FINANCIAL HIGHLIGHTS

For FY 2025-26, your CompanyRs.s (Standalone) total income stood at Rs.2,281.76 crores as compared to Rs.1,107.37 crores in FY 2024-25. The operating income during the year under review was Rs.2,153.67 crores as against Rs.1,011.58 crores in FY 2024-25. Net profit after tax in FY 2025-26 was Rs.1,029.04 crores as compared to Rs.414.78 crores in FY 2024-25.

The net worth of the Company as at March 31,2026 stood at Rs.2,816.24 crores as compared to Rs.1,927.50 crores as at March 31,2025.

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, Countrywide Commodity Repository Limited and India International Bullion Holding IFSC Limited. 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 2025-26, the Average Daily Turnover (ADT) of commodity futures contracts stood at Rs.64,407 crore vis-avis Rs.27,153 crore in FY 2024-25, witnessing a rise of 137%. However, during the same period, the options notional ADT went up by 146% to Rs.4,71,641 crore from Rs.1,91,910 crore. The Realization Rate (RR) for the futures stood at Rs.2.10 per lakhs vis-a-vis Rs.2.08 per lakhs (each side) during the previous year. Overall traded Unique Client Codes for futures and options (UCC - PAN based) during the period increased to 20.9 lakhs from 13 lakhs in the previous year.

The total turnover of commodity futures traded on your Exchange increased by 136% to Rs.165 lakh crore in FY 2025-26 as against Rs.70 lakh crore in FY 2024-25. Further, options turnover for the year went up by 145% to a record total turnover of Rs.1,212 lakh crore as against Rs.495 lakh crore in the previous year. The futures in bullion, energy, metals and agriculture registered a turnover of Rs.129.1 lakh crore, Rs.24.5 lakh crore, Rs.11.9 lakh crore and Rs.0.02 lakh crore, respectively, as against Rs.45.2 lakh crore, Rs.16.7 lakh crore, Rs.8.1 lakh crore and Rs.0.03 lakh crore in the previous year. On the other hand, options turnover in energy, bullion and metals recorded total of Rs.514.9 lakh crore, Rs.690.7 lakh crore and Rs.6.6 lakh crore, respectively, during FY 2025-26 vis-a-vis Rs.402 lakh crore, Rs.92.6 lakh crore and Rs.0.5 lakh crore, in the previous year.

I n terms of metal delivery, a total of 95,781 metric tonnes (MT) of Base Metals were delivered through the exchange mechanism during FY 2025-26 as against 69,383 metric tonnes in FY 2024-25. This is highest ever in a financial year since conversion to delivery settled in FY 2019-20. During FY 2025-26, your Company's market share in commodity futures market stood at 99.07% as against 98.1% in the previous year. The volume of futures (in terms of contracts) traded on the Exchange increased by 100% in FY 202526, to 322 million lots, as compared to 161 million lots in FY 2024-25. On the other hand, the volume of Options (in terms of contracts) traded increased by 99% in FY 202526, to 1,626 million lots, as compared to 815 million lots in FY 2024-25.

GLOBAL COMMODITY MARKET

In 2025, global commodity markets saw mixed trend. Precious metals and industrial metals ended the year with strong demand and close to their highest prices of the year, while prices of energy and agricultural commodities were low due to high supply and weak demand. For precious metals, heavy buying by central banks and investors looking for safety pushed gold up 65% to end the year at USD 4,325.6 per troy ounce (ranging from USD 2,617.3 to USD 4,556.3 during the year) on COMEX (CME Group), while silver jumped 142% to close at USD 70.13 per ounce (ranging from USD 28.31 to USD 79.70 in 2025) on the same Exchange. Prices of industrial metals also grew due to lower mining supply and hopes for economic support, with copper rising 42% to USD 12,423 per tonne and aluminium gaining 17% to USD 2,995.5 per tonne, while zinc, lead, and nickel saw smaller gains - all on the London Metal Exchange. In contrast, energy markets cooled as high oil production from non-OPEC countries reduced shortages that had arisen earlier, pulling WTI crude oil down 20% to close at USD 57.42 per barrel on NYMEX (CME Group), while natural gas ended almost fiat at USD 3.69 per MMBtu on NYMEX despite volatile price swings caused by weather. Finally, agricultural commodities ended the year with mixed results because of changing weather and low global demand; soybeans prices went up 3% to USD 10.31 per bushel on CBOT (CME Group), but wheat dropped 8% to USD 5.07 per bushel on the same Exchange, and cotton fell 6% to USD 0.64 per pound on ICE USA during the year.

In 2025, volumes traded on global commodity derivatives Exchanges rose by 16.65% year-on-year to 10.52 billion contracts, according to the Futures Industry Association (FIA). Measured by the number of contracts traded, volumes in Precious Metals, Energy and Non-Precious Metals increased by about 45%, 30% and 15% respectively, while those in Agri-commodities dropped by 3.9%, as per FIA data.

The International Monetary Fund (IMF) estimates that the global economy grew moderately by 3.4% in 2025, demonstrating strong resilience despite high trade barriers and geopolitical volatility, surpassing performance levels of 2024. However, the ongoing war in the Middle East has disrupted this momentum in 2026. The closure of the Strait of Hormuz, along with significant damage to critical facilities in a region vital to global hydrocarbon supply, raises the risk of a major energy crisis if hostilities persist. The IMF's World Economic Outlook report of April 2026 projects global growth for 2026 and 2027 at 3.1% and 3.2% respectively, driven by increased investments and fiscal spending.

Meanwhile, India 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 2026 and 2027, the IMF projects India's economic growth at 6.5% each year, by positive contributions from the carryover of the strong 2025 outturn and the decline in additional US tariffs on Indian goods from 50 to 10 percent, which could outweigh the adverse impact of the Middle East confiict.

Your Company's performance during the year 2025-26 and outlook during the year 2026-27 may be analysed against this backdrop.

2. SHARE CAPITAL

During the year under review, there was no change in the authorized or paid-up share capital of the Company. However, to enhance market liquidity and expand the retail shareholder base, the Board of Directors, at its meeting held on August 1, 2025, approved the subdivision (stock split) of 1 (one) equity share of face value of Rs.10/- each into 5 (five) equity shares of face value of Rs.2/- each, fully paid-up. This was subsequently approved by the shareholders at the 23^rd Annual General Meeting (AGM) held on September 12, 2025, along with the consequential amendment to the Capital Clause of the Memorandum of Association (MOA).

