Whalesbook
Multi Commodity Exchange (MCX) has received an Environmental, Social, and Governance (ESG) rating of 70 for fiscal year 2025 from NSE Sustainability Ratings & Analytics Limited. The score was determined using only publicly available information, without direct engagement from MCX. This disclosure, made following communications dated April 2, 2026, offers stakeholders insight into the exchange's sustainability performance.
The ESG score of 70 reflects MCX's performance across environmental, social, and governance factors, which are increasingly important for investors assessing a company's long-term sustainability and risk management. The rating's reliance on public data underscores the value of corporate transparency, allowing external bodies to evaluate companies independently.
NSE Sustainability Ratings and Analytics Limited, part of NSE Indices, received SEBI approval for its ESG ratings in August 2024 and launched services for listed companies in June 2025. MCX, India's primary commodity derivatives exchange, holds approximately 98.1% market share in commodity futures as of FY24-25. It's important to note that MCX has faced regulatory attention regarding governance, including a Rs 25 lakh penalty from SEBI in May 2025. This fine was for inadequate disclosure of substantial payments made to 63 Moons Technologies, which had a significant impact on the company's profits. This historical event highlights past governance disclosure challenges.
Direct ESG comparisons for Indian exchanges remain limited. NSE Sustainability is an emerging player in this field. Notably, SES ESG Research also provided MCX with an ESG rating of 78.8 for FY25, also derived from public information. Sector-wide, IT companies in India typically score higher on ESG metrics, while transport infrastructure often lags.
In terms of operational context, MCX maintained a dominant 98.1% share of the commodity futures market in FY24-25. The exchange also saw significant growth in trading volumes, with average daily turnover for futures rising 38% to Rs 27,153 crore. Options notional average daily turnover surged 115% to Rs 1,91,910 crore during the same fiscal year.
The ESG rating offers investors a quantifiable measure of MCX's sustainability efforts and enhances transparency for market participants. It may prompt increased focus on sustainability initiatives and reporting within the exchange, serving as a benchmark for future performance. Looking ahead, investors will monitor MCX's ongoing commitment to transparency and governance, especially in light of past regulatory findings, and track how its ESG profile evolves.