Sebi notifies withdrawal of recognition to ICEX
«The Securities and Exchange Board of India (Sebi) hereby notifies that, the recognition granted to the Indian Commodity Exchange Ltd stands withdrawn with effect from the date of publication of this notification in the official gazette,» Sebi said in its notification dated December 24.
In its exit order, Sebi stated it reviewed ICEX's valuation report, compliance submissions and undertakings.
Additionally, the regulator directed ICEX to comply with its tax obligations under the Income Tax Act, 1961; change its name and not to use the expression «stock exchange» and maintain a database of all transactions on its platform for the previous years among others.
The bourses declared all known liabilities and assured Sebi it had no undisclosed third-party liabilities. The exchange also undertook full responsibility for any future financial claims that may arise.
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