Sebi withdraws permanent recognition granted to ICEX

"The Securities and Exchange Board of India has withdrawn the recognition granted to the Indian Commodity Exchange Limited, vide notification dated May 18, 2022," according to a press release issued by the regulator.

The withdrawal of recognition follows an order passed by Sebi on May 10 after finding the bourse non-compliant on several grounds like net worth and infrastructural requirements.

Consequent to the withdrawal, ICEX has been directed to transfer the money available in the Investor Protection Fund and Investor Services Fund of ICEX to Sebi's Investor Protection and Education Fund.