Sebi preps road map for India to be price-setter in metals

India is making a strategic push to become a global “price setter” in the metals market, moving away from its longstanding reliance on foreign benchmarks like the London Metal Exchange (LME).

- Neha Joshi [e-mail]

Speaking at the launch of a new report from the Multi Commodity Exchange of India (MCX), the Securities and Exchange Board of India (Sebi) chairperson Tuhin Kanta Pandey outlined steps to deepen India's commodity derivatives market and establish benchmarks that reflect India’s economic might.

The effort, he said, is designed to align with national priorities such as the “Make in India” and “Critical Minerals Mission” initiatives.

“For decades, our physical metal markets were largely dependent on foreign price benchmarks to transact,” Pandey said. “This is India's endeavour to shift from ‘price taker’ to ‘price setter’ and from reliance to self-reliance.”