sebi:WTM/MPB/CDMRD/151/2018
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Facts / Headnote
Exit granted to Universal Commodity Exchange Limited as a stock exchange with consequent withdrawal of recognition
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
Parties
- Universal Commodity Exchange Limited
Holding
SEBI allowed the exit of Universal Commodity Exchange Limited (UCX) as a stock exchange and consequent withdrawal of recognition granted to UCX, on the finding that UCX had substantially complied with all conditions contained in the Exit Circular, 2016.
Full text
Exit Order in respect of Universal Commodity Exchange Limited Page 2 of 5 Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’), all the associations recognised under FCRA are deemed to be recognised stock exchanges under the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as ‘SCRA’) and hence UCX is deemed to be a recognised stock exchange under the SCRA.
Exit Order in respect of Universal Commodity Exchange Limited Page 3 of 5 (b) For the purpose of valuation of the assets of the exchange, submission of the report of a valuation agency appointed by SEBI and all the valuation charges to be paid by the exchange.
Exit Order in respect of Universal Commodity Exchange Limited Page 4 of 5 11. With respect to the compliance of conditions specified in the Exit Circular, 2016 and the conditions with respect to settlement of liabilities by UCX, from the findings in the report submitted by the valuation agency M /s Jain Tripathi & Co., and also from the undertakings submitted by the institutional shareholders of the UCX (namely, National Bank for Agriculture and Rural Development (NABARD), Indian Farmers Fertiliser Cooperative Ltd. (IFFCO), IDBI Bank Limited (IDBI) & Rural Electrification Corporation Limited (REC)), vide letters dated January 11, 2018, December 18, 2017, December 28, 2017 and February 20, 2018, respectively, it is noted as follows:
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Source: SecMarx — sebi:WTM/MPB/CDMRD/151/2018. 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.