Sebi allows Bombay Commodity Exchange to exit bourse biz
Market regulator said the exchange has complied with the regulator's conditions for exit.
New Delhi: Markets regulator Sebi today allowed Bombay Commodity Exchange to exit the stock bourse business.
The Securities and Exchange Board of India (Sebi), in February this year, informed Bombay Commodity Exchange Ltd (BCEL) that as there was no trading operation on its platform for more than 12 months, then it is liable to exit.
Following this, Bombay Commodity Exchange has decided to voluntarily surrender the recognition granted to it as a deemed recognised stock exchange.
In an order passed today, Sebi, said Bombay Commodity Exchange has complied with the regulator's conditions for exit and is therefore "a fit case to allow exit" from capital markets.
"From the valuation report and undertaking of BCEL, it is observed that all the known liabilities have been brought out and that there is no other future liability that is known as on date," Sebi said.
While allowing the exit, Sebi has asked the exchange to comply with tax obligations and not to use the expression "stock exchange" in its name among others.