EXIT ORDER IN RESPECT OF BOMBAY COMMODITY EXCHANGE LIMITED (BCEL)
Whole Time Member, SEBI has passed an Order on Oct 28, 2016 providing the exit to Bombay Commodity Exchange Limited (BCEL). BCEL is the first commodity derivatives exchange / deemed stock exchange to exit after merger of Forward Markets Commission with SEBI.
SEBI vide Circular dated January 11, 2016 had issued the Guidelines for exit of commodity derivatives exchanges. This contained details of the conditions for exit of non-operational stock exchanges, inter alia, including treatment of assets of non-operational exchanges.
Further, the Income Tax Authorities, Ministry of Corporate Affairs and the State Government of Maharashtra are being intimated about the exit of BCEL, for appropriate action at their end.
The full text of the order is available on the website http://www.sebi.gov.in
November 01, 2016