lakh crore in the previous
year. On the other hand, options turnover in energy, bullion
and metals recorded total of ? 401.96 lakh crore, ? 92.63 lakh
crore and ? 0.53 lakh crore, respectively, during FY 2024-25
vis-a-vis ? 203.43 lakh crore, ? 23.21 lakh crore and ? 0.05 lakh
crore , in the previous year.

In terms of metal delivery, a total of 69,384 metric tonnes
(MT) of Base Metals were delivered through the exchange
mechanism during FY 2024-25 as against 94,036 metric
tonnes in FY 2023-24. During FY 2024-25, your Company's
market share in commodity futures market stood at 98.1%
as against 95.9% in the previous year. The volume of futures
(in terms of contracts) traded on the Exchange increased by
19% in FY 2024-25, to 161.3 million lots, as compared to 135.3
million lots in FY 2023-24. On the other hand, the volume
of Options (in terms of contracts) traded increased by 114%
in FY 2024-25, to 815.3 million lots, as compared to 381.4
million lots in FY 2023-24.

GLOBAL COMMODITY MARKET

I n 2024, global commodity markets saw notable price
fluctuations across various sectors. Precious metal prices rose
the most, with Gold prices on COMEX (CME Group) closing
the year at approximately USD 2,653 per troy ounce—a 28%
increase. Silver also rose, closing around USD 29 per troy
ounce on COMEX, up 21%. In non-precious metals, Zinc led
with a 12% increase on LME, closing at USD 2,990 per tonne.
Aluminium and Copper followed with increases of 7% and
3%, closing at USD 2,556 and USD 8,789 per ton, respectively
on LME. Conversely, Lead fell, declining 5% to USD 1,955 per
tonne due to weaker battery production demand. The energy
sector showed mixed results. WTI Crude Oil Futures remained
stable at USD 71.72 per barrel on NYMEX (CME Group), while
Natural Gas prices surged 44.5%, ending at USD 3.63 per
MMBtu, driven by heating demand. Agricultural commodities'
prices faced a decline, with US Cotton falling 16% to USD 6.84
per pound on Intercontinental Exchange due to inventory
build-up. Wheat and Soybean prices also dropped 12% and
23% on CBOT (CME Group), closing at USD 5.51 and USD 9.98
per bushel, respectively, influenced by increased yields and
shifting demand. Overall, 2024 was marked by volatility and
contrasting trends across the commodity landscape.

In 2024, global commodity derivatives market volumes rose
by 15.1% year-on-year to 9.68 billion contracts, according
to the Futures Industry Association (FIA). Precious Metals,
Energy, and Non-Precious Metals saw significant increases
in trade volumes, rising by 45%, 26%, and 17%, respectively
in 2024 over 2023, while Agri-commodities declined by 2.5%.

The global economy grew moderately by 3.3% in 2024, as
per estimates of the International Monetary Fund (IMF),
maintaining the same rate as the previous year but below

the pre-pandemic average of 3.6%. Global growth was driven
significantly by easing of monetary policies, which had earlier
been kept restrictive by central banks for combating inflation.
However, challenges persisted, particularly with potential
trade tensions following the U.S. elections. The IMF's World
Economic Outlook report of April 2025 projects slower
growth for 2025 and 2026 at 2.8% and 3.0%, respectively,
as the global economy faces headwinds from rising trade
tensions and financial market adjustments, though factors
like disinflation, resilient labour markets and advancements
in technology, especially in Artificial Intelligence, can play
supportive roles.

I ndia would continue to be a bright spot in the global
economy and remain one of the fastest-growing major
economies, notes the IMF. For the year 2025 and 2026, the
IMF projects India's economic growth at 6.2% and 6.3%
respectively, on the backdrop of improving supply chains,
resilient services exports, and stable monetary policy.

Your Company's performance during the year 2024-25 and
outlook during the year 2025-26 may be analysed against
this backdrop.

2.    SHARE CAPITAL

There has been no change in the share capital of your
Company during the year under review. As on 31^st March,
2025, the paid-up share capital of your Company stood at ?
5,099.84 lakh comprising of 5,09,98,369 Equity shares of ? 10
each fully paid.

Your Company has, during the year under review, neither
issued any Equity shares with differential voting rights nor
issued any shares (including sweat equity shares) to its
employees under any scheme.

3.    IMPLEMENTATION OF CORPORATE ACTION

During the year under review, the Company has complied
with the specified time limit for implementation of Corporate
Action. The Board of Directors at their meeting held on 01^st
August 2025, has approved sub-division/split of 1 (one)
equity share of face value of ' 10/- (Rupees ten only) each
fully paid-up into 5 (five) equity shares of face value of ' 2/-
(Rupees Two only) each fully paid-up. This shall be subject
to statutory and regulatory approvals as applicable, and
approval of shareholders of the Company.

4.    TRANSFER TO RESERVES

The Company was not required to transfer any amount of
profits to general reserves for FY 2024-25, pursuant to the
provisions of Companies Act, 2013.

5.    SURPLUS IN PROFIT & LOSS ACCOUNT

An amount of ? 1,53,520 lakh (Previous Year ? 1,15,875 lakh)
is proposed to be retained as surplus in the Profit and Loss
Account.

6.    DIVIDEND

The Board of Directors of your Company in its meeting held
on 08^th May, 2025, have recommended a dividend of ? 30
(300%) per equity share on a face value of ? 10 per share
for the Financial Year ended 31^st March, 2025, subject to the
approval of shareholders at the ensuing Annual General
Meeting.

The said dividend is in line with the Dividend Distribution
Policy of the Company.

The outgo on account of the proposed dividend of 300%
(Previous Year 76%) to be paid by the Company aggregates
to approximately ? 15,300 lakh, being a payout of 37% of the
profit after tax (PAT) for the year ended 31^st March, 2025, as
against ? 3,896 lakh during the previous year.

Your Directors' have recommended dividend based on the
Company's performance and adequacy of existing cash/ cash
equivalent at its disposal to provide for capital expenditure
on technology development and new business initiatives.

In view of the changes made under the Income-Tax Act, 1961,
by the Finance Act, 2020, dividends paid or distributed by the
Company shall be taxable in the hands of the Shareholders.
The Company shall, accordingly, make the payment of the
Final Dividend after deduction of tax at source. For more
clarity on deduction of tax, please refer para on'Tax Deducted
at Source ("TDS") on Dividend' as mentioned in the notes to
the Notice of 23^rd AGM.

7.    MEMORANDUM AND ARTICLES OF ASSOCIATION

During the year under review, there has been no change
in the Memorandum of Association ('MOA') and Articles of
Association ('AOA') of the Company. The Board of Directors
at their meeting held on 01^st August, 2025, has approved
the alteration of Capital Clause of the Memorandum
of Association of the Company consequent to the sub-
division/split of existing equity shares. This shall be subject
to statutory and regulatory approvals as applicable, and
approval of shareholders of the Company.

8.    INVESTOR RELATIONS

The Company continuously strives for excellence in its
Investor Relations engagement with investors through
physical, video and audio meetings through structured
conference-calls and periodic investor/analyst interactions
participation in investor conferences, quarterly earnings
calls, and analyst meet from time to time. The Company's
leadership team spent significant time to interact with
investors to communicate the strategic direction of the
business in a number of investors meets. No unpublished
price sensitive information is discussed in these meetings.
The Company ensures that critical information about the
Company is available to all the investors, by uploading all
such information on the Company's website.

9. MAJOR EVENTS OCCURRED DURING THE YEAR:

A. EVENT OCCURED FROM THE END OF THE FINANCIAL
YEAR TILL THE DATE OF THIS REPORT

There are no material changes and commitments
affecting the financial position of the Company which
have occurred between the end of the FY 2024-25 to
which the financial statement relate and the date of this
Report.

B.    CHANGE IN THE NATURE OF BUSINESS:

During the year under review, there was no change in
the nature of business of the Company.

C.    SIGNIFICANT AND MATERIAL ORDERS PASSED
BY THE REGULATORS OR COURTS OR TRIBUNALS
IMPACTING THE GOING CONCERN STATUS AND
COMPANY'S OPERATIONS IN FUTURE

No significant and material orders were passed, during
the year under review, by the regulators or courts or
tribunals impacting the going concern status and
Company's operations in future. However, following
material orders were passed by the Regulator:

a.    In the SEBI SCN dated 16^th October, 2023
pertaining to failure of both MCX and MCXCCL
to implement the SEBI Circular dated 13^th
September, 2017 on outsourcing of Activities,
the matter was subsequently heard and an Order
was passed on 26^th May, 2025 wherein SEBI had
dropped all the allegations against MCX & its 3
(three) past and 1 (one) current Key Managerial
Persons and held only MCX liable, with respect to
failure to make appropriate timely disclosure with
respect to extension of the software services with
the erstwhile Technology vendor for the period
October 2022 to June 2023 in terms of Regulation
4 (1)(d), 4(1) (e), 4(1)(i) and 30(12) of the LODR
Regulations, 2015 read with Regulation 33(1) of
SECC Regulation, 2018 and imposed a penalty
of ' 25,00,000 (Rupees Twenty-Five Lakhs only)
under section 15HB of the SEBI Act, 1992, which
has been paid by the Exchange. In the aforesaid
order dated 26^th May, 2025, the proceedings in
respect of the SCN for MCXCCL and its KMP, were
disposed of without any directions.

b.    SEBI has passed a Settlement Order No. SO//
PSD/2024-25/8048 dated 01^st April, 2025
("Settlement Order") on our Subsidiary Company,
Multi Commodity Exchange Clearing Corporation
Limited with respect to Settlement application
filed by them in connection to their alleged
violation of SEBI Circular on 'Additional risk
management norms for National Commodity
Derivatives Exchanges' bearing reference no.
SEBI/HO/CDMRD/DRMP/CIR/P/2016/77 dated
01^st September, 2016 read with Master Circular
dated 04^th August, 2023 and Regulation 7(4)

(b) of the Securities Contracts (Regulations)
(Stock Exchanges and Clearing Corporations)
Regulations, 2018 ("SECC Reg").

Our Subsidiary Company filed a suo moto
settlement application in terms of the SEBI
(Settlement Proceedings) Regulations, 2018
to settle by neither admitting nor denying the
findings of fact and conclusions of law, the
enforcement proceedings that may be initiated
against the Company, for the alleged violation of
the said SEBI Circular.

A Settlement Amount of ' 2,70,00,000 (Rupees
Two Crores Seventy Lakhs only) was paid by our
Subsidiary Company. There is no material impact
on operations or other activities of MCX and our
Subsidiary Company arising out of payment of
settlement amount.

