Fusion Techstack Limited

Fusion Techstack Limited, incorporated on 18 August 2008, operated for most of its history as Indian Commodity Exchange Limited (ICEX), a SEBI-regulated national commodity derivatives exchange headquartered in Navi Mumbai. ICEX ran a demutualised, fully electronic trading platform and built a name for itself as the first exchange in the world to launch a diamond derivatives contract, in 2017, later adding contracts such as Steel Long and absorbing the National Multi-Commodity Exchange (NMCE) in FY19 following NCLT approval. In late 2024, SEBI approved ICEX's exit from the commodity exchange business, and its exchange recognition was formally withdrawn in January 2025. Shareholders subsequently approved changing the company's name from Indian Commodity Exchange Limited to Fusion Techstack Limited, along with a revision of its core objects, to pursue new business activities in technology and data services — a change the Ministry of Corporate Affairs approved in September 2025. For FY25, the company reported revenue of around ₹6 crore with a small in-house team. Its board is now led by CEO Tridibnath Swain, alongside directors including Suresh Babu Konakanchi and Gopala Ramaratnam. The company's post-pivot business in technology and data services is still taking shape and has not yet been fully disclosed publicly.