Consequent to the sub-division, as of March 31, 2026, the paid-up equity share capital of the Company stood at Rs.50,99,83,690/- comprising 25,49,91,845 equity shares of Rs.2/- each, fully paid-up.

During the period under review, the Company has neither issued any equity shares with differential voting rights nor granted any sweat equity shares or stock options to its employees under any scheme.

3. IMPLEMENTATION OF CORPORATE ACTION

During the year under review, the Company successfully implemented its corporate action including the split of shares as mentioned above within the prescribed statutory timelines.

4. TRANSFER TO RESERVES

The Company was not required to transfer any amount of profits to general reserves for FY 2025-26, pursuant to the provisions of Companies Act, 2013.

5. SURPLUS IN PROFIT & LOSS ACCOUNT

An amount of Rs.2,411.24 crores (Previous Year Rs.1,535.20 crores) 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 May 08, 2026, have recommended a dividend of Rs.8 (400%) per equity share on a face value of Rs.2 per share for the Financial Year ended March 31, 2026, 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 400% (Previous Year 300%) to be paid by the Company aggregates to approximately Rs.203.99 crores, being a payout of 20% of the profit after tax (PAT) for the year ended March 31, 2026, as against Rs.153 crores during the previous year. Shareholders holding shares as on Friday, August 28, 2026, ("Record Date"), will receive the dividend, which will be paid within statutory timelines after tax deductions.

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.

As per Income-Tax Act, 1961, 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 Rs. Tax Deducted at Source ("TDS") on Dividend' as mentioned in the notes to the Notice of 24^th AGM.

7. MEMORANDUM AND ARTICLES OF ASSOCIATION

During the year under review, after receipt of approval of the Board of Directors, shareholders at the Annual General Meeting held on September 12, 2025 and approval of SEBI, the Capital Clause of the Memorandum of Association (Rs.MOARs.) of the Company was revised from Rs.70,00,00,000 (Rupees Seventy crores) divided into 7,00,00,000 (Seven crores) equity shares of Rs.10/- (Rupees Ten) each to Rs.70,00,00,000 (Rupees Seventy crores) divided into 35,00,00,000 (Thirty- Five crores) equity shares of Rs.2/- (Rupees Two) each due to the sub-division/split of existing equity shares.

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 2025-26 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, key orders passed by the Regulator is disclosed in Corporate Governance Report.

10. INVESTOR EDUCATION AND PROTECTION FUND

TRANSFER OF UNCLAIMED DIVIDEND AND TRANSFER OF SHARES

Pursuant to the provisions of Section 124 of the Companies Act, 2013 ("the Act") read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF Rules"), and relevant circulars and amendments thereto, the amount of dividend remaining unpaid or unclaimed for a period of seven years from the date of transfer of such amount to Unpaid Dividend Account, is required to be transferred to the Investor Education and Protection Fund ("IEPF"), constituted by the Central Government.

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, 969 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 November 05, 2025, were transferred during the FY 2025-26 to the IEPF Authority on November 05, 2025 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).

The Shareholders whose unclaimed dividend(s) and/or share(s) have been transferred to IEPF, may contact the Company or Registrar & Transfer Agent (RTA) and submit the required documents for issuance of Entitlement Letter. The Shareholders shall attach the Entitlement Letter and other required documents and file web Form IEPF-5 available on www.mca.gov.in for claiming the dividend(s) and/or share(s).

No claims shall lie against the Company in respect of the unclaimed dividends and shares transferred to the IEPF Authority and all benefits accruing on such shares, if any, shall also be transferred to the IEPF Authority.

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 March 31,2026:

Year wise amount of Unpaid/Unclaimed Dividend lying in the unpaid account upto March 31, 2026, 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 March 31,2026

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 March 31, 2026, 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 2025-26, 24 (Twenty-Four) 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 May 07, 2025, September 12, 2025 and March 06, 2026.

14. DIRECTORS

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 March 31, 2026, the Board comprised of 8 (eight) Directors, of which 5 (five) were Public Interest Directors (PID)/Independent Directors, 2 (two) were NonIndependent 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 and 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. Ashutosh Vaidya (DIN: 06751825) and Ms. Sonu Bhasin (DIN: 02872234) were completed on September 16, 2025. Accordingly, upon the recommendation of the Nomination and Remuneration Committee (NRC) and the Board of Directors, SEBI vide letter dated July 07, 2025, has approved the re-appointment of Mr. Ashutosh Vaidya and Ms. Sonu Bhasin as Public Interest Directors for further period of 3 years with effect from September 17, 2025.

Pursuant to Section 152 of the Companies Act, 2013 read with relevant rules framed thereunder, Mr. Arvind Kathpalia (DIN:02630873), Non-Independent Director (NID) of the Company, was liable to retire by rotation at the 23^rd Annual General Meeting ("AGM") held on September 12, 2025. Accordingly, shareholders at their 23^rd AGM approved the reappointment of Mr. Arvind Kathpalia as NID of the Company. His re-appointment was subject to regulatory approval. SEBI vide letter dated October 01, 2025 approved the re-appointment of Mr. Arvind Kathpalia as NID of the Company.

Mr. Mohan Shenoi (DIN: 0160360), NID, will be retiring at the upcoming AGM and has expressed his willingness to be re-appointed. A resolution requesting shareholders' approval, along with other necessary details, is included in the Notice of the 24^th AGM.

During the year under review, SEBI vide its notification dated November 21, 2025, introduced Regulation 25A to the SECC Regulations, 2018. This regulation mandates every recognized Stock Exchange to appoint Executive Directors as Key Management Personnel (KMP) to head

(i) Critical Operations and

(ii) Regulatory, Compliance, Risk Management & Investor Grievances.