The Company had, accordingly transferred the following amount to IEPF during the year under review:

TRANSFER OF SHARES

Pursuant to the provisions of IEPF Rules, all equity shares
in respect of which dividend has not been paid or claimed
for last seven consecutive years shall be transferred by the
Company to the designated Demat Account of the IEPF
Authority ("IEPF Account") within a period of thirty days of
such shares becoming due to be transferred. Members who
have not encashed any of their dividends, which have not
been transferred to IEPF Authority, are advised to claim their
dividends.

Accordingly, 782 equity shares of ? 10/- each on which
the dividend remained unpaid or unclaimed for last seven

consecutive years with reference to the due date of 27^th
October, 2024, were transferred during the FY 2024-25 to
the IEPF Authority on 26^th October, 2024 after following the
prescribed procedure.

Any Shareholder whose dividend/shares are transferred to
IEPF can claim the shares by making an online application in
Form IEPF-5 (available on www.iepf.gov.in).

DETAILS OF NODAL OFFICER:

Name: Manisha Thakur, Company Secretary and Compliance
Officer

Email address: Manisha.Thakur@mcxindia.com

The Company has transferred the following unclaimed dividend amount and shares to IEPF till 31^st March, 2025:

Year wise amount of Unpaid/Unclaimed Dividend lying in the unpaid account upto 31^st March, 2025, and the corresponding shares,
which are liable to be transferred to the IEPF, and the due dates for such transfer:

Shareholders are encouraged to claim their outstanding or unclaimed dividends to prevent the transfer of such dividends and the
related shares to the IEPF.

11.    PUBLIC DEPOSITS

Your Company has not invited any deposits from the public,
and as such, no amount of principal or interest related
thereto was outstanding as on 31^st March, 2025.

12.    PARTICULARS OF LOANS GIVEN, INVESTMENTS
MADE, GUARANTEES GIVEN OR SECURITY
PROVIDED UNDER SECTION 186 OF THE
COMPANIES ACT, 2013

The details of loans, guarantees and investments under the
provisions of Section 186 of the Companies Act, 2013 read
with the Companies (Meetings of Board and its Powers)
Rules, 2014, as on 31^st March, 2025, are set out in Note 4 & 8
to the Standalone Financial Statements of the Company.

The Company has not provided any guarantee or security
to any person or entity and has not made any loans and
advances in the nature of loans to firms/companies in which
Directors of the Company are interested.

13.    MEETINGS OF THE BOARD

During FY 2024-25, 23 (Twenty-Three) meetings of the Board
of Directors were held. The details of meetings of the Board
are provided in the Corporate Governance Report forming
part of this Annual Report.

Separate meetings of the Public Interest Directors were held
on 22^nd May, 2024, 22^nd July, 2024 and 19^th November, 2024.

14.    DIRECTORS

Your Company, being a recognized stock exchange and
regulated by SEBI, is required to, inter alia, comply with

the provisions relating to constitution of the Company's
Board of Directors as specified in the Companies Act, 2013,
the Securities Contracts (Regulation) (Stock Exchanges
and Clearing Corporations) Regulations, 2018 (hereinafter
referred to as the "SECC Regulations, 2018") and the SEBI
(LODR) Regulations, 2015.

Your Company has a well-diversified Board comprising
of Directors coming from various walks of life and having
wide range of experience, in the capital markets, finance
and accountancy, legal and regulatory practice, technology,
risk management and management or administration. A
multi-faceted talent-pool enables leveraging multitude of
thoughts, perspectives, knowledge base, skills and industry
experiences, to ensure effective corporate governance and
sustained commercial success of the Company.

As on 31^st March, 2025, the Board comprised of 8 (eight)
Directors, of which 5 (five) were Public Interest Directors
(PID)/Independent Directors, 2 (two) were Non-Independent
Directors and 1 (one) Managing Director. Your Company
had 1 (one) Woman Independent Director on the Board, in
compliance with the SEBI (LODR) Regulations, 2015 and 1
(One) Women MD & CEO.

A "Public Interest Director" under the SECC Regulations, 2018,
means an Independent Director representing the interests
of investors in securities market and who is not having any
association, directly or indirectly, which in the opinion of
the SEBI, is in conflict with his/her role. Accordingly, such
Directors are considered as Independent Directors for
adhering compliance with the provisions of the SEBI (LODR)
Regulations, 2015 and the Companies Act, 2013.

As mandated, all the Public Interest Directors of your
Company have been duly registered with the databank for
Independent Directors maintained by the Indian Institute of
Corporate Affairs.

Your Company has received confirmations from all the
Public Interest Directors to the effect that each of them
meets the criteria of independence, as prescribed under
Regulation 16( 1)(b) of the SEBI (LODR) Regulations, 2015
and Section 149(6) of the Companies Act, 2013. There has
been no change in the circumstances affecting their status
as Independent Directors of the Company. The appointment
of Independent Directors/Public Interest Directors on the
Board of your Company is in accordance with the eligibility
conditions prescribed by SEBI and is made with the approval
of SEBI.

Further, all the Directors have confirmed that they are 'Fit
and Proper,' in terms of the SECC Regulations, 2018. Your
Company has also obtained affirmation of adherence to
Schedule IV of the Companies Act, 2013 and the Code of
Conduct in accordance with the SECC Regulations, 2018, SEBI
(LODR) Regulations, 2015 from all the Directors, as applicable
to them.

None of the Directors of the Company are disqualified for
being appointed as Directors as specified in Section 164 (2)
of the Act read with Rule 14 of Companies (Appointment and
Qualifications of Directors) Rules, 2014.

During the year under review, the first term of Mr. C S
Verma (DIN: 00121756) was due for completion on 21^st
May, 2024. The Exchange was also proposing to appoint an
additional Public Interest Director. Accordingly, upon the
recommendation of the Nomination and Remuneration
Committee (NRC) and the Board of Directors, SEBI vide letter
dated 12^th March, 2024 has approved the re-appointment of
Mr. C S Verma and appointment of Dr. Navrang Saini (DIN:
09650867) as Public Interest Directors of the Company. The
Board of Directors had approved the re-appointment of Mr.
C S Verma as PID for further period of 3 years with effect from
22^nd May, 2024 and appointment of Dr. Navrang Saini as PID
for 3 years with effect from 14^th March, 2024.

The tenure of Mr. P.S. Reddy (DIN: 01064530) as Managing
Director and Chief Executive Officer (MD & CEO) of MCX was
completed on 09^th May, 2024.

Ms. Suparna Tandon (DIN: 08429718), vide her email dated
21^st July, 2024 has tendered her resignation as Non-Executive,
NID of the Company pursuant to her voluntary retirement
with effect from 19^th July, 2024, from the services of NABARD.
Accordingly, Ms. Tandon ceased to be NID of the Company
with effect from 19^th July, 2024.

During the year under review, the first term of Dr. Harsh
Kumar Bhanwala (DIN: 06417704) was due for completion on
07^th August, 2024. Accordingly, upon the recommendation of
the Nomination and Remuneration Committee (NRC) and the

Board of Directors, SEBI vide letters dated 24^th June, 2024 and
24^th July, 2024 has approved the re-appointment of Dr. Harsh
Kumar Bhanwala as Public Interest Director and Chairman of
the Company, respectively for further period of 3 years with
effect from 08^th August, 2024.

Pursuant to Section 152 of the Companies Act, 2013 read
with relevant rules framed thereunder, Mr. Mohan Shenoi
(DIN:01603606), Non-Independent Director (NID) of the
Company, was liable to retire by rotation at the 22^nd Annual
General Meeting ("AGM") held on 26^th September, 2024.
Accordingly, shareholders at their 22^nd AGM approved the
re-appointment of Mr. Mohan Shenoi as NID of the Company.
His re-appointment was subject to regulatory approval.
SEBI vide letter dated 18^th October, 2024 approved the re¬
appointment of Mr. Mohan Shenoi as NID of the Company.

SEBI vide its letter dated 08^th August, 2024, approved the
appointment of Ms. Praveena Rai (DIN: 09474203) as MD &
CEO of the Company for a period of five years, effective from
the date of her joining. The NRC and the Board at its meeting
held on 10^th August, 2024, approved the appointment, terms
and conditions including remuneration of Ms. Praveena Rai
as MD & CEO, subject to the approval by the Shareholders.
The shareholders at their 22^nd Annual General Meeting held
on 26^th September, 2024 through special resolution had
approved the appointment of Ms. Praveena Rai as MD & CEO.
Ms. Rai joined the Company on 31^st October, 2024.

The Board of Directors places on record their earnest
appreciation to the invaluable contribution, leadership
and guidance extended by Ms. Suparna Tandon and Mr. P. S
Reddy to the Board and the Management of the Company
during their association.

I n accordance with the provisions of the Companies Act,
2013, Mr. Arvind Kathpalia (DIN: 02630873), NID, who has
been longest in office since his appointment, is liable to
retire by rotation at the ensuing AGM and being eligible,
is seeking re-appointment. The Board recommends his re¬
appointment.

The first term of Mr. Ashutosh Vaidya (DIN: 06751825) and Ms.
Sonu Bhasin (DIN: 02872234) will be due for completion on
16^th September, 2025. Accordingly, upon recommendation
of the Nomination and Remuneration Committee (NRC) and
the Board of Directors, the application of re-appointment for
further 3 years was made to the Regulator SEBI vide letter
dated 7^th July, 2025 approved their re-appointment.

15. INDEPENDENT EXTERNAL EXPERT

During the year under review, Mr. Madhusudhan KM had
resigned as an Independent External Expert in the Standing
Committee on Technology (SCT) with effect from 23^rd July,
2024. In view of the same, Mr. PVS Murthy was appointed as
an Independent External Expert in Standing Committee on
Technology with effect from 27^th July, 2024.

During the year under review, the tenure of Mr. Moiz Husain
Ali as an Independent External Expert in the SCT was
completed on 27^th March, 2025 pursuant to SECC Regulations,
2018. In view of the same, Mr. Santanu Paul was appointed as
an Independent External Expert in SCT with effect from 28^th
March, 2025.

The Independent External Experts are appointed for a period
of three years, with further extension of three years subject to
performance evaluation in accordance with SECC Regulations,
2018. Further, internal performance evaluation of Independent
External Experts are carried out annually.

16. KEY MANAGERIAL PERSONNEL (KMP)

The following employees became KMPs under the SECC Regulations, 2018 during FY 2024-25:

Further, the following employees ceased to be KMPs under the SECC Regulations, 2018 during FY 2024-25:

Dr. N Rajendran ceased to be the Chief Digital Officer with effect from the closing hours of 7^th April, 2025.

