Annual Report: 2021
The annual report for Indian Commodity Exchange Limited (ICEX) for the financial year 2020-21 outlines the company's performance, operations, governance, and financial statements.
Overview of the Company:
ICEX is a recognized commodity exchange regulated by the Securities and Exchange Board of India (SEBI). It aims to provide a transparent and efficient platform for commodity derivatives trading, aligning with the objectives of the National Agricultural Policy. ICEX was the first exchange worldwide to launch Diamond Derivative contracts. In December 2019, ICEX launched ICEX MF Platform, a mutual fund platform to facilitate transactions in Mutual Funds. The company has 14 commodity derivatives contracts available for trading on its platform. It operates with 134 SEBI registered members and 1114 authorized persons, reaching 341 cities/towns across India.
Financial Performance:
Business Strategy & Outlook:
ICEX is focused on launching innovative contracts that benefit commodity users and is committed to exploring the Indian commodity derivatives market's full potential. Despite challenges such as Covid-19-induced lockdowns and a SEBI-directed forensic audit, ICEX is actively looking for ways to raise capital, cut down operating costs, and focus on businesses with immediate financial benefits.
The Exchange proposes to enhance its transaction volume from 1.2 crores to 15.19 crores per annum through the mutual fund transaction platform and proposes to generate a transaction fee of Rs. 45.56 crores at the end of FY 2025-26.
However, the commodity segment of the Exchange is kept in abeyance for a limited period, while the Exchange focuses on the mutual fund transaction business, subject to regulatory approvals.
Board of Directors and Key Personnel:
The Board included:
During the year, some PIDs and the Shareholder director Mr. Ajit Mittal resigned. New PIDs and a Shareholder director were appointed to replace them.
Governance and Compliance:
Investor Protection:
Financial Controls and Risk Management:
Other Key Points:
The notice of the Annual General Meeting included resolutions for the appointment of Ms. Vaishali Kale and Mr. Suresh Babu Konakanchi as Shareholder Directors, the re-appointment of Mr. Sanjit Prasad as Managing Director & CEO, and keeping the commodity segment under suspension while continuing with mutual fund operations on a stand-alone basis.
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