The BSE has signed a licensing agreement with Intercontinental Exchange for the use of the ICE Brent Index as the final settlement price for BSE’s Rupee-denominated Brent futures contract.

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“This licensing agreement will help Indian market participants access Rupee-denominated Brent benchmark prices and deepen the Indian commodity markets by providing convenient and cost-effective onshore hedging products,” BSE said in a release.

The agreement will also enable the price discovery of Brent crude prices in the Indian time zone based on domestic fundamentals, the bourse added.

India is one of the largest consumers and importers of crude oil in the world, and Brent crude is highly co-related with the Indian crude oil basket.

Oil producers, refiners, users and investors in India can benefit from access to Brent crude prices, it said.

At 12:48 pm, shares of BSE were trading 0.31 lower a Rs 544.45 on the National Stock Exchange.