Multi Commodity Exchange of India Limited (MCX) launched the 'Silver 100' futures contract on June 1, 2026, expanding its existing portfolio of bullion contracts. The new contract aims to provide businesses in India's silver industry with a mechanism to protect against price volatility while offering retail participants an opportunity to invest in smaller quantities through a regulated exchange framework. The launch is based on market feedback addressing the needs of the industry.

MCX is ranked No. 1 globally in Commodities Options, with its Silver Futures and Options ranked 2nd respectively according to the FIA report 2025. In FY 26, the average daily turnover for Silver Futures and Options stood at ₹21,648 crores and ₹74,883 crores respectively. The exchange currently offers 30 kg, 5 kg, and 1 kg contracts in Silver Futures and 5 kg and 30 kg monthly contracts in Options.

Key Features of Silver 100 Futures

The Silver 100g Futures contract is designed for hedging and investment purposes for jewelers, SMEs, and retail investors. It offers flexibility through liquidity and a smaller denomination. If delivery is taken at the expiry of futures, the contract ensures ease of delivery, transparent making charges, and a quality-assured product.

Operational and Regulatory Details

MCX issued Circular no MCX/TRD/287/2026 on May 14, 2026, informing market participants about the launch of Silver 100. Clearing and settlement for the contract will be handled by the Multi Commodity Exchange Clearing Corporation Limited (MCXCCL). Additionally, MCX has issued a circular on the 'Revision of MCX Good Delivery Norms - Silver' to invite eligible domestic silver refiners for empanelment, a move intended to reduce dependence on imports and increase domestic silver recycling.

Ms. Praveena Rai, Managing Director & CEO, MCX, stated that the contract allows local jewellery businesses to hedge or take delivery in quantities aligned with their inventory needs, reducing the need to commit larger amounts of capital.

Multi Commodity Exchange of India Limited has strengthened its governance structure by appointing former Securities and Exchange Board of India (SEBI) Whole Time Member Santosh Kumar Mohanty as a Public Interest Director (PID) on its Board. The appointment is effective May 28, 2026, for a term of three years, following approval received from SEBI via a letter dated May 27, 2026. The Board of Directors approved the appointment in compliance with Regulation 24 of the Securities Contracts (Regulation) Regulations, 2018.

The addition of Mr. Mohanty brings significant regulatory expertise to the exchange. He is an Indian Revenue Service (IRS) officer of the 1991 batch and has served as a Commissioner of Income Tax. His tenure at SEBI spanned several years, including a five-year term as Whole Time Member from June 2018 to June 2023. Prior to this, he held the position of Executive Director at SEBI on deputation from September 2015 and served as a Director at the Forward Markets Commission for over two years.

During his time at SEBI, Mr. Mohanty supervised key departments including Corporate Finance, Market Regulation, Surveillance, and Investigation. He was instrumental in implementing major reforms such as the introduction of new products, institutional participation, and interoperability of Clearing Corporations. His work also encompassed reforms in the Issue and Listing of Debt Securities (ICDR) and Listing Obligations and Disclosure Requirements (LODR), focusing on corporate governance, Business Responsibility and Sustainability Reporting (BRSR), and Social Stock Exchanges.

Appointment Details

The company has disclosed that Mr. Mohanty is not related to any existing director of Multi Commodity Exchange of India Limited and is not debarred from holding the directorship by SEBI or any other authority. The appointment is part of a routine change in the directorate to ensure robust governance.

Mr. Mohanty holds a Bachelor's degree in Arts from Utkal University and a Master's degree in Politics from Jawaharlal Nehru University. He also holds an L.L.B. from Mumbai University and a Post Graduate Diploma in Securities Law from the same institution.