17. PERFORMANCE EVALUATION OF THE BOARD

Your Company has formulated a Policy for Performance
Evaluation/Review in accordance with the provisions of
the Companies Act, 2013, SEBI (LODR) Regulations, 2015,
SECC Regulations 2018, SEBI Circular dated 05^th January,
2017 providing guidance to listed entities about various
aspects involved in the Board Evaluation process ("SEBI
Guidance Note") and SEBI circular dated 05^th February, 2019
on performance review of Public Interest Directors.

The Policy has been framed with an objective to ensure
that Individual Directors of the Company and the Board as a
whole, work efficiently and effectively, for the benefit of the
Company and its stakeholders.

Your Company has implemented a system of evaluating
performance of the Board of Directors, its Committees and
Individual Directors, through peer evaluation, excluding
the Director being evaluated, on the basis of a structured
questionnaire.

The criteria for performance evaluation, inter-alia, includes
the following:

i. Internal Evaluation of Individual Director's
Performance

Level of participation and contribution to the
performance of Board/Committee(s) meetings,

qualification & experience, knowledge and competency,
attendance records, disclosures, fulfilment and ability
to function as a team, initiatives taken, adherence to
the rules/regulations, having independent views and
judgement, providing guidance to senior management
and Board members, etc.

ii.    External Evaluation of Individual Director's
Performance

Pursuant to SECC Regulations, 2018 read with SEBI
Master Circular for Stock Exchanges and Clearing
Corporations, the tenure of PIDs may be extended by
another 3 years, subject to performance evaluation,
internal and external, both carrying equal weightage
Such PIDs shall be subject to:

a.    Internal evaluation by all the governing
Board Members, based on the criteria for the
performance review of Individual Director; and

b.    External evaluation by a management or a human
resources consulting firm based on their pre¬
determined criteria.

iii.    Evaluation of the Board as a Whole

Providing entrepreneurial leadership to the Company,
having clear understanding of the Company's core
business and strategic direction, maintaining contact

with management and external stakeholders,
ensuring integrity of financial controls and systems
of risk management, making high quality decisions,
monitoring performance of management, maintaining
high standards of integrity and probity, encouraging
transparency, etc.

iv.    Chairman's Performance Evaluation

Providing effective leadership, setting effective strategic
agenda of the Board, encouraging active engagement
by the Board members, providing guidance and
motivation to MD & CEO, impartiality in conducting
discussions, establishing effective communication with
all stakeholders, etc.

v.    Performance Evaluation of Board Committees

The performances of the Committees are evaluated
based on parameters such as, Mandate and
composition, Effectiveness of the Committees, Structure
of the Committees and their meetings, Independence
of the Committees from the Board, Contribution to the
decisions of the Board, etc.

The detailed procedure followed for the performance
evaluation of the Board, Committees, Chairman,
individual Directors & Independent External Persons
is enumerated in the Corporate Governance Report
forming part of this Annual Report.

18. BUSINESS OPERATIONS

The Company is an affiliate member of the International
Organisation of Securities Commissions (IOSCO), which is an
international body that brings together the world's securities
regulators and is recognised as the global standard setter
for the securities sector. The Exchange is ranked world's
largest Exchange by the number of commodity Options
contracts traded and sixth largest Exchange by the number
of Commodity Derivatives contracts traded during the year
2024.(Source: FIA Annual Volume trading statistics).

With an aim to seamlessly integrate with the global
commodities ecosystem, MCX has forged strategic alliances
with leading international exchanges such as CME Group
and London Metal Exchange (LME). The Exchange has also

signed Memorandum of Understanding with renowned
global exchanges viz. Dalian Commodity Exchange (DCE),
Taiwan Futures Exchange (TAIFEX), Jakarta Futures Exchange
(JFX), Zhengzhou Commodity Exchange (ZCE) and European
Energy Exchange AG (EEX) to facilitate cooperation in areas
of sharing knowledge and expertise, education & training,
etc. In April '22, MCX signed a consultancy agreement with
Chittagong Stock Exchange Limited (CSE) for setting up the
first commodity derivatives platform of Bangladesh. Under
this agreement, which concluded in the year 2024-25, MCX
assisted and provided consultancy services in the areas of
products, clearing and settlement, trading, warehousing,
regulatory aspects, etc. The Exchange also has tied up with
various trade bodies, industry associations and educational
institutions across the country. These partnerships enable
the Exchange to improve trade practices, increase awareness,
and facilitate overall growth and development of the
commodity markets.

Product Segment Highlights
Bullion

I n pursuit of the Atmanirbhar Bharat Mission, the Multi
Commodity Exchange of India Ltd. (MCX) has embarked
upon the path of recognizing domestic bullion refiners for
good delivery of gold on Exchange platform.

Accordingly, MCX empanelled domestic refiners as per "MCX
Good Delivery Norms for BIS-Standard Gold/Silver" effective
from 06^th March, 2021, has seen a successful delivery of
10,775 kg (about ? 6,356 crore) till Gold Mini (100 gram) 05
March, 2025 Futures contract.

The Bullion segment attained various landmarks during FY
2024-25:

MCX Gold Options with Gold (1 kg) Futures as underlying
contract registered an average daily turnover of ? 22,028
crores in FY 2024-25 up by 304% from ? 5,447 crores in FY
2023-24.

MCX has introduced the modification in Gold Options
contract with Gold (1kg) futures as underlying to include
monthly expiries on 11^th November, 2024.

I t is further submitted that the monthly expiry, Gold 1kg
options has clocked its highest turnover of ? 2,01,331 crores
and highest volume of 2,37,754 kg on 28^th February, 2025 and
highest open interest of 30,307 kg on 12^th March, 2025.

Gold Mini Options with Gold Mini (100 gram) Futures as
underlying registered it's highest turnover of ? 51,149 crore
and highest volume of 59,791 kg was observed on 24^th
February, 2025 and recorded highest open interest of 5,289
Kg on 23^rd December, 2024.

Silver Options with Silver (30 kg) Futures as underlying
contract registered it's highest turnover of ? 58,017 crore

and highest volume of 64,42,920 kg was observed on 25^th
November, 2024 and recorded highest open interest of
9,25,110 Kg on 12^th March, 2025.

Silver Mini Options with Silver (5 kg) Futures as underlying
contract registered it's highest turnover of ? 16,260 crore,
highest volume of 17,79,465 kg and highest open interest of
2,32,830 Kg was observed on 19^th November, 2024.

New Bullion contract launched - Gold Ten (10 gram) Futures:

Gold Ten (10 gram) Futures contract was launched on 01^st
April, 2025 and performance volumes on launch date is
tabled below:

Gold Ten (10 gram) as on 01st April, 2025

Continued success of new product design in Bullion:

Gold Petal (The world's first deliverable 1 gram Gold Futures
contract) has seen delivery of 638 kg (6,37,717 coins) since
its launch in October 2019 till 31^st March, 2025. Gold Petal (1
gram) Futures contract registered an ADT of ? 33 crores in FY
2024-25 up by 153% from ? 13 crores in FY 2023-24.

Similarly, Silver Micro (1kg) Futures contract has seen
successful delivery of 1,70,811 kg from February 2020 series
onwards till 31^st March, 2025 and Silver Mini (5 Kg) Futures
contract has seen successful delivery of 2,94,520 kg from

June 2020 series onwards till 31^st March, 2025. Silver Mini (5
kg) and Silver Micro (1 kg) Futures contract combined has
registered an ADT of ? 3726 crores in FY 2024-25 up by 20%
from ? 3109 crores in FY 2023-24.

A product profile for Bullion has been hosted on the website
of the Company to help investors understand the physical
market dynamics which influence the trading on the
Exchange.

ENERGY SEGMENT PRODUCTS

The oil and gas market navigated the year with an interplay
of factors, including controlled OPEC+ supply and variable
demand, heightened geopolitical tensions, macroeconomic
weakness and a continued focus on energy transition.

The conflict between Israel and Hamas expanded to the
point where Israel and Iran exchanged direct strikes,
temporarily reigniting fears of an oil supply disruption. A
ceasefire between Israel and Hezbollah, brokered by the
U.S. and France, played a significant role in stabilizing the
situation. OPEC+ countries carefully managed production
levels to balance supply and demand. US shale producers
consolidated and remained cautious about production
growth. This collaboration helped maintain stability in global
markets.

The United States continued to lead in oil production in

2024.    By mid-year, U.S. production levels reached record
highs, reinforcing the country's position as a global energy
leader. Following U.S. President Donald Trump's victory in
the November elections, global oil markets witnessed the
impact of new US sanctions, with fears of potential supply
disruptions. The market's focus soon shifted to renewed
concerns over the world economy amid emerging trade wars
and its impact on the pace of oil demand growth. Towards
the end of the year, market again witnessed support from
OPEC+ production cuts and increased consumption during
colder months.

On the domestic front, India remains a leading refining
nation, with strong infrastructure and a global presence
in refined petroleum products. India's significant role in
global oil consumption continues to grow consistently.
India's growing population and industrialization are driving
demand for petroleum and natural gas. The government is
actively promoting domestic production, refining capacity
and infrastructure development in the Indian oil and gas
sector, while continuing its energy efficiency and transition
efforts.

MCX Energy Contracts Review

MCX Crude oil and Natural gas contracts continued their
strong performance in FY25. The crude oil and natural gas
options contracts became the most successful options
contracts globally, by achieving the number first and
second positions respectively, as per global Futures Industry
Association (FIA) ranking for 2024.

The MCX Crude oil options contracts set a benchmark by
registering highest turnover of ? 4,08,006 cr. since inception,
on 13^th January, 2025. In line the MCX Natural gas options
contracts also created a milestone by clocking highest
turnover of ? 1,21,056 cr. since inception, on 21^st February,

2025.

Keeping in line with the Exchange's objective of increasing
the efficiency of energy derivatives in Indian markets and
in its continuous endeavour to design new and innovative

products, the Exchange launched Crude oil and Natural gas
mini options contracts, on 23^rd April, 2024.

These smaller denominated options contracts were launched
to cater to the needs of the SME/ MSMEs for price risk
management and on other hand provide for ease of trading
to the retail participants. Both these contracts were well
accepted by the market participants and garnered a lot of
interest. The MCX Crude oil mini and Natural gas mini options
contracts registered an average daily turnover (ADT) of ?
1,057 cr. and ? 409 cr. respectively in FY 2024-25.

Agricultural Commodities

MCX agricultural commodities futures recorded an average
daily turnover of ' 10.32 crore in FY 2024-25 compared to
22.30 crore in FY 2023-24. The MCX Cotton contract turnover
in FY 2024-25 averaged ' 4.35 crore, compared to ' 12.39
crore in FY 2023-24. The average daily turnover of Mentha
oil contract stood at ' 5.97 crore in FY 2024-25, compared
to ' 9.91 crore in FY 2023-24. MCX launched Cottonseed
Wash Oil futures contract on 15^th October, 2024, turnover in
FY 2024-25 (October 15 to March 31) was 0.24 crore.