In alignment with this regulatory requirement and based on the recommendations of the NRC and approval of the Board of Directors, SEBI, vide its letter dated May 27, 2026, approved the appointments of Mr. Sanjay Rajpal (DIN: 00562023) as Executive Director (Critical Operations) and Mr. Manoj Jain (DIN: 09694205) as Executive Director (Regulatory, Compliance, Risk Management & Investor Grievances). Their appointments are for a tenure of 5 (five) years from their respective dates of joining, subject to a satisfactory performance appraisal after the initial 3 (three) years to continue for the remaining 2 (two) years.

Pursuant to Section 161 of the Companies Act, 2013, Mr. Manoj Jain and Mr. Sanjay Rajpal were appointed as Additional Directors with effect from June 1, 2026, and June 30, 2026, respectively. In compliance with SEBI's directive dated October 29, 2020, requiring shareholder ratification for Executive Director appointments following SEBI approval, the Board sought the approval of the Members via Ordinary Resolutions through a Postal Ballot (e-voting process) on July 15, 2026. The results of the Postal Ballot, along with the Scrutinizer's Report, intimated to BSE Limited and uploaded to the Company's website (www.mcxindia.com) as well as NSDL's e-voting platform (www.evoting.nsdl.com).

Pursuant to appointment of new Executive Directors and in order to meet the constitution of the Board in terms of SECC Regulations, 2018, upon the recommendation of the Nomination and Remuneration Committee (NRC) and the Board of Directors, SEBI vide letter dated May 27, 2026 has approved the re-appointment of Mr. Santosh Kumar Mohanty (DIN: 06690879) as Public Interest Director of the Company. The Board of Directors had approved the appointment of Mr. Santosh Kumar Mohanty as PID for period of 3 years with effect from May 28, 2026.

15. INDEPENDENT EXTERNAL EXPERT

During the year under review, the tenure of Mr. R. Anand as an Independent External Expert in Regulatory Oversight Committee was completed on September 23, 2025, pursuant to SECC Regulations, 2018. In view of the same, Mr. Anjani Agarwal was appointed as an Independent External Expert in Regulatory Oversight Committee with effect from September 24, 2025.

During the year under review, the tenure of Dr. Anil Kumar Sharma as an Independent External Expert in the Risk Management Committee was completed on September 22, 2025, pursuant to SECC Regulations, 2018. In view of the same, Ms. Shalini Chhabra was appointed as an Independent External Expert in Risk Management Committee with effect from September 24, 2025.

During the year under review, the tenure of Mr. Dhruvkumar Patil (Representative of Investor Association) as a Trustee of MCX Investor Protection Fund Trust ("MCX IPF Trust") was completed on January 20, 2026, in accordance with Scheme of MCX IPF Trust dated September 25, 2018, read with SEBI Circular dated May 30, 2024, regarding Comprehensive guidelines for Investor Protection Fund (IPF) and Investor Services Fund (ISF) for Stock Exchanges having commodity derivatives segment. In view of the same, Mr. Narendra Mehta (Representative of Investor Association) was appointed as a Trustee of MCX IPF Trust with effect from January 21,2026.

During the year under review, Mr. Santanu Paul has resigned as an Independent External Expert in the Standing Committee on Technology with effect from January 10, 2026. In view of the same, Mr. Ramesh Loganathan was appointed as an Independent External Expert in Standing Committee on Technology with effect from February 20, 2026. Mr. Ramesh Loganathan and Prof. Purushottam Kulkarni were appointed as Experts on January 26, 2026 on MCX Technology Advisory Group.

During the year under review, tenure of Mr. S V Krishnamohan as an Independent External Expert in the Member Committee was completed on March 20, 2026, pursuant to SECC Regulations, 2018. In view of the same, Dr. O N Ravi was appointed as an Independent External Expert in Member Committee with effect from May 08, 2026.

Ms. Vidya Krishnan was appointed as an Independent External Person on Nomination and Remuneration Committee (NRC) for the limited purpose of recommending selection of Executive Director (Critical Operations). Mr. Santosh Kumar Mohanty was appointed as an Independent External Person on NRC for the limited purpose of recommending selection of Executive Director (Regulatory, Compliance, Risk Management & Investor Grievances), Upon appointment of Executive Director (Critical Operations) and Executive Director (Regulatory, Compliance, Risk Management & Investor Grievances), Ms. Krishnan and Mr. Mohanty ceased to be experts on NRC.

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)/SENIOR MANAGEMENT PERSONNEL (SMP)

The following employees became KMPs under the SECC Regulations, 2018 during FY 2025-26:

Mr. Sanjay Rajpal, joined as an Executive Director (Critical Operations) and KMP on June 30, 2026.

Further, the following employees ceased to be KMPs under the SECC Regulations, 2018 during FY 2025-26:

Mr. Rishi Nathany ceased to be the Chief Business Officer and KMP with effect from the closing hours of March 31, 2026.

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 January 05, 2017 providing guidance to listed entities about various aspects involved in the Board Evaluation process ("SEBI Guidance Note") and SEBI circular dated February 05, 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.

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, Encourages active engagement among the members of the Board, manages time well, ensures clarity in decision making, 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, Roles, Responsibilities and Duties of Statutory Committees, Effectiveness of the Committees, Governance Aspects of Statutory Committees such as Independence of the Committees from the Board, Contribution to the decisions of the Board, Good Governance practices, etc.

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

18. BUSINESS OPERATIONS

With an aim to seamlessly integrate with the global commodities ecosystem, MCX has forged 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. 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

A) MCX Good Delivery Norms:

In 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/silver on Exchange platform.

Accordingly, MCX empanelled domestic refiners as per 'MCX Good Delivery Norms for BIS-Standard Gold/Silver' effective from March 06, 2021, has seen a successful delivery of 18,330 kg (valued at ~Rs. 16,179 crores) Gold Mini (100 gram) & Gold Ten (10 gram) Futures contracts (since initiation till March 2026).

B) The Bullion segment attained various landmarks during FY 2025-26:

I) MCX launched Gold Ten (10 gram) Futures contracts on April 01,2025.

It may be noted that, the performance of Gold Ten futures contract after its launch on April 01,2025 is tabled below: Table1:

II) I t is submitted that, MCX introduced the modification in Silver Options contracts with Silver (30kg) and Silver Mini (5kg) to include monthly expiries on June 16, 2025.

