Indian Commodity Exchange ceases to be recognised bourse: SEBI

Capital markets regulator SEBI on Tuesday derecognised Indian Commodity Exchange Ltd saying the bourse does not have sufficient number of experienced staff and requisite financial capacity. Consequently, "ICEX shall cease to be a recognised stock exchange,” Sebi said in an order.

ICEX (Indian Commodity Exchange) was recognised as an exchange under forward contracts through a notification issued in October 2009 by the central government on a permanent basis.

The regulator has withdrawn its recognition after finding the bourse non-compliant on several grounds like net worth requirement, SEBI inspection observations and infrastructure. In its order, SEBI noted that net worth of ICEX was Rs 93.43 crore as on November 2021, which further reduced to Rs 86.45 crore as on January, 2022.