Fusion Techstack (ICEX) Unlisted Shares
Sebi withdraws recognition to Indian Commodity Exchange, paves way for ICEX to exit as an exchange
money control
2 min read
Sebi Revokes Recognition of ICEX, Facilitating Exit as a Stock Exchange.
Expert Analysis:
Sebi Withdraws Recognition: Sebi withdrew recognition granted to ICEX, allowing its exit as a stock exchange.
Revocation Due to Non-Compliance: In 2022, Sebi revoked ICEX's recognition for "non-compliance with the minimum net worth requirement."
Challenges in Fundraising: ICEX attempted to raise funds but faced restrictions due to shareholding norms (maximum 5% ownership), making it unattractive to investors.
Appeal to SAT: In 2022, ICEX appealed to the Securities Appellate Tribunal (SAT), which set aside Sebi's order, subject to ICEX raising requisite funds and meeting compliance conditions.
ICEX exits as a stock exchange after failing to meet capital requirements, shareholding norms, and compliance conditions, despite appeal.
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