The performance of Silver (30kg) and Silver Mini (5kg) after its introduction on June 16, 2025 are tabled below in Table 2 and Table 3 respectively:

Table 2:

Table 3:

III) Further, the Bullion Options performance (FY 2025-2026) is tabled below in Table 4, Table 5 and Table 6 respectively:

Table 4:

Table 5:

Table 6:

IV) The following milestones were achieved in Bullion Futures and Options contract in FY 2025-2026:

• Bullion Options (all) registered an all-time high turnover of Rs.23,59,540 crores on December 31, 2025

• Gold Options (all) clocked its highest turnover of Rs.23,24,741 crores on December 31, 2025

• Silver Options (all) achieved all time high turnover of Rs.12,33,266 crores on December 24, 2025

• Bullion Futures (all) registered an all-time high turnover of Rs.2,99,115 crores on January 29, 2026.

• Gold (all) Futures achieved a significant milestone of Rs.1,97,882 crores turnover on January 29, 2026.

• Silver (all) Futures achieved all time high turnover of Rs.1,01,233 crores turnover on January 29, 2026.

V) Notably, MCX witnessed good volumes in Bullion retail products in FY 2025-2026:

• Gold Ten 10g has registered an alltime high turnover of Rs.4,140 crores (January 29, 2026) and highest delivery of 147 kg seen in February 2026 contract. The Average Daily Turnover (ADT) was seen at Rs.453 crores and recorded 465 kgs delivery since launch.

• Gold Guinea 8g has registered an all-time high turnover of Rs.2,185 crores (January 29, 2026), ADT of Rs.236 crores and recorded 2,246 kgs delivery since launch.

• Gold Petal 1g has registered an all-time high turnover of Rs.4,426 crores (January 29, 2026), ADT of Rs.488 crores and recorded 738 kgs delivery since launch.

• Silver Mini (5kg) and Silver Micro (1kg) contracts saw successful delivery of 6,08,141 kg of Silver kilo bars since inception till March 2026.

VI) Exchange has seen record deliveries in Gold and descent deliveries in Silver - FY 2025-2026:

• Gold (all) has recorded highest deliveries of 21 MT in a single Financial Year since inception.

• Silver (all) recorded deliveries of 401 MT

C) A product profile for Bullion has been hosted on the MCX website to help investors understand the physical market dynamics and guidance for trading on the Exchange.

ENERGY SEGMENT PRODUCTS

The year under review was characterized by heightened volatility across global energy markets, as geopolitical flashpoints, supply-side disruptions, shifting trade flows, and the accelerating pace of the energy transition kept crude oil, natural gas, and power prices on the move through the year. Recurring tensions around the Strait of Hormuz, sustained US-Iran frictions, sanctions-driven realignment of Russian crude flows, and OPEC+ supply decisions added multiple layers of uncertainty to global energy markets. Against this backdrop, value chain participants increasingly sought robust tools to manage price risk, and MCX played a pivotal role in enabling effective risk management by driving strong volume growth across its crude oil and natural gas derivatives basket. MCX also gave India its first domestic reference-based electricity derivatives, with the launch of Electricity Futures on July 10, 2025, marking a significant milestone in deepening the country's energy risk management ecosystem.

India's demand for crude oil and natural gas continued to grow steadily during the year, driven by rising energy consumption, expanding industrial and refining activity, and continuous build-out of downstream capacity. As one of the world's largest energy importers, the Indian economy remains structurally exposed to global price shocks, making the availability of efficient domestic hedging mechanisms critical to industry and the broader economy. This underlying demand growth, together with an increasingly uncertain geopolitical environment, reinforced the case for deeper and more liquid crude oil and natural gas derivatives markets in India. MCX's rupee denominated energy derivatives further serve as a natural hedge against currency fluctuations, given that a substantial proportion of India's crude oil and natural gas requirements are met through dollar-denominated imports. By providing an efficient, transparent, and accessible price discovery and risk management platform, MCX continued to support value chain participants in navigating this challenging environment, thereby strengthening India's energy security and price risk management framework.

Crude Oil and Natural Gas Derivatives

Crude Oil and Natural Gas derivatives remained the cornerstone of MCX's energy segment, with the Exchange cementing its place among the world's leading energy derivatives platforms. As per Futures Industry Association (FIA) global rankings for CY 2025 (based on number of contracts traded):

• MCX Crude Oil (100 bbl) Options - ranked #1

• MCX Crude Oil Mini (10 bbl) Options - ranked #3

• MCX Natural Gas (1,250 MMBtu) Options - ranked #2

• MCX Natural Gas Mini (250 MMBtu) Options - ranked #7

These global rankings are a powerful testament to MCX's deepening liquidity, rising participation, and growing relevance on the world energy derivatives stage. Both crude oil and natural gas contracts delivered robust growth in trading volumes, deeper liquidity, and sustained expansion in open interest, reaffirming MCX's position as India's premier platform for energy price risk management.

Performance Highlights

MCX's Crude Oil and Natural Gas derivatives delivered a strong FY26 performance. Below are the key performance highlights:

• Average Daily Turnover (ADT) of Crude Oil and Natural Gas futures rose by 47% to Rs. 9,512 crores, up from Rs. 6,470 crores in FY25.

• Combined notional ADT of Crude Oil and Natural Gas options rose by 28% to Rs. 2,00,341 crores, up from Rs. 1,55,891 crores from the previous year.

The Crude Oil and Natural Gas derivatives segment registered several record milestones during the year:

• MCX Crude Oil Options (100 bbl) - highest-ever turnover since inception of Rs. 7,73,344 crore on February 17, 2026

• MCX Crude Oil Options (100 bbl and 10 bbl) - highest combined turnover of Rs. 12,59,841 crore on March 17, 2026

• MCX Natural Gas Options (1250 MMBtu and 250 MMBtu) - highest combined turnover of Rs. 4,70,929 crores on January 22, 2026

• MCX Natural Gas Options (1250 MMBtu) - highest turnover of Rs. 2,45,540 crores on February 20, 2026

Electricity Derivatives

FY 2025-26 marked a significant strategic milestone for MCX with the launch of Electricity Futures on July 10, 2025, the Exchange's first foray into domestic reference-based energy derivatives. This new offering strengthens MCX's energy derivatives suite and responds directly to the changing contours of India's power sector, marked by growing market- based procurement, deepening renewable energy integration, and heightened electricity price volatility. Building on its established Crude Oil and Natural Gas products, MCX now offers market participants a comprehensive suite of energy risk management tools spanning oil, gas, and power.

