SAT quashes Sebi order derecognizing ICEX
Mumbai The Securities Appellate Tribunal (SAT) has quashed an order passed by Securities and Exchange Board of India (SEBI) derecognising the Indian Commodity Exchange (ICEX). The bench, which hears prayers against Sebi, also pulled up the controller for not giving an occasion to the exchange to revive itself.
In May 2022, Sebi passed an order withdrawing the recognition given to ICEX as a stock exchange. Its order was grounded on the argument that the exchange fell suddenly of the minimal net worth of ₹ 100 crore for exchanges. Sebi also refocused out that the exchange didn’t address colorful structure issues refocused out by the controller during examinations. ICEX argued that it was operating on thin budgets and didn’t have the fiscal power to address the issues refocused out by Sebi.
In a 14- runner ruling, SAT said that the exchange wasn’t indicted of any illegal exertion similar as defrauding investors or misusing its status as a stock exchange for vested earnings.
SAT has given ICEX one time to bring in the needed finances and meet Sebi morals. still, until the net worth criteria are met, ICEX has been asked to keep its trading operations closed. ICEX had freely closed its trading operations in March 2022 and presently is only offering collective fund- related products.
SAT also added that if ICEX manages to find the capital before the deadline, it could make an operation with Sebi for continuing trading operations. The bench has asked Sebi to consider the request and pass applicable orders.
SAT has given ICEX one time to bring in the needed finances and meet Sebi morals. still, until the net worth criteria are met, ICEX has been asked to keep its trading operations closed. ICEX had freely closed its trading operations in March 2022 and presently is only offering collective fund- related products.
About ICEX
Indian Commodity Exchange Limited (ICEX) is SEBI regulated online Commodity Derivative Exchange. Headquartered at Mumbai, the Exchange provides nationwide trading platform through its appointed brokers. The Exchange launched world’s first ever Diamond derivative contracts. ICEX aims to provide futures trading products in India’s all economically relevant commodity. At present it offers futures contract in Diamond. Providing desired price risk hedging solution to the trade through innovative contract designing forms core value of ICEX.
This Exchange is ideally positioned to leverage the huge potential of commodities market and encourage participation of actual users to benefit from the opportunities of hedging, risk management and supply chain management in the commodities markets. ICEX is the first Exchange in India to adopt global hi-tech platform that ensures automatic and seamless switch-over from its Data Center (DC) to the Disaster Recovery (DR) site with zero data loss in case of exigencies. The technology platform has highly optimized processing techniques, which enables the system to handle very large orders with latencies under 300 microseconds.
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