Rajkot ComEx officially shuts down after failing to clinch Sebi approval

It was the country's only regional exchange offering castor seed futures

The year 2017 began on a sad note for the country's only castor seed futures regional exchange, the Rajkot Commodity Exchange (RCX), which has finally pulled down the shutters after failing to bag the Securities and Exchange Board of India's (Sebi's) approval to run new contracts.

Last year, Sebi had asked all commodity exchanges to start online trading, create a net worth of Rs 100 crore and initiate de-mutualisation within two years, which RCX failed to comply with, leading to the closure. For that matter, none of the regional commodity exchanges have complied with the new Sebi norms. There are