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Mandatory requirements / Exit Policy for Commodity Derivatives Exchanges

SEBI - CIR/CDMRD/DEA/01/2016 - Dated:- 11-1-2016 - CIRCULAR CIR/CDMRD/DEA/01/2016 January 11, 2016 To, The Managing Directors / Chief Executive Officers of all Commodity Derivatives Exchanges Dear Sir / Madam, Sub.: 1. In terms of Finance Act, 2015, the associations recognized under the erstwhile Forward Contracts (Regulation) Act, 1952 as on 28th September, 2015 are deemed to be recognized stock exchanges under the Securities Contracts (Regulation) Act, 1956. This circular applies to all such commodity derivatives exchanges as defined in the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2015. 2. The Ministry of Finance, vide Gazette Notification S.O.2630 (E), dated September 24, 2015 .....

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ing operations, it shall resume its trading only after ensuring that adequate and effective trading systems, clearing and settlement systems, monitoring and surveillance mechanisms, risk management systems are put in place and only after complying with all other regulatory requirements stipulated by SEBI from time to time. Further, such recognized commodity derivatives exchanges shall resume trading operations only after obtaining prior approval from SEBI. 7. In case any commodity derivatives exchange proposes to surrender its recognition voluntarily or whose recognition is proposed to be withdrawn by SEBI, the concerned Exchange shall be directed to comply with the following: 7.1 The concerned commodity derivatives exchange shall not alien .....

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such de-recognition. 7.4.2.1 Dues of the brokers to SEBI shall be recovered by the exchange out of the brokers deposits / capital / share of sale proceeds / winding up proceeds dividend payable, etc. available with the exchange. 7.4.2.2 The exchange will be liable to make good any shortfall in collection of dues of the brokers to SEBI. 7.5 Other Conditions: 7.5.1 In case any commodity derivatives exchange, after de-recognition, continues as corporate entity under the Companies Act, 2013, it shall not use the expression stock exchange , commodity derivative exchange or exchange or any variant in its name or in its subsidiaries name so as to avoid any representation of present or past affiliation with the exchange. 7.5.2 The Sale / distributi .....

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