The suspended of Crude palm Oil (CPO) futures, initially
imposed from 20^th December, 2021, has been further
extended until 31^st March, 2026"

Base Metals

In continuous pursuit of the Atmanirbhar Bharat mission, the
Exchange has embarked upon the path of branding domestic
Refined Lead Producers to facilitate their direct participation
in price discovery and good delivery on Exchange platform.
One additional domestic refined lead producer, namely, Jain
Resource Recycling Private Limited was empanelled as MCX
approved brands during the FY 2024-25. This takes the total
count of approved domestic refined lead producers to 7. To
enhance the efficiency of the empanelment process, several
modifications were made to the principal document.

Ministry of Mines had issued a Quality Control Order, 2023
on 31^st August, 2023 on Aluminium and Copper. It was
implemented on 01-December-2024. Accordingly, the
Exchange modified Aluminium and Copper contracts to
reflect the change.

Exchange has reduced the staggered delivery period to 3
days effective from January 2025 expiries.

Some of the important highlights of Base Metals in the year
2024-25 are:

1.    In all, 69,384 MTs of base metals were delivered via the
Exchange settlement in FY 2024-25.

2.    The cumulative deliveries via exchange settlement
went past 4.5 Lakh MTs since the year 2019 when those
were converted to delivery settled contracts.

3.    Exchange changed the delivery centre of Steel Rebar
contract from Durgapur (West Bengal) to Kolkata (West
Bengal) effective from September 2024 expiries.

4.    Average daily OI, all metals combined for the year
was 71,612 MTs with Aluminium and Copper top
performing.

5.    Similarly, Average daily volume, all metals combined
was 70,728 MTs. Copper and Zinc Volume outperformed
in the segment.

Index Futures

The Average Daily Turnover (ADT) for FY 2024-25 for MCX
iCOMDEX Index futures was ? 10 crore. The Exchange
is reaching out to the market participants for increased
participation in the index products. The Exchange is pursuing
Options on commodity indices and have approached the
regulator for necessary approvals.

Market Participants

On the Institutional front, four Mutual Funds with six new
schemes were registered in the exchange for participation
in FY 2024-25. In the Alternative Investment Funds category,
we saw addition of four names. In FY 2024-25, 68+ FPIs
were registered and the turnover and participation was the
highest during the period.

19. REGULATORY DEVELOPMENTS- FY 2024-25

During the year under review, SEBI, has issued Master
Circulars for Stock Brokers, Master Circular on Guidelines on
Anti-Money Laundering (AML) Standards and Combating
the Financing of Terrorism (CFT), Comprehensive guidelines
for Investor Protection Fund (IPF) and Investor Services
Fund (ISF), Cybersecurity and Cyber Resilience framework
for SEBI registered entities, Guidelines for Strengthening
of Governance of Market Infrastructure Institutions (MIIs),
Comprehensive framework for System Audit for Stock Brokers
(SBs)/Trading Members (TMs), Guidelines with respect to the
list of Statutory Committees at Exchange, has prescribed
minimum criteria for the independent external evaluation
of performance of MIIs, Statutory Committees of MII and their
weightages, has amended certain clauses of Master circular
on KYC, Master Circulars for Stock Brokers, Master Circular
on Business Continuity Plan (BCP) and Disaster Recovery
(DR), has modified staggered delivery period in commodity
futures contract, timelines for submission of annual audited
accounts/net worth certificate by Stock Brokers, Investor
Charter for Stock Brokers and Exchange and eligibility
criteria for launching Options contracts on agricultural and
agri-processed commodities, has extended the timelines
for implementation of Cybersecurity and Cyber Resilience
Framework (CSCRF).

SEBI has allowed Stock Exchanges to submit preliminary and
final RCA reports of technical glitches on web-based portal
i.e. Integrated SEBI Portal for Technical Glitches (iSPOT). Also,
advised to have a uniform data sharing policy based on data

segregated/identified into 2 baskets, i.e. which can be shared
with the public and which cannot be shared with the public.

20. RISK MANAGEMENT AND RISK MANAGEMENT
POLICY

Your Company has put in place an Enterprise Risk
Management ("ERM") framework to enable and support
achievement of business objectives through identification,
evaluation, mitigation and monitoring of risks applicable
to your Company. The framework includes, among other
elements, risk appetite statements, thresholds and metrics
to monitor the risk to the Company.

Your Company has a comprehensive Risk Management Policy
for managing risks such as Financial, Operational, Technology,
Sectoral, Sustainability (particularly Environmental, Social
and Governance related risks), Regulatory and Compliance,
Business, Credit, Market, People, Legal, Reputational,
Subsidiary Risks and Black Swan events related risks, etc.

The Company has a Risk Management Committee (RMC),
which is constituted by Board of Directors for, inter-alia,
identification, measurement and monitoring the risk profile
of the Exchange. As on 31^st March, 2025, the RMC comprised
of three Public Interest Directors, a Non-Independent Director
and an Independent External Expert. RMC periodically
reviews the Risk Management Policy and its implementation
thereon, along with the comprehensive Risk Register. The
Committee also periodically examines and evaluates the
Risk Management Information Systems (RMIS) covering
the existing as well as emerging risks. The risks pertaining
to internal controls over financial reporting is reviewed by
the Audit Committee. The ERM department identify areas
of risk along with functional departments and work with
departments to implement mitigation strategies.

The Chief Risk Officer (CRiO) oversees overall risk management
of the Company and submits a report to SEBI on a half-yearly
basis after presenting to RMC and the governing board.
CRiO reviews the risk registers of all functions, and also
takes into consideration the observations, if any, from audit
reports encompassing financial, operational, system, and
cyber aspects for identification of risk and in implementing
mitigation measures.

The organization provides for three lines of defence construct
where: i. the first line of defence incorporates business units
and support functions as it has the responsibility to own
and manage risks associated with day to day operational
activities. ii. the second line of defence comprises of various
oversight functions i.e., regulatory, risk management,
compliance teams, and iii. the third line of defence comprises
the internal audit function. For details relating to 'Risks and
Concerns' of your Company please refer to the Management
Discussion and Analysis section forming part of this Annual
Report.

21. INVESTOR PROTECTION FUND (IPF) AND
INVESTOR SERVICE FUND (ISF)

Your Company has set up Multi Commodity Exchange
Investor Protection Fund (IPF), to protect and safeguard
the interest of investors/clients, with respect to eligible/
legitimate claims arising out of default of a member on the
Exchange. The interest or income received on investment
of surplus funds of IPF is used for imparting investor/client
education, awareness, undertaking research activities or
such other programs as may be specified by SEBI from time-
to-time.

Currently, the applicable IPF compensation limit is ? 25 lakhs
per client, with no member-wise limit. As on 31^st March, 2025,
the corpus of IPF (provisional) stood at ? 28,373 lakhs

Your Company has also set up an Investor Service Fund
(ISF) for providing, inter-alia basic minimum facilities at
various Investor Service Centres. The Company has set up
10 (Ten) Investor Service Centres across India till date. SEBI
has permitted the Exchanges to utilize the corpus of ISF
for conducting various investor education and awareness
programs, capacity building programs and maintenance
of all price ticker boards installed by the Exchanges, etc. In
addition to above, the corpus may be utilized in any other
manner as prescribed/permitted by SEBI in the interest of
investors from time-to-time.

Your Company has transferred 1% of the turnover fees
charged from its members on a monthly basis to ISF. As on
31^st March, 2025, the corpus of ISF (provisional) stood at ?
11.33 crores.

In order to enhance literacy and to promote investor
education and awareness in the commodity derivatives
market, around 2395 awareness programs (seminars/
webinars) were conducted under the banner of ISF in FY 2024¬
25. Out of these programs/webinars, over 190 programs were
Regional Investor Seminar for Awareness (RISA) (seminars/
webinars) conducted jointly with SEBI. In FY 2024-25, the
Exchange has conducted awareness programs across India,
for Investors, Students, Farmer Producer Organizations
(FPO's), Hedgers, Physical Market Participants/Stakeholders,
Micro Small And Medium Enterprises (MSME's), Corporates,
etc. from the Bullion Industries, Metal Industries, Energy
Markets and Agricultural sector.

Some major awareness initiatives in FY 2024-25
undertaken were as follows:

World Investor Week (WIW) was celebrated from 14^th October,
2024 till 20^th October, 2024 throughout India under the aegis
of SEBI & IOSCO.

•    Total over 153 awareness programs were conducted across
India during WIW, which had over 7491 participants.

•    Awareness programs across commodities were
conducted with several prominent Institutes, State and
National Universities, Trade Associations and Chambers
of Commerce by utilizing the ISF.

Awareness through Media channels:

The objective of MCX IPF is to spread mass awareness and
educate commodity market stakeholders. During FY 2024¬
25, a number of investor awareness activities were carried
through various media across (digital, electronic and print
modes).

Various Investor Awareness Media Activities carried out
during FY 2024-25:

•    'A Monk Who Trades' Investor Awareness Comic Series was
published in newspapers.

•    Short Investor Awareness Videos were played on TV
channels, were run as YouTube ads and were run on
various websites & languages. Subtitles and sign language
videos were super-imposed on these videos in order to
reach a broader audience.

•    Investor Awareness messages were broadcasted on radio
stations in regional languages.

•    Special investor awareness activities, including contests
on social media and amongst employees were carried out
during the World Investor Week 2024.

•    Investor Awareness messages were displayed at airports
and were run on various social media platforms.

•    Quiz cards, messages in the form of moral stories, investor
encyclopaedia, guess the word and such creatives are
posted everyday on social media.

Other Initiatives:

MCX IPF successfully organized the 7^th edition of 'MCX-IPF
COMQUEST'- 2024-25, its premier, National-level Commodity
Market Educational Quiz for students. This year, around
10000+ individual students, from over 650 institutes across
India participated in the competition, making it the largest
number amongst all previously held editions.

22. TRAINING AND EDUCATION

Your Company continues to reach out to various academic
institutions to enhance knowledge about commodity
derivatives, commodity eco-system and role of exchange
traded derivatives market in facilitating derivatives trading
for price risk management and price discovery.

To achieve the said objectives, your Company undertook the
following -

i)    Certification courses such as MCX Certified Commodity
Professional (MCCP), MCX Certified Index Professional
(MCIP) MCX Certified Commodity Options Professional
(MCOP) examination;

ii)    Introduced Joint Certification Programmes (JCP) with
various academic institutions;

i ii) Conducted Case Study competitions in partnership
with reputed B-Schools

iv)    Carried out multiple engagement programmes towards
imparting education and awareness among academia,
students covering around 200 B-Schools, Colleges, academic
bodies, etc;

v)    Conducted the VIIth edition of MCX-IPF COMQUEST All India
commodity quiz programme which saw a record number
of participation from both the academic institutions (Over
650) and their students. As part of this initiative to deepen it
further, we have carried out zonal (4) quiz programmes

vi)    Conducted awareness programmes for academic institutions
for SEBI SMART certified professionals.

