SEBI notifies order withdrawing recognition to Indian Commodity Exchange
This story was originally published at 14:32 IST on 27 December 2024
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MUMBAI – The Securities and Exchange Board of India Thursday notified withdrawing the recognition granted to the Indian Commodity Exchange Ltd., thereby paving way for the exchange to close operations.
"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Exchange Board of India hereby notifies that, the recognition granted to the Indian Commodity Exchange Limited stands withdrawn with effect from the date of publication of this Notification in the Official Gazette," the notification said.
On Dec. 10, the regulator had permitted the exit of the Indian Commodity Exchange as a stock exchange and the consequent withdrawal of recognition granted to it, subject to certain directions contained therein. It had also said the direction would come into force on the date of the notification of withdrawal of recognition.
The exchange had put in a request to SEBI on Aug. 4, 2023, to let it exit as a stock exchange. It had notified the regulator that the shareholders of ICEX had approved the voluntary surrender of the recognition granted to the exchange. End
Reported by J. Navya Sruthi
Edited by Akul Nishant Akhoury
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