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Secondary market deals with the exchange of existing or previously-issued securities in India. On the other hand, the primary market is meant for trading and issuance of stocks and other securities. Equity and debt market come under the purview of the secondary market. That is why, BSE, NSE, MCX all come under the secondary market only. The Securities Appellate Tribunal (SAT) 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. SEBI’s order : In May 2022, SEBI had passed an order withdrawing the recognition accorded to the ICEX after it fell short of the Rs 100-crore minimum networth criterion for exchanges. SEBI had also pointed out that the exchange did not address various infrastructure issues. The ICEX had requested some concessions from SEBI on the ground that it was operating on thin budgets, so it did not have the financial power to address some of the key issues pointed out. SAT’s Mercy: SAT has given the ICEX one year to bring in the required funds and meet the SEBI norms. However, until the networth criterion is met, the ICEX has been asked to keep its trading operations, which it voluntarily discontinued in March 2022, closed. SAT added that if the ICEX managed to find the capital before the end of the one-year deadline, it would make an application with SEBI for resuming its trading operations, and asked SEBI to duly consider the request and pass appropriate orders. Securities Appellate Tribunal was mainly established to hear an appeal against the order passed by the SEBI (Securities and Exchange Board of India) or by an adjudicating officer under the SEBI Act. The Multi Commodity Exchange of India Limited (MCX), India’s first listed exchange, is a state-of-the-art, commodity derivatives exchange that facilitates online trading of commodity derivatives transactions, thereby providing a platform for price discovery and risk management. The Exchange, which started operations in November 2003, operates under the regulatory framework of Securities and Exchange Board of India (SEBI).
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