 "MCX gets Sebi approval to launch new commodity derivatives platform")
The Multi-Commodity Exchange (MCX) has received approval from the markets regulator to initiate its new commodity derivatives platform (CDP), which was suspended on September 28.
The Securities and Exchange Board of India (Sebi) 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, the largest commodity derivatives exchange, mentioned that they presented their responses to the CFMA complaints 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 As a result, Sebi has rescinded its instructions to MCX and MCXCCL to suspend the planned initiation of the CDP," MCX stated in an exchange filing.
MCX had initially intended to introduce the CDP on October 3. However, they have not revealed the new launch date yet.
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