SEBI Revoked the ICEX’s Permanent Recognition.

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 The bourse’s recognition was revoked after Sebi issued an order declaring it non-compliant on many grounds, including net worth and infrastructure criteria.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.

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KEY POINTS: 

• 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

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