MCX receives a nod from Sebi to launch new commodity derivatives platform
By MYBRANDBOOK
The market regulator, Securities and Exchange Board of India (Sebi) has given a nod to the Multi-Commodity Exchange (MCX) to initiate its new commodity derivatives platform (CDP), which was suspended on September 28.
Sebi has issued this directive as Chennai Financial Markets and Accountability (CFMA) had submitted writ petitions concerning the CDP, and the issue is currently before the Madras High Court.
MCX stated that their responses to the CFMA complaints have been presented to Sebi and, following due process, the regulator's Technical Advisory Committee approved it.
"The Sebi Technical Advisory Committee has recommended that MCX and MCXCCL may initiate the CDP and inform Sebi of the proposed start date. As a result, Sebi has rescinded its instructions to MCX and MCXCCL to suspend the planned initiation of the CDP," MCX stated in an exchange filing.
Initially, on October 3 the MCX wanted to introduce the CDP. However, they have not revealed the new launch date yet.
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