The exchange plans to invest an estimated Rs 400-600 crore in this expansion, according to the announcement.
In 2022, Sebi had withdrawn the recognition granted to ICEX over 'non-compliance with minimum net-worth requirement'. ICEX has already been informed to change its name and not use 'exchange' or any other variant if it intends to continue as a corporate entity.
Lotus Refineries, in its prayer to the court, has also requested that the defendant NSEL be restrained by a permanent order of injunction from disposing of its assets or dealing with the same in any manner whatsoever.
Regulator Forward Markets Commission (FMC) today instructed National Spot Exchange Ltd to take control of stocks and assets of the defaulting members and liquidate them to meet payment obligations
As crisis at National Spot Exchange continues to deepen, the Corporate Affairs Ministry has also begun looking into the matter to ascertain whether there have been any violations of the Companies Act.
The crisis at the National Spot Exchange have brought things to a head, and the Forward Market Commission, which regulates commodity exchanges, is taking a hard line when it comes to compliance with its directives.
The National Spot Exchange Limited (NSEL) has suspended trading of contracts in e-series w.e.f August 6th, 2013, till further notice.
Thirteen members would pay 5 percent of their outstanding obligations, a total of Rs 31.07 billion, weekly, and eight members, with contacts amounting to Rs 21.8 billion, would settle outright.
India rejected the foreign direct investment (FDI) proposal of commodity exchange MCX. The Foreign Investment Promotion Board's (FIPB) meeting on June 14 took this decision.
Country's second largest commodity exchange NCDEX expects its turnover to increase by 20% to Rs 22 lakh crore this fiscal on the back of recently launched contracts in products such as barley and sugar.
According to experts, investors should subscribe to the MCX IPO because of the growth potential of the company and the valuations it has.