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Mandatory requirements / Exit Policy for Commodity Derivatives Exchanges

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 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 .....

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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commodity derivatives exchange proposes to surrender its recognition voluntarily or whose recognition is proposed to be withdrawn by SEBI, the concerned Exchange shall be directed to comply with the following: 7.1 The concerned commodity derivatives exchange shall not alienate any assets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 .....

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c. 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 / 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 fu .....

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