By enabling transparent and efficient price discovery, the contract provides value chain participants (VCPs) across the power ecosystem, with a reliable reference price and an effective tool to hedge against electricity price volatility, thereby supporting more informed procurement, sales, and risk management decisions.

Performance Highlights

Since its launch, MCX Electricity Futures has shown encouraging early traction, with steady gains across trading volumes, open interest, and market participation. Average Daily Volume climbed from 1,313 lots (65,650 MWh) in FY 2025-26 to 1,544 lots (77,200 MWh) in Q1 FY 2026-27, while Average Open Interest rose from 1,052 lots (52,600 MWh) to 1,630 lots (81,500 MWh) over the same period (1 lot = 50 MWh).

The contract has drawn increasingly diverse participation, across value chain, which is a promising sign for the continued deepening of India's electricity derivatives market. MCX continues its marketbuilding efforts through sustained stakeholder engagement and policy-level discussions with relevant regulatory and industry bodies, aimed at deepening participation and further strengthening the power ecosystem.

The sustained strengthening of MCX's Crude Oil and Natural Gas derivatives, together with its strategic expansion into electricity derivatives, provides the Exchange with a robust platform for long-term growth and reaffirms its commitment to supporting India's evolving energy economy.

Agricultural Commodities

MCX agricultural commodities futures recorded an average daily turnover of '6.68 crores in FY 2025-26 compared to '10.32 crores in FY 2024-25.

The MCX Cotton contract turnover in FY 2025-26 averaged '0.40 crores, compared to '4.35 crores in FY 2024-25.

The Average Daily Turnover of Mentha oil contract stood at '5.28 crores in FY 2025-26, compared to '5.97 crores in FY 2024-25.

MCX launched the Cardamom Futures Contract on July 29, 2025. During FY 2025-26 (July 29 to 31 March 31, 2026), the contract recorded an average daily turnover of Rs 1.00 crore. A total of 3.30 MT of cardamom was delivered through MCXCCL accredited warehouses.

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 2025-26. 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.

In a major step toward fostering greater self-reliance in India's domestic base metal sector the Multi Commodity Exchange of India Limited (MCX), the nation's premier commodity derivatives exchange, has issued the 'MCX Good Delivery Norms for Primary Aluminium Refined Copper, and Refined Zinc. Through a single comprehensive circular no. MCX/PMT/329/2026 issued on June 02, 2026, the Exchange has introduced independent principal documents for each of these base metals, detailing the complete process for empaneling metal producing plants and accepting their deliveries toward contract settlements. This initiative strengthens the ecosystem of MCX-approved brands that meet rigorous quality and process standards.

Also, to improve the participations, rationalization of striker intervals was made in Copper & Zinc options:

- Copper option Strike Price Interval from Rs. 5 to Rs. 10

- Zinc option Strike Price Interval from Rs. 2.50 to Rs. 5

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 2025-26 are:

1. In all 95,781 MT of base metals were delivered via the Exchange settlement in FY 2025-26.

2. The cumulative deliveries via exchange settlement went past 5,59,317 MT since the year 2019 when those were converted to delivery settled contracts.

3. Average daily OI, all metals combined for the year was 87,174 MTs with Aluminium and Copper top performing.

4. Similarly, Average daily volume, all metals combined was 71,367 MTs. Copper and Zinc Volume outperformed in the segment.

Index Derivatives

The Average Daily Turnover (ADT) for FY 2025-26 for BULLDEX Index futures was Rs. 7 crores and for BULLDEX Index Options was Rs. 0.7 crores. The Exchange is reaching out to the market participants for increased participation in the index products.

Market Participants

In FY 2025-26, on the Institutional front, Average Daily Turnover (ADT) in the FPI category was Rs. 11,735 crores and in the DII category was Rs. 285 crores. There has been healthy new additions of schemes of Mutual Funds, AIF Category III funds and Foreign Portfolio Investors (FPIs).

On February 26, 2026, SEBI has come out with a circular on Valuation of physical Gold and Silver held by mutual fund schemes. Consequently, the Exchange has reached to all the Mutual Fund houses with Gold and Silver ETFs to use MCX Spot Prices for valuing the physical Gold and Silver held by the scheme.

19. REGULATORY DEVELOPMENTS- FY 2025-26

During the year under review, SEBI has issued Master Circulars for Stock Brokers, prescribed Standardized format for System and Network audit report of Market Infrastructure Institutions (MIIs), provided clarification to Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs), prescribed norms for Internal Audit mechanism and composition of the Audit Committee of the Market Infrastructure Institutions, Accessibility and inclusiveness of Digital KYC to Persons with Disabilities, has prescribed guidelines regarding Process for appointment, re-appointment, termination or acceptance of resignation of specific KMPs of an MII and Cooling-off period for KMPs of an MII joining a competing MII and provisions relating to re-appointment of PIDs, Review of provisions relating to Product Advisory Committee (PAC), has extended the Adoption and Implementation of Cyber security and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs), Rights of Persons with Disabilities Act, 2016 and rules made thereunder- mandatory compliance by all Regulated Entities, has prescribed norms for Review, Appeal or Waiver of penalty requests emanating out of actions taken by the Member Committee, Ease of doing business (EODB) - Policy for joint annual inspection by MIIs - information sharing mechanism- action by Lead MI, has provided Technical Clarifications to Cyber security and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs), has provided clarification on Digital Accessibility SEBI circular, has prescribed provisions relating to strengthening governance of MIIs (Appointment of EDs for vertical 1 & vertical 2), has made revisions to the framework to address the 'technical glitches' in Stock Brokers' Electronic Trading Systems, has revised the framework pertaining to Capacity planning and Real time performance monitoring framework for Commodity Derivatives segment of MIIs, As a part of Ease of doing investment has prescribed norms for disclosure of registered name and registration number by SEBI regulated entities and their agents on Social Media Platforms, has revised the norms pertaining to coverage of Settlement Guarantee Fund for Commodity Derivatives Segment.

