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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 c .....

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rected commodity derivatives exchanges, who have suspended their trading operations, to refund clients margin money, resolve client disputes, refund members deposits and in case any exchange fails to revive their trading operations within 12 months from the date of suspension of trading, FMC had specified the steps that shall be initiated to cancel their registration and lead to withdrawal of recognition of such exchanges. 4. SEBI has reviewed the said circular and has decided that, if there is .....

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their platform. In case the National and Regional Commodity Exchanges fail to meet the above criteria for 2 consecutive years, they shall be liable to exit. 6. In the event a recognized commodity derivatives exchange, for any reason suspends its trading 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 wi .....

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ate any assets of the exchange without taking prior approval of SEBI. 7.2 Treatment of the assets of de-recognized exchange: 7.2.1 The concerned commodity derivatives exchange shall be permitted to distribute its assets subject to certain conditions as laid down in this circular as well as other guidelines that may be issued by SEBI, Government, or any other statutory authority, from time to time. 7.2.2 For the purpose of valuation of the assets of the commodity derivative exchange, a valuation .....

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to SEBI as specified in para 7.5.4 7.3 The concerned exchange shall transfer the Investor Protection Fund or any such fund to the SEBI Investor Protection and Education Fund. 7.4 The concerned exchange shall pay following dues to SEBI: 7.4.1 The dues outstanding to SEBI and the annual regulatory fee. 7.4.2 The outstanding registration fees of brokers/trading members of such de-recognised stock exchanges as specified in the SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 till the date of .....

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l 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 / distribution / transfer of assets / winding up of such exchanges / companies shall be subject to the applicable laws in force. 7.5.3 The concerned commodity derivatives exchange shall set aside sufficient funds in order to provide for settlement of any claims, .....

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