TMI BlogMandatory requirements / Exit Policy for Commodity Derivatives ExchangesX X X X Extracts X X X X X X X X Extracts X X X X ..... ined 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 has delegated the powers exercisable by it, inter alia , under section 7 of Forward Contracts (Regulation) Act, 1952 to SEBI. 3. The erstwhile Forward Markets Commission (FMC), vide its Circular No. 9/1/2014-MKT-I (Vol-II), dated May 19, 2015, had directed 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 suspensio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es to surrender its recognition voluntarily or whose recognition is proposed to be withdrawn by SEBI, the concerned Exchange shall be directed to comply with the following: 7.1 The concerned commodity derivatives exchange shall not alienate any assets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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompanies 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 / 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, pertaining to pending arbitration cases, arbitration awards, not implemented, if any, liabilities/claims of contingent nature, if any, and unresolved investors complaints/ grievances lying with the exchange. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