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 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 Rs. 25 lakhs per client, with no member-wise limit. As on March 31,2026, the corpus of IPF stood at Rs. 320.79 crores.

Your Company has transferred 1% of the turnover fees charged from its members on a monthly basis to ISF. As on March 31 , 2026, the corpus of ISF stood at Rs. 28.98 crores.

In order to enhance literacy and to promote investor education and awareness in the commodity derivatives market, more than 2600 awareness programs (seminars/ webinars) were conducted under the banner of ISF in FY 2025-26. Out of these programs/webinars, over 210 programs were Regional Investor Seminar for Awareness (RISA) conducted jointly with SEBI. In FY 2025-26, 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 2025-26 were undertaken as follows:

World Investor Week (WIW) was celebrated from October 06, 2025 till October 12, 2025 throughout India under the aegis of SEBI & IOSCO.

Total over 115 awareness programs were conducted across India during WIW, which had around 5500 participants.

Awareness programs across commodities were conducted with several prominent Institutes, State and National Universities, Trade Associations and Value Chain Participants by utilizing the ISF.

Awareness through Media channels:

During FY 2025-26, MCX Investor Protection Fund (IPF) continued to strengthen investor education and awareness through a comprehensive, multi-platform outreach programme focused on fraud prevention, safe payment practices, market risk awareness, and responsible market participation. The initiative leveraged television, digital and social media, radio, print, and onground engagement formats to disseminate investor protection messages across diverse geographies and demographic segments, ensuring broad-based awareness and accessibility.

A key strength of the programme has been the development a robust content ecosystem comprising investor awareness videos, reels, animations, human- interest advertisements, interactive engagement formats, Vox-Pop campaigns, and the widely recognized "Monk & Dude" investor education series. These initiatives have enabled MCX IPF to communicate complex financial and market-related concepts in a simple, relatable, and engaging formats.

The awareness campaigns addressed several investor protection themes, including financial scams, cyber frauds, digital arrest schemes, intermediary verification, safe UPI payment practices, and responsible investing behavior. To enhance inclusivity, content has been made available in multiple regional languages, including sign-language-supported formats, thereby expanding accessibility across different investor communities. In addition, MCX IPF continued to incorporate commodity market-related education by creating awareness around price risk management, market linkages, and the role of regulated commodity derivatives markets. The annual "A Monk Who Trades" fiipbook series, which has now completed six editions over six years, remains a flagship knowledge resource that supports long-term investor engagement and financial literacy efforts.

Other Initiatives:

MCX IPF successfully organized the 8^th edition of 'MCX- IPF COMQUEST' - 2025-26, its premier, National-level Commodity Market Educational Quiz for students. This year, around 12500 individual students, from over 940 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;

iii) 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 VIIIth edition of MCX-IPF COMQUEST All India commodity quiz programme. As part of this initiative to deepen it further, we have carried out zonal (4) quiz programmes

vi) Conducted around 2000 awareness programmes for FPO's, MSME's, academic institutions and general investors as part of yearly SEBI mandated awareness drives on financial markets leveraging on SEBI SMART certified trainers.

23. WAREHOUSING

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 March 31, 2026, MCXCCL has entered into agreements with four Warehouse Service Provider (WSPs) for facilitating physical deliveries in agricultural commodities and base metals. As on March 31, 2026, MCXCCL is operating from 24 accredited warehouses of which 10 warehouses are registered with Warehousing Development and Regulatory Authority (WDRA). The remaining 14 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, is 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 vide its letter dated July 16, 2025, has granted renewal of recognition to MCXCCL, to act as a Clearing Corporation for a period of further three years commencing on July 31, 2025 and ending on July 30, 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 the 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 March 31,2026, Authorized Share Capital of MCXCCL stood at Rs. 30,000 lakhs and issued and paid-up share capital stood at Rs. 23,999 lakhs. The net worth as at March 31, 2026 was Rs. 98,409.31 lakhs. However, it may be noted that SEBI approved the amendments to MOA and AOA of MCXCCL in May 2026, pursuant to which Authorized Share Capital of the Company is increased to Rs. 400 crores.

Core Settlement Guarantee Fund (Core SGF)

SEBI vide circular no. SEBI/HO/CDMRD/DRMP/ CIR/2018/111 dated July 11, 2018, and circular no. SEBI/ HO/47/16/14(1 )2026-MRD-POD1/I/7115/2026 dated March 16, 2026 issued norms related to computation of SGF requirement and standardized stress testing for credit risk in commodity derivatives. The total Core SGF as on March 31, 2026 stood at Rs.1,367.29 crores, of which Rs. 285.58 crores has been contributed by MCX, Rs. 760.40 crores has been contributed by MCXCCL and Rs. 321.31 crores has accrued from penalties, interest and other accruals.

MCX Coal Exchange of India Limited

MCX as the largest Commodity Exchange in the country proposes to further deepen commodity market infrastructure, by developing a regulated, technology driven market for buying and selling coal. This will be highly beneficial to the ecosystem, as it will be a transparent, standardized digital platform for physical delivery of coal at market-driven fair and robust prices. Through this initiative MCX will leverage its leadership in commodity exchange's governance, surveillance and clearing & settlement mechanisms to develop and support a transparent and technology driven coal ecosystem, as envisioned by the Government of India.

25. ASSOCIATES

(i) Countrywide Commodity Repository Limited

(ii) India International Bullion Holding IFSC Ltd.

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/sha reholder- information.

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 preeminent 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 i.e., Quality Management System (ISO 9001:2015), Environment Management System (ISO 14001:2015), Business Continuity Management System (ISO 22301:2019) and Information Security Management System (ISO/IEC 27001:2022). 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.

It 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 April 01, 2025, MCX launched the Gold Ten (10-gram) futures contract to improve market accessibility for retail investors and smaller participants. Further, after having undertaken extensive market research, the exchange made history on July 10, 2025, by becoming the first in India to introduce electricity derivatives via the MCX Electricity (Monthly Base Load) Futures. The Exchange also continued its research into existing products and refining them as per market demand and evolving landscapes. The MCX Nickel futures and MCX Cotton futures contracts were modified during the year to better mirror physical market dynamics. Building on this momentum, the Exchange introduced the Silver 100 futures contracts (100-gram lot size) on June 1,2026.

