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Securities and Exchange Board of India
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PR No. 17/2022
SEBI withdraws Permanent Recognition granted to
Indian Commodity Exchange Ltd.
1. In exercise of the powers conferred under sub-section (1) of section 5 of the
Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board
of India has withdrawn the recognition granted to the Indian Commodity
Exchange Limited, vide notification dated May 18, 2022
2. The withdrawal of recognition was pursuant to an Order passed by
Shri V.S. Sundaresan, Executive Director, SEBI on May 10, 2022 for non-
compliance with net-worth requirement, SEBI circulars, SEB! inspection
observations and infrastructural requirements as prescribed under Securities
Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
Regulations, 2018.
3. Consequent to the withdrawal, ICEX was directed to (a) transfer the money
available in the Investor Protection Fund and Investor Services Fund of ICEX to
SEBI Investor Protection and Education Fund; (b) set aside sufficient funds to
provide for settlement of any claims; (c) pay the dues outstanding to SEBI; and
(d) pay SEBI registration fees as per SEBI (Stock Brokers) Regulations, 1992 by
its trading members. The Order further directed ICEX to refrain from using the
expression ‘stock exchange’ or any variant in its name or in its subsidiary
company's name.
Mumbai
May 19, 2022