Markets regulator Sebi on Thursday mentioned it has withdrawn the popularity granted to the Indian Commodity Exchange Limited (ICEX).
“The Securities and Exchange Board of India has withdrawn the recognition granted to the Indian Commodity Exchange Limited, vide notification dated May 18, 2022,” in line with a press launch issued by the regulator.
The withdrawal of recognition follows an order handed by Sebi on May 10 after discovering the bourse non-compliant on a number of grounds like web value and infrastructural necessities.
Consequent to the withdrawal, ICEX has been directed to switch the cash accessible within the Investor Protection Fund and Investor Services Fund of ICEX to Sebi’s Investor Protection and Education Fund.
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Besides, it has been requested to put aside enough funds to offer for settlement of any claims, clear the dues excellent to Sebi and pay Sebi registration charges as per brokers’ norm by its buying and selling members.
Further, ICEX has been directed to chorus from utilizing the expression ‘stock exchange’ or any variant in its title or in its subsidiary firm’s title.
ICEX was recognised as an change beneath ahead contracts via a notification issued in October 2009 by the central authorities on a everlasting foundation.
Source: www.financialexpress.com”