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.

During the year FY 2025-26, your Company also engaged with a number of educational institutions and participated in research conferences conducted by institutions and associations such as India Finance Conference (annual pan-IIMs research conference), International Conference on Financial Markets and Corporate Finance (annual pan- IITs conference), Gold Policy Centre at IIM Ahmedabad, The Indian Econometric Society (TIES), 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 utilizes 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 control 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 its environmental impact through Stack Emission, Noise Pollution & Air quality checks.

30. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company has constituted a Committee in accordance with Section 135 of the Act. The Annual Report on CSR activities as per the Companies (Corporate Social Responsibility Policy) Rules, 2014 has been annexed to this Report as Annexure II. The CSR policy is available on the website of the Company at https://www.mcxindia. com/about-us

31. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT (BRSR)

The Business Responsibility and Sustainability Report (BRSR) of the Company for the Financial Year 2025-26, 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 behavior. 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 November 22, 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 2025-26, 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

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 and Associate Companies.

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/shareholder- information

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 and Note 38 of Notes to Accounts of the standalone and consolidated financial statements, respectively 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 which are detailed in the CG 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 Report given by the Auditor on Financial Statements of the Company forms part of the Annual Report. They issued the Report with an unmodified opinion. 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.

34. SECRETARIAL AUDITORS AND THEIR REPORT

The Board of Directors at their meeting held on May 08, 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. The shareholders at the 23^rd Annual General Meeting held on September 12, 2025, approved their appointment for a term of 5 years from FY 2025-26 till FY 2029-30.

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 2025-26.

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 March 31, 2026 are annexed as Annexure V to this Report. The Secretarial Audit Report does not contain any qualifications, reservations, or adverse remarks.

35. INTERNAL AUDITOR

Internal Audit for the year ended March 31, 2026, 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 2025-26 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 March 31,2026.

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:

All the writ petitions filed before various High Courts were transferred to Hon'ble Bombay High Court and clubbed. The matter has been argued at length with hearings taking place every week from January 2026. The Bombay High Court vide its Order pronounced on June 24, 2026, held the validity of the MCX/MCX-CCL Circular dated April 21, 2020, rejected all challenges to the negative DDR settlement mechanism, and held that the petitioners were bound by the contractual settlement framework thereby dismissing all the Writ Petitions. Dhanera Diamonds has filed appeal in the form of Special Leave Petition in the Supreme Court which will be listed in due course.

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 March 31, 2026, the Exchange had 478 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.

During the year, the Company undertook several employee engagement and welfare initiatives, including employee welfare programmes, festive celebrations, sports and recreational activities, and other employee centric events designed to promote collaboration, wellbeing, and a sense of belonging across the organization.

MCX made significant investments in building a future- ready workforce through a structured Learning & Development strategy aligned to business priorities, leadership capability, digital transformation, customer excellence, and regulatory compliance.

The Company conducted its annual Employee Satisfaction Survey to assess employee sentiment, identify areas for improvement, and strengthen organizational effectiveness. The insights gathered through the survey continue to support the Company's efforts towards enhancing employee engagement and workplace practices.

The Exchange also organized its Annual Employee Event, providing a platform for employees across locations to come together, celebrate achievements, and reinforce the Company's values and culture.

Quarterly Townhall Meetings were conducted to facilitate transparent communication between leadership and employees, enabling the sharing of business updates, strategic priorities, and organizational developments.

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". The Company had conducted workshops on POSH for the employees on periodic basis.

No complaint was received during the FY 2025- 26 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 25-26.

44. EMPLOYEE STOCK OPTION SCHEME

The stock options granted to the employees of the Company, operated 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 February 27, 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 March 31,2026.

There were no grants pending for vesting as at March 31, 2026. No new grants were made during FY 2025-26.

The relevant disclosures required under the SEBI Regulations for the year ended March 31, 2026 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 is committed to conducting its business through efficient energy utilisation. It has implemented various measures to optimise energy consumption by adopting energy efficient equipment, thereby supporting sustainable growth. Your Company explores new technologies and innovative techniques to enhance the energy efficiency of its infrastructure

i. Steps taken or impact on Conservation of Energy:

Your Company has installed Precision Air Cooling System for the rack servers in the Data Centre. This system is highly energy- efficient, featuring Variable Frequency Drives (VFD) coupled with linear scroll compressors that adjust power consumption according to demand. The system provides targeted cooling to the equipment only, rather than the surrounding environment, thereby preventing unnecessary operation of compressors and minimizing energy wastage while maintaining optimal server rack temperatures

Your Company has implemented a 7^th Generation Variable Refrigerant Volume (VRV) air-conditioning system for the entire building. This inverter-based system reduces compressor rotations during periods of lower occupancy, resulting in significantly lower energy consumption. Additionally, the use of environment-friendly R410A refrigerant further supports sustainability goals.

Your Company has UV-resistant film has been applied to the facade glass windows to minimize heat ingress into the building. This reduces the overall air-conditioning load and lowers electricity consumption. The treated glass also helps decrease the need for artificial lighting during daytime hours.

Your Company has installed motion sensors in low-traffic areas to regulate lighting and reduce energy consumption.

Your Company's business processes have been automated, improving productivity while also saving energy by reducing the time computers need to run.

Your Company primarily uses laptops for IT functions, along with SSD drives, which support faster processing and lower power usage.

Your Company maintains adequate capacitor bank for non-linear electrical loads such as air-conditioning plants, pumps, and motors, helping reduce unnecessary energy draw and improve the power factor.

Your Company uses energy-efficient electrical equipment, including modern devices and IP- based cameras.

Your Company has adopted ASHRAE guidelines for air conditioning and maintains the temperature at 24 degrees Celsius in work areas.

Your Company has strict power-monitoring schedule is followed for air conditioners and lighting to avoid electricity wastage.

Additionally, energy audits, heat load calculations, and power factor correction are carried out regularly. Password-protected printers have also been installed, which only print when a password is entered, thereby reducing unnecessary paper use and energy consumption.

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

Your Company has not utilised any alternate source of energy during the year under review.

iii. Capital investment on energy conservation equipment:

Your Company replaced old building lights with energy-efficient LED lights as part of its energy saving measures. Total investment: Rs.3.08 lakhs.

