SEBI, the market regulator, announced that it had revoked the Indian Commodity Exchange Limited’s (ICEX) recognition. The bourse’s recognition was revoked after Sebi issued an order declaring it non-compliant on many grounds, including net worth and infrastructure criteria. As a result of the withdrawal, ICEX has been directed to transfer the funds in its Investor Protection Fund and Investor Services Fund to the Investor Protection and Education Fund of Sebi.
- Furthermore, it has been requested to set aside adequate assets to cover any claims, clear any outstanding Sebi debts, and pay Sebi registration costs in accordance with broker standards.
- ICEX has been told not to use the term “stock exchange” or any variation of it in its or its subsidiary companies’ names.
- The federal government recognised ICEX as a forward contract exchange on a permanent basis.
Important Takeaways for All Competitive Exams:
- SEBI: Security And Exchange Board of India
- SEBI Chairperson: Madhabi Puri Buch