On Thursday, market regulator SEBI said it had withdrawn its recognition of the Indian Commodity Exchange Limited (ICEX).
The Board of Securities and Exchange of India has withdrawn its recognition of Indian Commodity Exchange Limited through a notification dated May 18, 2022, “said a press release issued by the regulator.
Recognition was withdrawn following an order passed by SEBI on May 10 after the share was found to be non-compliant on a number of grounds, including net worth and infrastructural requirements.
As a result of the withdrawal, funds from ICEX’s Investor Protection Fund and ICEX’s Investor Services Fund have been directed to be transferred to Sebi’s Investor Protection and Education Fund.
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In addition, it has been asked to set aside sufficient funds for settlement of any claim, to pay arrears to SEBI and to pay SEBI registration fee by its trading members as per the rules of brokers.
Further, ICEX has been asked to refrain from using ‘stock exchange’ or any variant in its name or in the name of its affiliate.
The ICEX was recognized as an exchange under the Forward Agreement through a notification issued by the Central Government on a permanent basis in October 2009.