23.    WAREHOUSING

Consequent to the transfer of clearing and settlement
division of the Exchange to Multi Commodity Exchange
Clearing Corporation Ltd. (MCXCCL) w.e.f. 01^st September,
2018, physical deliveries of the commodities traded on the
Exchange platform are effected through MCXCCL.

MCXCCL ensures that the members of MCX and their
constituents are provided with warehousing arrangements
and associated facilities like testing etc. Those willing to
store goods and give delivery on the Exchange platform get
these facilities for commodities traded on MCX in Bullion,
Metals and Agricultural segments. To facilitate this, MCXCCL
verifies and accredits warehouses and vaults across various
delivery centres. It operates only with electronic receipts of
goods stored in MCXCCL accredited warehouses/vaults on
a highly efficient digital platform. In order to keep a check
on compliance, correct the deficiencies and enhance market
confidence, MCXCCL has an elaborate warehouse and vault
inspection activity in place.

MCXCCL has a wide network of warehouses/ vaults for
delivery of commodities traded on MCX platform. This
provides confidence to members to trade on MCX. As on
31^st March, 2025, MCXCCL has entered into agreements
with six Warehouse Service Provider (WSPs) for facilitating
physical deliveries in agricultural commodities and base
metals. As on 31^st March, 2025, MCXCCL is operating from
31 accredited warehouses of which 18 warehouses are
registered with Warehousing Development and Regulatory
Authority (WDRA). The remaining 13 warehouses for metals
do not require WDRA registration.

Further, MCXCCL has entered into agreements with 4 Vault
Service Provider (VSPs) for facilitating physical deliveries
in bullion. There are 10 accredited vaults of these agencies
located across various delivery centres.

24.    SUBSIDIARY

Multi Commodity Exchange Clearing Corporation
Limited (MCXCCL)

MCXCCL, a wholly-owned subsidiary of your Company, was
set up as a separate clearing house for providing Clearing
and Settlement services to the Company. MCXCCL performs

risk management of the trades executed, collects margin
from the members, effects pay-in and pay-out and oversees
delivery and settlement processes. SEBI had granted renewal
of recognition to MCXCCL to act as a Clearing Corporation
for a period of three years commencing from 31^st July 2019
and ending on 31^st July 2022 and had granted renewal of
recognition to MCXCCL, to act as a Clearing Corporation for
a period of three years commencing on 31^st July 2022 and
ending on 30^th July 2025.

SEBI vide its letter dated 16^th July 2025, has granted renewal
of recognition to MCXCCL, to act as a Clearing Corporation for
a period of further three years commencing on 31^st July 2025
and ending on 30^th July 2028, subject to complying with all
Rules, Regulations, guidelines and other instructions as may
be issued by SEBI from time to time.

Risk management being an important function for a clearing
corporation, MCXCCL has a well-defined Risk Management
Framework and Risk Management Policy in place. This works
at various levels across the enterprise to form a strategic
defence cover for the Company. MCXCCL has constituted a
Risk Management Committee, which periodically monitors
and reviews Risk Management plan and the implementation
of SEBI norms on Risk Management and recommends to the
Board any modifications to the Risk Management Policy.

MCXCCL is recognized as a Qualifying Central Counterparty
(QCCP) by SEBI. This enables the participants to apply lower
risk weightage towards their exposures to MCXCCL as per
Basel II capital adequacy framework. It has membership
of CCP12, the renowned global association of Central
Counterparties and membership of Asia-Pacific Central
Securities Depository Group (ACG).

During the year under review, there was no change in the
Authorized, Issued and Paid-up Share Capital of MCXCCL.
As on 31^st March, 2025, Authorized Share Capital of MCXCCL
stood at ? 30,000 lakh and issued and paid-up share capital
stood at ? 23,999 lakh. The net worth as at 31^st March, 2025
was ? 67,145.76 lakh.

Core Settlement Guarantee Fund (Core SGF)

SEBI vide circular no. SEBI/HO/CDMRD/DRMP/CIR/2018/111
dated 11^th July, 2018, issued norms related to computation
of SGF requirement and standardized stress testing for
credit risk in commodity derivatives. The total Core SGF as
on 31^st March, 2025 stood at ? 93,014 lakh, of which ? 19,263
lakh has been contributed by MCX, ? 48,353 lakh has been
contributed by MCXCCL and ? 25,398 lakh has accrued from
penalties, interest and other accruals.

25. ASSOCIATES

Countrywide Commodity Repository Limited

Your Company entered into a Shares Sale/Purchase and
Shareholders Agreement with Central Depository Services
Limited (CDSL) and Countrywide Commodity Repository
Limited (CCRL) effective 18^th May, 2018, for setting up and

operationalization of a repository under the Warehousing
(Development and Regulation) Act, 2007. Pursuant to Section
2(6) of the Companies Act, 2013, CCRL became an associate
Company of MCX w.e.f. 04^th June, 2018, consequent to
investment of ? 1,200 lakh comprising of 12,000,000 equity
shares of ? 10 each, equivalent to 24% stake in CCRL.

India International Bullion Holding IFSC Ltd. (IIBH)

MCX, National Stock Exchange of India, National Securities
Depository Limited, Central Depository Services Limited
and BSE's subsidiaries India INX International Exchange
and India International Clearing Corporation have joined
hands for setting up of Market Infrastructure Institutions
(MIIs) comprising of International Bullion Exchange,
Clearing Corporation and Depository Company at Gujarat
International Finance Tec-City (GIFT) via a Holding Company
i.e. India International Bullion Holding IFSC Limited (IIBH), as
per the Regulations issued by International Financial Services
Authority (IFSCA).

This move is in line with the government's objective to make
India a price-setter in bullion trade through GIFT International
Finance Service Centre. It will help in efficient price discovery
in domestic market given the fact that India is the second
largest consumer of Gold. The Exchange would present an
opportunity for all stakeholders including MCX to expand
their scope of business.

Accordingly, MCX, along with all other consortium partners,
contributed ? 3,000 lakh each comprising of 30,00,00,000
equity shares of ? 1 each equivalent to 20% stake in IIBH as
on 31^st March, 2025.

Additionally, MCX has contributed to IIBH ? 2,000 lakh
through rights issue on 06^th September, 2024.

During the year under review, there were no companies
which have become or have ceased to be the joint venture
of your Company.

Further, the Managing Director & CEO of your Company
does not receive any remuneration or commission from its
subsidiary and associate companies.

A report on the performance and financial position/salient
features of the subsidiary and associate companies as per
the Companies Act, 2013 is provided as Annexure I.

In accordance with Section 136(1) of the Companies
Act, 2013, the financial statements including standalone
and consolidated financial statements and all other
documents required to be attached thereto and
audited annual accounts of MCXCCL, the subsidiary
Company, are available on our website at the weblink
https://www.mcxindia.com/investor-relations.

26.    MANAGEMENT DISCUSSION AND ANALYSIS
STATEMENT

Management Discussion and Analysis Statement, as
stipulated under the SEBI (LODR) Regulations, 2015, forms a
part of this Annual Report.

27.    COMMITMENT TO QUALITY

Your Company continues its journey of delivering value to
all its stakeholders through investments in quality programs.
Your Company has been enabling excellence in product and
services delivery through compliance of robust processes,
quality management system, customer centricity and risk
mitigation. Your Company has adopted several external
benchmarks and certifications to validate the processes
and controls implemented across the Exchange. Your
Company resolves to maintain its pre-eminent position in
the Commodity space.

Your Company was successful in upholding its commitment
towards compliance with and adherence to international
best practices. Your company has been continuously
raising the bar through effective research and product
development, intelligent use of information and technology,
innovation, thought leadership and ethical business conduct.
MCX has been certified with ISO standards, ISO 9001:2015
Quality Management System, ISO 14001:2015 Environment
Management System, ISO 22301:2019 Business Continuity
Management System and ISO/IEC 27001:2022 Information
Security Management System. As a part of its commitment to
its subscribers, trading members, and the partner ecosystem,
your Company also undertook proactive audits to strengthen
its core processes, cyber security posture and adherence to
regulator guidelines, as they came into effect.

I t is the constant endeavour of your Company to hire
and retain the top talent. The Company has invested in
senior leadership resources and strengthened the middle
management layer.

28.    RESEARCH AND DEVELOPMENT

Your Company regularly undertakes research for developing
new products against the backdrop of evolving market
needs, changing policy and regulatory landscape and global
best practices. Following research in market demand and
after receiving regulatory approvals, on 23^rd April, 2024, your
Company launched Options contracts for Crude Oil Mini and
Natural Gas Mini Futures, followed by the launch of Futures
contracts for Cotton Seed Wash Oil on 15^th October, 2024.
The Mini contracts cater to smaller market participants, while
Cotton Seed Wash Oil Futures provides price transparency
for processors and traders. Continuing its innovative product
offerings, MCX introduced the Gold Ten Futures contract on
1^st April, 2025, which is based on 10 grams of gold, appealing
to Indian consumers and small investors. Such product-based
research were also carried out in many other commodities
and variants of existing derivative contracts, on which the
Exchange shall launch products at opportune times and after
receiving due regulatory approvals.

In accordance with SEBI guidelines on utilisation of interest
income on Investor Protection Fund (IPF) for research
activities, your Company undertook three research studies
during the year 2024-25 on various themes connected to
commodity derivatives market. The studies were 'Commodity
Options Strategies for Easing Participation of Hedgers and
Small Stakeholders' being undertaken by Birla Institute of
Management Technology (BIMTECH), 'State of Warehouse
Receipt-Based Financing in India and Path Forward', undertaken
by TransGraph Consulting Pvt. Ltd and 'Settlement Guarantee
Fund as a Risk Management Tool in Indian Commodity
Derivatives Market - Examining its Various Dimensions', being
undertaken by Indian Institute of Management Bangalore.
Further, two research studies initiated in 2023-24, was
completed during 2024-25. These are titled 'Hedging of
Price Risks in Energy Commodities', by UPES and 'Initiatives
for Achieving Atmanirbhar Bharat - Impact on Physical
Commodity Markets and Exchange Ecosystem' undertaken by
IIT Kharagpur.

Reports of completed research studies have been widely
publicized through the Exchange's website and social media
accounts and the printed copies of the reports compiled and
circulated among policy circles, educational institutions,
regulatory bodies etc. Besides, the findings of the studies are
also being disseminated through articles published in the
print media and also widely-publicized awareness events.

