sebi:WTM/SR/CDMRD/28/04/2017
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Facts / Headnote
Exit allowed; recognition withdrawn
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
Parties
- Spices and Oilseeds Exchange Limited
Holding
SEBI allowed the exit of Spices and Oilseeds Exchange Limited as a stock exchange and withdrew the recognition granted to it, directing compliance with tax obligations, undertakings, Exit Circular conditions and removal of 'Exchange' from its name.
Full text
Exit Order in respect of The Spice And Oilseeds 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 SOEL is a deemed recognised stock exchange under the SCRA.
Exit Order in respect of The Spice And Oilseeds Exchange Limited Page 3 of 5 (c) Quantum of assets for distribution will be available after payment of the following by the exchange: (i) Statutory dues including Income Tax; (ii) Transfer of Investor Protection Fund, or any such fund available with the exchange to SEBI Investor Protection and Education Fund (hereinafter referred to as the 'IPEF'); (iii) Payment of following dues to SEBI by the concerned exchange :- • Dues outstanding to SEBI and the annual regulatory fee; • The outstanding registration fees of brokers/trading members of such de- recognised exchanges as specified in the SEBI (Stock Brokers and Sub Brokers) Regulations, 1992, till the date of such de-recognition; • In case of any shortfall in collection of dues of the brokers to SEBI, the exchange will make good the shortfall; (iv) Refund of deposit (refundable) to the stock brokers including their initial contribution/deposit to Settlement Guarantee Fund/Trade Guarantee Fund (SGF/TGF).
Exit Order in respect of The Spice And Oilseeds Exchange Limited Page 4 of 5 (a) With respect to 8 (c) (i) above, the valuation agency in their report has stated that there is no statutory liability pending with the Exchange.This has also been stated in the Undertaking submitted by the Exchange.
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Source: SecMarx — sebi:WTM/SR/CDMRD/28/04/2017. 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.