SEBI Withdraws Recognition of Indian Commodity Exchange Ltd (ICEX)

The Securities and Exchange Board of India (SEBI) has withdrawn the recognition granted to the Indian Commodity Exchange Ltd (ICEX) under Section 5(1) of the Securities Contracts (Regulation) Act, 1956, which allows SEBI to grant recognition to stock exchanges in India. 

The withdrawal, effective via notification dated December 26, 2024, followed ICEX's request for voluntary surrender of recognition under Section 4(1) of the Act, which permits an exchange to exit voluntarily. 

SEBI's order, dated December 10, 2024, also aligned with Section 6A, outlining the process for an exchange's voluntary exit. This action ensures regulatory compliance and maintains market integrity by overseeing the proper exit procedures for stock exchanges.