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Sebi to Chalk Out Exit Route for Commexes

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Move will help defunct exchanges to apply for voluntary exits
The Securities and Exchange Board of India (Sebi) will soon spell out exit route for commodity exchanges.The move will pave the way for closure of defunct ones to apply for voluntary exits. At present, there are 12 commodities exchanges, of which six are nationalised,while the rest is regional.
If an exchange is not working for a year or has annual trading turnover on its platform of less than Rs.1,000 crore will be asked to wind-up,sources said.
Some exchanges is learnt to have asked Sebi for voluntary exit. Former commodities market regulator Forward Markets Commission (FMC) had also suggested some names to the government as it did not have the power to derecognise any exchange. The regulator is likely to ask commodities exchanges to give back members' money and return margin amount.
Of the six national electronic commodity exchanges, three have suspended trading so far.
The oldest of the three functioning bourses is the Ahmedabad-based NMCE, set up in 2002, the country's largest metals and energy exchange MCX and farm futures exchange NCDEX, which became operational a year later.Of the extant six regional exchanges, just three of them , offering forward trading, operate.
These are Chamber of Commerce, UP (mustard), Rajkot Commodity Exchange (castor seed) and India Pepper and Spice Trade Association (pepper).
Business Standard, New Delhi, 18th Dec. 2015 

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