sebi:SEBI/ED/VSS/CDMRD/CDMRD_DEA/1/2022-23
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Facts / Headnote
Recognition granted to ICEX withdrawn with consequential directions
Provisions invoked
- s. 11(2)
- s. 2(43)
- s. 5(1)
Regulations
- Reg. 7
- Reg. 14(1)
- Reg. 2
- Reg. 7(3)
- Reg. 31
- Reg. 7(2)
- Reg. 37
- Reg. 31(1)
- Reg. 12(5)
- Reg. 27(3)
- Reg. 23(1)
- Reg. 24(9)
- Reg. 3(3)
- Reg. 7(2)(e)
- Reg. 7(3)(a)
- Reg. 14(5)
- Reg. 37(1)
- Reg. 7(2)(f)
- Reg. 7(3)(c)
- Reg. 7(3)(j)
Parties
- Indian Commodity Exchange Ltd.
Holding
The recognition granted to Indian Commodity Exchange Ltd. stands withdrawn with effect from the date of notification in the official gazette, with consequential directions on Investor Protection Fund/Investor Services Fund transfer, provisioning for claims, payment of SEBI dues and fees, and bar on using 'stock exchange' in its name.
Full text
ORDER FOR WITHDRAWAL OF THE RECOGNITION OF THE INDIAN COMMODITY EXCHANGE LTD. Page 2 of 23 Corporations) Regulations, 2018 (hereinafter referred to as ‘’ SECC Regulations’’) as well as requirements/directions issued through various SEBI circulars as applicable to it. Further, Every MII is required to submit data to SEBI, on a monthly basis, inter-alia, with regard to trading, status of compliance of various SEBI circulars/regulations/directions vide Monthly Development Report.
ORDER FOR WITHDRAWAL OF THE RECOGNITION OF THE INDIAN COMMODITY EXCHANGE LTD. Page 3 of 23 ii. Regaining of matched order book March 03, 2020 iii. Monitoring of client’s funds lying with the stock broker by the stock exchanges and G-Negative September 26, 2016 iv. Upfront collection of Margins from clients in Cash & Derivatives segment July 20, 2020 v. Unique Client code and mandatory requirement of Permanent Account Number March 08, 2021 vi. Running Account Settlement June 16, 2021 vii. Business Continuity Plan(BCP) & Disaster Recovery(DR) of Market Infrastructure of Institutions(MIIs) March 22, 2021
ORDER FOR WITHDRAWAL OF THE RECOGNITION OF THE INDIAN COMMODITY EXCHANGE LTD. Page 4 of 23 iv Non-implementation of an alert w.r.t. concentration of client open interest in the new Commodity Watch System (CWS) v Reversal of trades is not being monitored wherein more than two clients acting in concert are involved vi Exchange is not carrying out analysis of Trading Pattern of new clients/members or trading by existing clients under any new client code vii Market intelligence and gathering of knowledge pertaining to participation of major players in physical market
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Source: SecMarx — sebi:SEBI/ED/VSS/CDMRD/CDMRD_DEA/1/2022-23. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.