As per the news published in the business-standard,  IEX( Indian Energy Exchange) is looking to buy a 15% stake in ICEX for Rs. 150 cr. That means valuing the ICEX at Rs. 1000 Cr. The matter has gone to SEBI because as per law, IEX- a non-exchange, can't have more than a 5% stake in ICEX- the exchange. So, SEBI approval is required to buy 15% stake in the exchange. As per sources, ICEX is looking to utilize Rs. 100 on setting up its own clearing corporation as per SEBI regulation, currently it is using services of MSEI for clearing, and rest 50 cr will be used for product development and marketing. UnlistedZone View As per the annual report of 2018-19, the ICEX has total ~ 53 Cr outstanding shares. So, if we consider the total Mcap of Rs. 1000, the unlisted price of shares comes out to be ~ Rs. 18. Currently, it is trading at Rs. 13-14 in the unlisted market.