Your Company has replaced old desktops and CPUs with laptops, and old servers with new energy-efficient servers using SSD drives, improving processing speed while reducing energy consumption. Total investment: Rs.26.03 crores.

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. The organization has implemented robust and comprehensive cyber security aligned with industry best practices, regulatory requirements, and internationally recognized standards like ISO 27001:2022 standard. The framework is designed to protect its critical information assets, applications, databases, networks, and digital service from evolving cyber threats and ensure the Confidentiality, Integrity and Availability of Information assets while supporting secure business operation, regulatory compliance, and effective cyber risk management.

MCX has multi layered security architecture that combines preventive, detective, corrective and proactive security controls across People, Process, and Technology domains. Key security capabilities include safeguarding sensitive information, continuous threat monitoring and timely incident response. Security assurance is further strengthened through periodic Vulnerability Assessment and Penetration testing (VAPT).

Through continuous monitoring, regulatory compliance, security assessment, governance oversight, and proactive threat management, the organization has established a resilient cybersecurity ecosystem that enhances operational resilience, support audit readiness, mitigates emerging cyber threat and drives continuous improvement of the organization overall security posture. Your Company has also implemented 24x7x365 Cyber Security Operation Centre (C-SOC) for monitoring and raising alerts related to cyber-attacks and other security related incidents round the clock.

Highest priority and continuous support were given by the senior management to all matters of Cyber Security and Risk Management.

MCX understands that humans are the weakest link in cyber-attacks and in view of the same, continuous awareness sessions are conducted to enhance preparedness among employees against cyber attacks. The awareness initiative is also extended to the Market participants through Member awareness sessions & advisories.

The Company has also been classified as a CII (Critical Information Infrastructure) through notification 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 by adopting the guidelines and frameworks issued by NCIIPC from time to time.

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.

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 transparency, enhanced user experience, and providing flexibility for future business growth and market needs.

Strong Technology Framework

MCX's technology infrastructure is the foundation of our business and a key contributor to the Exchange's functioning and development. MCX state-of-the- art technology infrastructure forms the backbone of your exchange operations, driving growth and ensuring market continuity. Our core trading platform and mission-critical applications are hosted at our Mumbai headquarters. To ensure Business continuity, we maintain a fully functional BCP site in GIFT City, built to achieve seamless failover and restore operations strictly within regulatory Recovery Time Objectives (RTO).

Our electronic platform is supported by our infrastructure and advanced technology, allowing fast trade execution, low latency, anonymity between counterparties, price transparency, prompt and reliable order routing, trade reporting, multicast tick-by-tick market data dissemination and market surveillance.

The Exchange's state-of-art data center is supported by best-in-class network and security infrastructure with high availability at all levels. The Company runs 'Defence-in-depth' strategy to ensure information security at all layers with well-defined Information Security policy and Cyber Security and Cyber Resilience policy & governance structure.

In the fiscal year 2025-26, the Exchange handled below mentioned Peak Volumes, seamlessly. MCX Trading Engine scaled seamlessly to over 200 crore orders a day in FY 2025-26, a sharp rise over the prior year, underscoring the robustness and scalability engineered into its trading technology stack

(i) The benefits derived like product improvement, cost reduction and product development:

During FY 2025-26, your Company continued to invest in IT systems and provide a competitive advantage. Your Company's robust technology infrastructure continues to provide uninterrupted trading experience, reliability, credibility and mitigating risk of single point of failure. Your Company has laid special focus on automation to drive efficiency, scalability and innovation.

MCX has been making sustained investments in both technology and human capital, reflecting our long-term commitment to scalability, resiliency, efficiency and regulatory alignment. During this period, MCX has continuously invested in encompassing infra upgrades, system modernisation, cybersecurity enhancements, scalability and operational continuity in line with evolving business and regulatory requirements. The Exchange has consistently strengthened its human capital in technology, risk management, compliance and operations. Continuous training and skill upgradation are continuously undertaken to ensure that staff capabilities keep pace with technology advancements.

MCX's Continuous efforts on upgradation/ enhancement of the Information Technology and related Infrastructure and constantly monitoring the performance. With the growth in Business MCX has ramped up its technology investments to cater to evolving needs. This reflects MCX commitment in building longterm sophisticated system to ensure credibility and reliability of its system.

Post migration to the new Technology platform on October 16, 2023, the Exchange has seen significant growth in trading volumes in subsequent years and the new Technology Platform has scaled up to handle these volumes seamlessly. We have also enhanced the inhouse team capabilities to handle the quality assurance, operations and support of the new Technology platform.

Our business environment is marked by constant and rapid technological advancements. To maintain our competitive edge, your Company continues to work on upgrades, enhancements and improve the performance, capacity, scalability, accessibility and features of our trading and clearing, systems and technologies.

(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.

(iii) 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. 34 & no. 35 of Notes to Accounts of the standalone and consolidated financial statements, respectively.

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 recognized 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 aspects of regulatory compliances, as under:

1. SEBI Compliance

2. Inspection & Enforcement

3. Investor Protection Fund

4. Investor Services Department (Arbitration, Grievance Redressal Mechanism and Member Default)

5. Membership

6. Surveillance & Investigation

7. Secretarial & Compliance

8. Enterprise Risk Management

As on March 31, 2026, the Company had 124 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 March 31,2026, the total cost (Fixed pay) incurred by the Exchange towards these functions was Rs.21.81 crores MCX incurred direct and indirect expenses including technology expenses amounting Rs. 65.04 crores 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) in the preparation of the annual accounts for the financial year ended March 31, 2026, 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 March 31,2026 and of the profit of the Company for the year ended March 31,2026;

c) t hey 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) they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were 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 THE 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 section 9 of the IBC, 2016 for initiation of CIRP for the recovery of the dues towards the Investor Protection Fund and Exchange dues. The matter is being heard Ex-parte and has been adjourned to September 09, 2026 for hearing.

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, Government of Maharashtra, Other State Government, Ministry of Finance, SEBI, RBI, Stock Exchanges, Ministry of Corporate Affairs, other government authorities, Banks, trading members, investors, 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.