To raise awareness and promote research in commodity
markets and their ecosystem, your company publishes an
annual publication titled 'Commodity Insights Yearbook'.
The 2024 edition of the Yearbook was a collaborative effort
between MCX IPF and the Indian Institute of Management
Bangalore. It was released by Shri G.P. Garg, Executive Director
of SEBI, during a knowledge-sharing session on 16^th October,
2024. This Yearbook is a compilation of research articles and
valuable data on commodity markets and the 2024 edition
specifically focused on articles centered around the theme of
'Enhancing Participation in the Commodity Derivatives Market.,
The Yearbook along with relevant data in user-friendly
spreadsheets have been made available for free download
on the Exchange's website to ensure maximum accessibility.
Copies of the Yearbook have also been widely distributed
among academicians, libraries, and other stakeholders.

Apart from the annual Commodity Insights Yearbook
mentioned above, a monthly newsletter 'Commodity
Connect' is widely circulated and uploaded on the website,
which is another effective tool used to regularly communicate
with the Exchange's stakeholders.

During the year 2024-25, your Company also engaged
with a number of educational institutions and participated
in research conferences conducted by institutions and
associations such as India Gold Policy Centre at IIM
Ahmedabad, The Indian Econometric Society (TIES),
International Conference on Financial Markets and Corporate
Finance (annual pan-IITs research conference), India Finance
Conference (annual pan-IIMs research conference), apart

from conducting and participating in training and awareness
sessions at a number of educational institutions across the
country.

As part of the Exchange's initiatives at creating and spreading
knowledge for orderly functioning and development of
the securities market, your Company has been providing
calculated values for some commodities on a daily basis to
an Asset Management Company (AMC), which forms part of
a benchmark index created and tracked by the AMC.

29.    ENVIRONMENTAL RESPONSIBILITY

Your Company believes in climate friendly business practices
and focussed sustainability initiatives. Your company has
adopted an Environmental Policy. It utilises the resources
in an effective manner and focuses on energy efficient
equipment with longer durable life to drive its business.

Your company is highly dependent on Information
Technology. To maintain its productivity and sustainable
performance it carries out regular maintenance along
with software and storage upgrades. The IT infra is built on
scalable model where the services can be expanded without
replacing the infra through higher upgrade.

Your company encourages online meeting as much as
possible and limit physical travel as it is aware of carbon
footprints left behind through Business travels.

Your company manages its waste through environmental
best practise on the principle of Reuse, reduce and recover.
Your company has E-Waste policy for disposal of E-waste
through recyclers to avoid any e-waste going to the land fill.

Your company has adopted resource conservation through
efficient use of water by introducing tap aerators and
rainwater harvesting.

Your company has implemented password enabled printers
to reduce paper waste.

Your company checks its emission by implementing Retro
Emission Control Device (RECD) on Diesel generators to trap
particulate matter (PM) from escaping in the environment
promoting environmental healthy practices.

Your company checks the environmental pollution through
stack emission, Noise Pollution & Air quality checks.

30.    CORPORATE SOCIAL RESPONSIBILITY (CSR)

In compliance with Section 135 of the Companies Act, the
Company has established a CSR Committee. Operating
under its CSR policy, the Company remains committed to
contributing meaningfully to societal development. It aims to
deliver impactful support through initiatives that addresses
key community needs and are implemented in collaboration
with local stakeholders.

The CSR strategy is regularly reviewed to ensure alignment
with the Company's objective, with ongoing monitoring to
assess the effectiveness and outcomes of various programs.
The Company emphasizes sustainable, inclusive growth by
focussing on diverse initiatives designed to enhance the well¬
being of communities.

For the FY 2024-25, a CSR budget of ? 212.38 lakhs was
allocated. Specific allocations have been made toward the
following projects:

•    Providing support for the construction of single floor of a
seven-story school building with furniture, smart board,
computer and hardware for the underprivileged and HIV¬
positive children for their education.

•    Providing contribution towards the support of athletes
training preparing for Olympics/ Paralympics 2028,
specially within the sport of Shooting.

•    Providing support for installation of sustainable
community based safe drinking water platform i.e.,
Community Water Centres, at 3 villages near Jaipur
in Rajasthan.

•    Providing sustainable and affordable energy solutions
(solar off grid system) for street lighting, Schools and
Anganwadi in few villages in Maharashtra.

The brief of the CSR activities undertaken during the year
have been provided in the Annual Report on CSR activities
forming part of this Report as Annexure II.

The CSR Policy formulated in accordance with the Companies
Act, 2013 (as amended from time to time), guides the
Company's CSR approach to serve the well-being of the
society at large. The CSR Policy and initiatives adopted by
the Company on CSR are available at the web link https://
www.mcxindia.com/about-us/csr

31.    BUSINESS RESPONSIBILITY AND SUSTAINABILITY
REPORT (BRSR)

The Business Responsibility and Sustainability Report (BRSR)
of the Company for the Financial Year 2024-25, as required
under Regulation 34(2)(f) of the SEBI (LODR) Regulations,
2015, is a part of this Annual Report and also available on
the website of the Company at www.mcxindia.com. The BRSR
provides insights on the initiatives taken by the Company
from an environmental, social and governance perspective.
The Company regularly carries out several initiatives that
contribute to the sustainability and well-being of the
environment and the communities in which it operates. The
Company also recognises the importance of sustainability
and is committed to conserve the ecological integrity
of its locations through responsible business practices.
Sustainability is thus a core agenda for the Company.

32.    ETHICS AND GOVERNANCE POLICIES

Your Company adheres to high ethical standards to ensure
integrity, transparency, independence and accountability in

dealing with all stakeholders. Accordingly, your Company has
adopted various codes and policies to carry out the duties in
an ethical manner. Some of these codes/policies framed and
implemented by your Company are the Code of Conduct,
Code of Practices and Procedures for Fair Disclosures of
Unpublished Price Sensitive Information, Code of Conduct
for Prevention of Insider Trading, Whistle Blower Policy/Vigil
Mechanism, Policy on Related Party Transactions, Policy
for determining Material Subsidiaries, Corporate Social
Responsibility Policy, Risk Management Policy, Nomination
and Remuneration Policy, Policy for Appointment of
Independent External Persons on Committees of the Board,
Board Diversity Policy, etc.

A.    POLICY ON NOMINATION AND REMUNERATION
PARTICULARS OF REMUNERATION

Your Company has adopted a well-defined Nomination
& Remuneration Policy for Directors, Key Managerial
Personnel formulated in terms of the provisions of
SECC Regulations, 2018, Companies Act, 2013 and SEBI
(LODR) Regulations, 2015. The said Policy is available
under the weblink https://www.mcxindia.com/
investor-relations/corporate-governance

The ratio of the remuneration of each Director and
KMP to the median employee's remuneration and
other details in accordance with Section 197 (12)
of the Companies Act, 2013 read with Rule 5(1) of
the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 and Regulation 27(6)
of the SECC Regulations, 2018, forms part of this Report
as Annexure III.

Further, in accordance with Section 197 (12) of the
Companies Act, 2013 read with Rule 5 (2) of the
Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, and Regulation
27(5) of SECC Regulations, 2018, a statement containing
particulars of employees as stipulated therein also
forms part of this Report as Annexure IV.

B.    WHISTLE BLOWER POLICY / VIGIL MECHANISM

Your Company believes in the conduct of the affairs
of its constituents in a fair and transparent manner
by adopting highest standards of professionalism,
honesty, integrity and ethical behaviour. Pursuant to
Section 177(9) of the Companies Act, 2013 read with
Rule 7 of the Companies (Meetings of Board and its
Powers) Rules, 2014, Regulation 22 of the SEBI (LODR)
Regulations, 2015 and SEBI circular ref. No. SEBI/HO/
MRD/POD3/P/CIR/2024/162 dated 22^nd November,
2024, the Board of Directors have implemented a vigil
mechanism through the adoption of a Whistle Blower
Policy which has been amended from time to time. The
said policy is available on the website of the Company
at https://www.mcxindia.com/investor-relations/
corporate-governance For further details, please refer
to the report on Corporate Governance forming part of
this Annual Report.

C.    POLICY ON MATERIAL SUBSIDIARIES

As required under Regulation 16(1)(c) of SEBI (LODR)
Regulations, 2015, the Company has formulated and
adopted a policy for determining Material Subsidiaries.

For FY 2024-25, Multi Commodity Exchange Clearing
Corporation Limited ("MCXCCL") is the material
subsidiary of the Company. As per Regulation 24A of
SEBI (LODR) Regulations, 2015, the Secretarial Audit
Report of MCXCCL is a part of Annexure V of this report.

The policy on Material Subsidiary is available on the
website of the Company at https://www.mcxindia.com/
investor-relations/corporate-governance

D.    INSIDER TRADING REGULATIONS

Pursuant to the provisions of SEBI (Prohibition of
Insider Trading) Regulations, 2015, the Company has
formulated a Code of Conduct for Prevention of Insider
Trading ("Insider Trading Code") and Code of Practices
and Procedures for fair disclosure of Unpublished Price
Sensitive Information ("UPSI"). The Code of Practices
and Procedures for fair disclosure of UPSI is available on
the website of the Company at https://www.mcxindia.
com/investor-relations/corporate-governance

E.    CONTRACTS AND ARRANGEMENTS WITH RELATED
PARTIES

Pursuant to the provisions of Regulation 23 of the SEBI
(LODR) Regulations, 2015, a transaction with a related
party is considered material if the transaction(s) to
be entered into individually or taken together with
previous transactions during a financial year, exceeds ?
1,000 crore or 10% of the annual consolidated turnover
as per the last audited financial statements of the listed
entity, whichever is lower.

All related party transactions entered into by your
Company during the period under review were in the
ordinary course of business and at arm's length pricing
basis. Also, prior omnibus approval was obtained for
related party transactions which were of repetitive
nature and entered in the ordinary course of business
and are at arm's length. The related party transactions
entered into by your Company during the year under
review, were approved by the Audit Committee and
noted by the Board, as applicable, in accordance with
the provisions of the Companies Act, 2013, SEBI (LODR)
Regulations, 2015 and other applicable guidelines/
directions from the Regulator. Further, transactions
entered into between a holding Company and its wholly
owned subsidiary whose accounts are consolidated
with such holding Company are exempted from the
provisions related to omnibus approval, under the
applicable provisions of the Companies Act, 2013
and the SEBI (LODR) Regulations, 2015. However, the
Company, as a good corporate governance practice,
does seek omnibus approval for transactions to be

entered into with MCXCCL, wholly owned subsidiary
of the Company.

