SEBI notifies the recognition granted to the Indian Commodity Exchange Limited stands withdrawn - SEBI/LAD-NRO/GN/2022/86 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 18th May, 2022 No. SEBI/LAD-NRO/GN/2022/86 .-Whereas the erstwhile Forward Market Commission, vide notification number S.O. No. 2565 (E) dated 9th October, 2009, notified the Indian Commodity Exchange Limited in terms of section 6 of the Forward Contracts (Regulation) Act, 1952 ; 2. And whereas sub-section (1) of section 28A of the Forward Contracts (Regulation) Act, 1952 provides that pursuant to the merger of the Forward Market Commission with the Securities and Exchange Board of India, all the associations recognised under the Forward Contracts (Regulation) Act, 1952 were deemed to be recognised stock exchanges under the Securities Contracts (Regulation) Act, 1956 , the Indian Commodity Exchange Limited became a deemed recognised stock exchange under the Securities Contracts (Regulation) Act, 1956 ; 3. And whereas sub-section (1) of section 5 of the Securities Contracts (Regulation) Act, 1956 read with the notification number S.O. 672 (E) dated 13th September, 1994 issued by the Ministry of Finance provides that where the Securities and Exchange Board of India is of the opinion that the recognition granted to a stock exchange be withdrawn in the interest of the trade or in the public interest, the recognition granted to such stock exchange stands withdrawn; 4. Therefore in exercise of the powers conferred under sub-section (1) of section 5 of the Securities Contracts (Regulation) Act, 1956 , the Securities and Exchange Board of India hereby notifies that, the recognition granted to the Indian Commodity Exchange Limited stands withdrawn. MADHABI PURI BUCH, Chairman [ADVT.-III/4/Exty./75/2022-23]