Market regulator Securities & Exchange Board of India (SEBI) has permanently withdrawn its recognition granted to Indian Commodity Exchange Ltd (ICEX).
In a statement, the market regulator says, "The withdrawal of recognition was pursuant to an order passed by VS Sundaresan, executive director of SEBI, on 10 May 2022 for non-compliance with the net-worth requirement, SEBI circulars, SEBI inspection observations and infrastructural requirements as prescribed under securities contracts (regulation) (stock exchanges and clearing corporations) regulations, 2018."
SEBI has asked ICEX to transfer the money available in the Investor Protection Fund (IPF) and Investor Services Fund (ISF) of ICEX to the SEBI Investor Protection and Education Fund. Further, ICEX is asked to set aside sufficient funds to settle any claims, pay the dues outstanding to SEBI, and pay SEBI registration fees as per SEBI (stockbrokers) 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.
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