Pursuant to Section 134(3)(h) read with Rule 8(2) of
the Companies (Accounts) Rules, 2014, the particulars
of material contracts or arrangements with related
parties referred to in Section 188 (1) of the Companies
Act, 2013, in Form AOC-2, is available on the website of
the Company at https://www.mcxindia.com/investor-
relations/agm-fy-2024-25

Your Company has formulated a policy on materiality
of related party transactions and dealing with related
party transactions as amended from time to time. The
Policy is uploaded on the website of your Company and
may be accessed at the weblink: https://www.mcxindia.
com/investor-relations/corporate-governance

All Related Party Transactions as required under Ind
AS 24 - Related Party Disclosures, are reported in
Note 37 of Notes to Accounts of the standalone and
consolidated financial statements of your Company.

F.    DIVIDEND DISTRIBUTION POLICY

Pursuant to Regulation 43A of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations,
2015, your Company had formulated a Dividend
Distribution Policy which is available on the Company's
website at https://www.mcxindia.com/investor-
relations/corporate-governance.

G.    BOARD COMMITTEES

There are various Board constituted Committees as
stipulated under the Act and SEBI (LODR) Regulations,
2015 namely Audit Committee, Nomination and
Remuneration Committee, Stakeholders Relationship
Committee, Risk Management Committee and
Corporate Social Responsibility Committee. Brief details
pertaining to composition, terms of reference, meetings
held and attendance thereat of these Committees
during the year have been enumerated in Corporate
Governance Report forming part of this Annual Report.

Additionally, Company being an Exchange, has also
constituted other Regulatory Committees as stipulated
under SECC Regulations, 2018.

AUDIT COMMITTEE

A detailed note on the composition, terms of reference
etc., of Audit Committee is covered under the Corporate
Governance Report. During the year under review, all
the recommendations made by the Audit Committee
were accepted by the Board.

33. STATUTORY AUDITORS AND THEIR REPORT

The shareholders, at their 18^th Annual General Meeting (AGM)
held on 31^st August, 2020 had appointed M/s Shah Gupta &
Co., Chartered Accountants (Firm Registration No. 109574W)

for a term of 5 (five) consecutive years to hold office from
the conclusion of the 18^th AGM until the conclusion of the
23^rd AGM of the Company, at a remuneration of ? 15 lakh
(Rupees Fifteen lakh) for the FY 2020-21, plus reimbursement
of out-of-pocket expenses and applicable taxes, with
an escalation of upto 10% once in two years. The Audit
Committee and Board in its meeting held on 04^th February,
2023, recommended an increase of 6% in the statutory
audit fees of M/s Shah Gupta & Co. for the FY 2022-23 &
FY 2023-24 amounting to ? 15,90,000/- for each year (plus
reimbursement of out-of-pocket expenses and applicable
taxes). The Audit Committee and Board in its meeting held
on 27^th July, 2024, recommended an increase of 10% in the
statutory audit fees of M/s Shah Gupta & Co. for the FY 2024¬
25 amounting to ? 17,49,000/- (plus reimbursement of out-
of-pocket expenses and applicable taxes).

The Report given by the Auditor on Financial Statements
of the Company forms part of the Annual Report. There is
no qualification, reservation or adverse remark made by the
Auditor in their report. During the year, the Auditors have not
reported any fraud to the Audit Committee or the Board.

The Board of Directors at their meeting held on 08^th May,
2025 based on the recommendations of Audit Committee,
approved the appointment of M/s. V Sankar Aiyar & Co.
(FRN: 109208W) as Statutory Auditor and Tax auditor for
the tenure of 5 years, from the 23^rd Annual General Meeting
till the conclusion of 28^th Annual General Meeting subject
to approval of shareholders at the ensuing Annual General
Meeting.

34. SECRETARIAL AUDITORS AND THEIR REPORT

M/s. AVS & Associates, Practicing Company Secretaries (FRN:
P2016MH054900), were appointed as the Secretarial Auditors
by the Board to conduct the secretarial audit of the Company
for FY 2024-25. Further, M/s Mayekar & Associates, Practicing
Company Secretaries, were appointed as the Secretarial
Auditors by the Board of MCXCCL to conduct their secretarial
audit for FY 2024-25.

I n accordance with Section 204(1) of the Companies Act,
2013 and Regulation 24A of SEBI (LODR) Regulations,
2015 the Secretarial Audit Reports of the Company and
MCXCCL for the Financial Year ended 31^st March, 2025 are
annexed as Annexure V to this Report. The Secretarial Audit
Report does not contain any qualifications, reservations, or
adverse remarks. The Board of Directors at their meeting
held on 08^th May, 2025, based on the recommendations
of Audit Committee, approved the appointment of M/s
AVS & Associates, Practicing Company Secretaries, (FRN:
P2016MH54900) as Secretarial Auditors of the Company
for a term of 5 years from FY 2025-26 till FY 2029-30 subject
to approval of shareholders at the ensuing Annual General
Meeting.

35.    INTERNAL AUDITOR

I nternal Audit for the year ended 31^st March, 2025, was
conducted by M/s Mittal & Associates, Chartered Accountants.
Internal Audit report at periodic intervals were placed before
the Audit Committee and the Board.

36.    COST RECORDS AND COST AUDIT

Maintenance of cost records and requirement of Cost Audit
as prescribed under the provisions of Section 148(1) of the
Act, are not applicable for the business activities carried out
by the Company.

37.    COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has devised proper systems to ensure
compliance with the provisions of all applicable Secretarial
Standards ("SS") issued by the Institute of Company
Secretaries of India and that such systems are adequate
and operating effectively. During the year under review, the
Company has complied with the Secretarial Standards i.e.
SS-1 and SS-2 relating to "Meetings of the Board of Directors"
and "General Meetings", respectively.

38.    ANNUAL RETURN

Pursuant to Section 92(3) of the Companies Act, 2013, the
Annual Return in form MGT-7 for FY 2024-25 is available at
the web link https://www.mcxindia.com/investor-relations

39.    INTERNAL FINANCIAL CONTROLS AND THEIR
ADEQUACY

Your Company has maintained adequate internal financial
controls over financial reporting, which are constantly
assessed and strengthened with new/revised standard
operating procedures. The Board has adopted policies and
procedures for ensuring the orderly and efficient conduct of
its business, including adherence to the Company's policies,
safeguarding of its assets, prevention and detection of fraud,
error reporting mechanisms, accuracy and completeness of
the accounting records and timely preparation of reliable
financial disclosures.

The Company's internal control system is commensurate with
its size, scale and complexities of its operations. The Audit
Committee of the Board actively reviews the adequacy and
effectiveness of the internal control systems and suggests
improvements to strengthen the same. The Audit Committee
of the Board and Statutory Auditors are periodically apprised
of the internal audit findings and corrective actions taken.
Audit plays a key role in providing assurance to the Board
of Directors on the effectiveness of internal controls and the
veracity of the financial statements. Such internal financial
controls over financial reporting were operating effectively
as of 31^st March, 2025.

40.    DETAILS IN RESPECT OF FRAUDS REPORTED
BY AUDITORS UNDER SUB-SECTION (12) OF
SECTION 143 OTHER THAN THOSE WHICH ARE
REPORTABLE TO THE CENTRAL GOVERNMENT

No fraud has been reported by the Auditors to the Audit
Committee or the Board.

41.    LEGAL UPDATE

Crude Oil Matters:

Crude Oil contracts were launched by MCX on 22^nd October,
2019, which expired on 20^th April, 2020. As per contract
specifications, the Crude oil contracts are always settled
as per the NYMEX WTI Crude oil contract settlement price
converted into Indian rupees on the last trading day. On 20^th
April, 2020, the Crude oil futures contract traded on NYMEX
that was due on 21^st April, 2020, fell into negative territory

i.e. negative $ 37.63 due to the fall in demand on account
of the unprecedented COVID-19 pandemic. Accordingly,
vide Circular dated 21^st April, 2020, the Due Date Rate (DDR)
of Crude Oil Contracts futures expiring on 20^th April, 2020
was fixed at a negative value of Rs. (-) 2884/- per barrel. This
resulted in multiple Writ Petitions being filed against MCX
and MCXCCL in various High Courts wherein It was inter-alia
prayed to quash and set aside the Impugned Circular dated
21^st April 2020.

All the writ petitions filed before various High Courts were
transferred to Hon'ble Bombay High Court and clubbed.
The matter is in the final stages and is likely to be listed on
September 03, 2025. In two other Writs, SEBI had in January
2023 filed Transfer Petition before the Supreme Court out of
which one has been transferred, and the other one remains.

42.    HUMAN RESOURCE DEVELOPMENT

Human Resources plays an instrumental role in securing
the future success of the organization. In doing so, HR by
its long-term vision of working in partnership to create an
environment where employees can thrive and are enabled
to deliver sustainable organizational performance.

As on 31^st March, 2025, the Exchange had 456 employees
(includes employees and trainees/management trainees).

HR principles & priorities have ensured that exchange seeks
to retain, develop and continue to attract people with the
requisite skills to help shape a better organization and foster
employees engagement and motivation throughout the
implementation process. Structured 'Internal Job Posting'
provides opportunities to deserving employees to be
considered for lateral & hierarchical career growth within the
organization.

Additionally, Exchange undertakes various staff welfare
activities to improve productivity by bringing unity such
as the "Annual Employee Event", Family Day, celebrations of
various festivals designed to have enhanced interpersonal
relationship and team work.

43.    DISCLOSURES PERTAINING TO THE SEXUAL
HARASSMENT OF WOMEN AT THE WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL)
ACT, 2013

Your Company continues to have in place an Anti-Sexual
Harassment Policy and has complied with the provisions
relating to the constitution of Internal Complaints Committee
under "The Sexual Harassment of Women at the Workplace
(Prevention, Prohibition & Redressal) Act, 2013"

No complaint was received during the FY 2024- 25 in relation
thereto. Details are provided below:

(a)    number of complaints of sexual harassment received in
the year: 0 complaints

(b)    number of complaints disposed off during the year; and
- NA

(c)    number of cases pending for more than ninety days.-
NA

The Company has complied to the provisions relating to the
Maternity Benefits Act 1961 in FY 24-25.

44.    EMPLOYEE STOCK OPTION SCHEME

The stock options granted to the employees of the Company,
operate under the "Employee Stock Option Scheme 2008
(ESOP 2008)" of the Company, formulated in accordance
with the SEBI (Employee Stock Option Scheme and
Employee Stock Purchase Scheme) Guidelines 1999, which
was approved by the shareholders at the Extraordinary
General Meeting held on 27^th February, 2008. MCX ESOP Trust
constituted by the Company is responsible for administration
and implementation of the scheme under the directions of
the Nomination and Remuneration Committee. There has
been no change in the Scheme during the year ended 31^st
March, 2025.

There were no grants pending for vesting as at 31^st March,
2025. No new grants were made during FY 2024-25.

