SAT gives ICEX another chance, quashes withdrawal of permanent recognition

Tribunal says 'the ship may be sinking but the leakages can be plugged', pulls up Sebi for concluding exit of top officials would necessarily lead to closure of the exchange

The Securities Appellate Tribunal (SAT) on Thursday quashed an order passed by market regulator Securities and Exchange Board of India (Sebi) withdrawing permanent recognition to the Indian Commodity Exchange (ICEX). The tribunal held that the exchange should be given another chance to revive.

SAT pulled up Sebi over its conclusion that exit of top officials like the managing director, chief executive and public interest directors would necessarily lead to closure of the exchange.

“Merely because the MD, CEO and PIDs have left the company it does not mean that the exchange cannot revive itself. The ship may be sinking, but