Archive · 19 Jan 2026
Brokers Push for Market-Making in Commodity Trade
Big brokers in India want the rules for market-making to be the same for both stocks and commodities.
Market-making helps make trading easier and more competitive by having big brokers offer buy and sell prices.
Right now, this is allowed for stocks but not for commodities.
The brokers think if this changes, it could make the commodity market more competitive and attract more traders.
The main commodity exchange, MCX, has almost all the trading right now, and the brokers want other exchanges to have a chance too.
They think this could make trading cheaper and better for everyone.
Top brokers urged the capital markets regulator to extend equity-style market making to the commodity derivatives segment (CDS).
Total CDS turnover in India's CDS market stood at ₹95.58 trillion in FY26 through November, compared with ₹180.73 trillion in the equity cash market.
Market-making allows exchanges to incentivize large brokers to offer competitive buy and sell quotes, increasing liquidity and competition.
Currently, MCX commands 99% of CDS, while NCDEX, NSE, and BSE jointly account for the rest.
ANMI's members include brokers like Zerodha, Groww, ICICI Securities, Motilal Oswal Financial Services, and Angel One.
- Who
- Top brokers and the Association of National Exchanges Members of India (ANMI)
- What
- Urged the capital markets regulator to extend equity-style market making to the commodity derivatives segment (CDS)
- When
- Just a week after the Metropolitan Stock Exchange of India (MSEI) announced market making for a list of stocks
- Where
- India
- Why
- To foster inter-exchange competition and deepen markets for investor benefit
- Proposal
- Harmonize market-making rules across equity and commodity derivatives
- Current CDS Turnover
- ₹95.58 trillion in FY26 through November
- Equity Cash Market Turnover
- ₹180.73 trillion
- MCX Market Share in CDS
- 99%
- NSE Market Share in Equities
- 92.99%
- BSE Market Share in Equities
- 7%
- MSEI Market Share in Equities
- Negligible
- ANMI Members
- Zerodha, Groww, ICICI Securities, Motilal Oswal Financial Services, Angel One
