EXIT ORDER IN RESPECT OF HAPUR COMMODITY EXCHANGE LIMITED
Whole Time Member, SEBI, has passed an Order on June 29, 2018 providing exit to the Hapur Commodity Exchange Limited. HCEL is the seventh Commodity Derivatives Exchange / deemed stock exchange to exit after the merger of Forward Markets Commission (FMC) with SEBI.
SEBI, vide its Circular dated January 11, 2016, had issued Guidelines for the exit of Commodity Derivatives Exchanges. The circular prescribed, inter alia, various conditions for compliance covering various aspects including treatment of assets of non-operational stock exchanges, complete discharge of pending statutory liabilities, outstanding liability towards brokers and clients, redressal of all pending investors’ disputes / complaints, etc, on compliance of which, the exit order was issued to HCEL.
Further, the Income Tax Authorities, Ministry of Finance, Ministry of Corporate Affairs and the State Government of Uttar Pradesh are being intimated about the exit of HCEL, for appropriate action, at their end.
The full text of the exit order is available on the website www.sebi.gov.in