The relevant disclosures required under the SEBI Regulations
for the year ended 31^st March, 2025 are available on the
website of the Company at https://www.mcxindia.com/
investor-relations/corporate-governance

45. CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE
EARNINGS/OUTGO

The disclosures to be made under Section 134 (3) (m) of the
Companies Act, 2013 read with Rule 8 (3) of the Companies
(Accounts) Rules, 2014, are explained as under:

A) CONSERVATION OF ENERGY

Your Company drives its business though effective
energy utilisation. Your company has taken various
measures viz. using energy-efficient equipment for its
business and sustainable growth. Your company always
strives towards new technologies and techniques to
make its infrastructure more energy efficient.

i. Steps taken or impact on Conservation of
Energy:

Your Company has Precision Air cooling system
for Rack servers in the Data Centre, which are
efficient in power saving and have Variable
Frequency device (VFD) coupled with linear scroll
compressors which favors low drive proportional
power during low power requirement. Moreover,
the system cools only the equipment and not
the external environment, thereby, ensuring
that no energy is wasted in running compressors
excessively to maintain the desired temperature
in the Server Racks.

Your Company has 7^th Gen Variable Refrigerant
Volume (VRV) air-conditioning system for
the entire building, which works on invertor
compressor i.e during less occupancy the
compressor drive have less rotations resulting in
low energy consumption and promoting power
saving. Moreover, the refrigerant R410A used in
the system is also environment friendly.

Your Company has UV resistant film on facade
glass windows to reduce the heat entering the
building. This reduces the load on air-conditioning
system to cool the office. The glass windows also
reduce the electricity consumption due to lesser
requirement of lighting during the day.

Your Company maintains adequate capacitor bank
for non-linear electrical loads like air-conditioning
plant, pumps and motors, thereby reducing the
drawing of extra energy and improving the power
factor.

Your Company uses low energy consuming
electrical equipment with modern efficient
devices such as LED lights, IP based cameras etc.

Your Company has adopted ASHRAE
(American Society of Heating, Refrigerating
and Air Conditioning Engineers) guidelines for
Airconditioning and maintains the temperature
at 24 degrees in work areas.

Your Company has strict Power monitoring
schedule for air conditioners and lighting to
ensure no wastage of electricity.

Also, energy audit, heat load calculations and
power factor corrections are carried out at regular
intervals.

Your Company has installed password-based
printers, which do not print the document unless
password is entered on the printer thereby
reducing unnecessary printing of papers and
waste of energy.

ii.    Steps taken by your Company for utilizing
alternate sources of energy:

No alternate source of energy is utilized by your
Company.

iii.    Capital investment on energy conservation
equipment:

Your Company has replaced old Air Conditioning
with the 7^th Gen VRV Air conditioning system
which is highly energy efficient compared to
earlier generation Acs.

B) TECHNOLOGY ABSORPTION

Cyber Security framework

Special emphasis was laid by your Company on
continuous improvement in its cyber security
framework and information security management
systems. There is a focused approach in cyber
security management through people, processes and
technology. Highest priority and continuous support
were given by the senior management to all matters of
cyber security and risk management. It is the constant
endeavour of your Company to meet the expectations
of the Regulators and comply with the guidelines laid
down by the national agencies tasked with information
security and cyber defence of critical infrastructure.
There is a dedicated Security Operations Centre (SOC)
staffed with industry experts who are armed with the
latest security technologies and threat intelligence to
protect our critical infrastructure. The SOC provides
24x7x365 vigilance against cyber threats, proactive
response against incidents, and provides vital inputs on

improvement of your Company's security architecture
and design. Your Company follows global security
standards like ISO 27001:2022 Information Security
Management & aligns with NIST Cyber Security
Framework.

Your Company is not only committed to the protection
of assets by deploying security measures for Work from
Home (WFH), but also has implemented a long-term
strategy to deal with the challenges of teleworking.
Security measures have been implemented for on¬
premises to protect against cyber-attacks.

All staff and members are provided with information
security awareness sessions and trainings on cyber¬
vigilance and cyber security practices to avoid human
targeted attacks. The Company has also been classified
as a national CII (critical information infrastructure)
custodian, through notifications from the Ministry
of Finance (MoF) & National Critical Information
Infrastructure Protection Center (NCIIPC). Your
Company has taken measures to meet the expectations
of the agency, keeping in mind the additional due
diligence and controls for safeguard of the CII.

Switchover/switchback between Primary & DR site
while conducting un-announced Live trading from
DR site

Your Company ensured smooth running of an un¬
announced Live Trading Operations from Disaster
Recovery Site for two consecutive days, in compliance
with regulatory norms. Un-announced live trading was
carried out in the month of August 2024 and December
2024.

Your Company ensured that staff members working
at DRS run the live trading session independent of the
PDC staff.

Your Company has strengthened the Business
Continuity Plan (BCP) and Disaster Recovery (DR) Policy
and framework considering the latest SEBI Guidelines
for BCP-DR of MIIs, with an objective to put in place
measures to restore operations of critical systems within
stipulated Recovery Time Objective (RTO), streamlining
communication protocols, identifying broad scenarios
of disaster, escalation hierarchy among others.

Upgrading Information Technology Systems

Your Company has continued to allocate substantial
resources towards upgrading information technology
systems. Our overarching goal remains achieving higher
capacity, lower latency, improved market efficiency and

(ii) Details of imported technology (imported
during the last three years reckoned from the
beginning of the financial year):

Your Company has not directly imported any
technology during the last three financial years.

(i) Expenditure incurred on Research and
Development (during the year under review)

- Not applicable

C) FOREIGN EXCHANGE EARNINGS / OUTGO DURING
THE YEAR UNDER REVIEW

The details of foreign exchange earnings and outgo
during the year under review forms part of the
Significant Accounting Policies and Note no. 33 of
Notes to Accounts of the standalone and consolidated
financial statements.

46.    CORPORATE GOVERNANCE

Your Company is committed to good corporate governance
aligned with the best corporate practices. The report on
Corporate Governance, as stipulated under Regulation 34(3)
read with Schedule V of the SEBI (LODR) Regulations, 2015
and the certificate from a Practicing Company Secretary,
regarding compliance of conditions of corporate governance,
forms part of this Annual Report. The report on Corporate
Governance also contains disclosures as required under the
Companies Act, 2013.

47.    RESOURCES COMMITTED TOWARDS
STRENGTHENING REGULATORY FUNCTIONS
AND TOWARDS ENSURING COMPLIANCE WITH
APPLICABLE REGULATORY REQUIREMENTS

The Company being a recognised Stock Exchange is governed
by SEBI. The Company ensures compliances with various
regulations and guidelines issued by SEBI from time to time
and strives to implement the best governance practices.

The disclosure pertaining to resources committed
towards strengthening regulatory functions and ensuring
compliance with regulatory requirements, backed by an
activity based accounting, in terms of Regulation 33 of the
SECC Regulations, 2018, is as under.

During the year under review, the Company's regulatory
division comprised of departments, handling various critical
aspects of regulatory compliances, as under:

1.    CRO's Office

2.    Inspection & Audit

3.    Investor Protection Fund

4.    Investor Services Department

5.    Membership

6.    Surveillance & Investigation

7.    Secretarial & Compliance

8.    Enterprise Risk Management

As on 31^st March, 2025, the Company had 112 employees
in the overall regulatory function. The Company has
dedicated resources to manage the various regulatory
functions.

The Company has ensured to make disclosures of
various mandatory regulatory requirements along with
reporting of the same to various regulatory authorities
in addition to informing the same to the Board of
Directors and respective Committee.

For the FY ended on 31^st March, 2025, the total cost
(Fixed pay) incurred by the Exchange towards these
functions was ' 17.37 crore MCX incurred direct and
indirect expenses including technology expenses
amounting ' 39.45 crore as per activity-based
accounting methodology towards strengthening
regulatory functions and towards ensuring compliance
with regulatory requirements.

48. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 134 of the Companies

Act, 2013, your Directors confirm that:

a)    i n the preparation of the annual accounts for the
financial year ended 31^st March, 2025, the applicable
accounting standards had been followed along with
proper explanation relating to material departures from
the same;

b)    they have selected such accounting policies and applied
them consistently and made judgements and estimates
that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company as at 31^st
March, 2025 and of the profit of the Company for the
year ended 31^st March, 2025;

c)    they have taken proper and sufficient care for the
maintenance of adequate accounting records
in accordance with the provisions of the Act for
safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

d)    they have prepared the annual accounts on a 'going
concern' basis;

e)    t hey have laid down internal financial controls to
be followed by the Company and that such internal
financial controls are adequate and are operating
effectively; and

f)    they have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such
systems are adequate and operating effectively.

49.    THE DETAILS OF APPLICATION MADE OR ANY
PROCEEDING PENDING UNDER THE INSOLVENCY
AND BANKRUPTCY CODE, 2016 DURING THEZ
YEAR ALONG WITH THEIR STATUS AS AT THE END
OF THE FINANCIAL YEAR.

In a matter dated October 2018, pertaining to a defaulting
member, Exchange had filed an application under u/s9
IBC, 2016 for initiation of CIRP for the recovery of the dues
towards the Investor Protection fund and Exchange dues.
However, vide the NCLT Allahabad Order dated 13^th August,
2021, the matter was dismissed. Subsequently, MCX has
filed restoration in the matter consequently, the matter
was restored vide the Order dated 02 April, 2025. Further,
the Tribunal has also directed the opposite party to file its
response.

50.    THE DETAILS OF DIFFERENCE BETWEEN
AMOUNT OF THE VALUATION DONE AT THE TIME
OF ONETIME SETTLEMENT AND THE VALUATION
DONE WHILE TAKING LOAN FROM THE BANKS
OR FINANCIAL INSTITUTIONS ALONG WITH THE
REASONS THEREOF.

The requirement to disclose the details of difference between
amount of the valuation done at the time of onetime
settlement and the valuation done while taking loan from
the Banks or Financial Institutions along with the reasons
thereof, is not applicable.

51. ACKNOWLEDGMENTS

The Board of Directors wishes to place on record their sincere
gratitude for the valuable guidance and continued support
extended by the Government of India, Ministry of Finance,
SEBI, RBI, Stock Exchanges, Ministry of Corporate Affairs,
other government authorities, Banks, trading members,
shareholders, members of various committees, auditors and
other stakeholders. The Directors would also like to take this
opportunity to express their appreciation for the dedicated
efforts of the employees of the Company.

For and on behalf of the Board of Directors

Praveena Rai    Harsh Kumar Bhanwala

MD & CEO    Chairman & Public Interest Director

(DIN: 09474203)    (DIN: 06417704)

Mumbai    Mumbai

02^nd June, 2025    02^nd June, 2025