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MCX will ban members who are not SEBI registration compliant from December 22. The last day for registration was set by the regulator at December 28.
However, the Exchange has advanced the deadline as it needs time to verify members documents before uploading it on SEBI website.
In a notice to its members on Thursday, MCX said the terminals of the members, who fail to submit complete application through online portal or have not paid the applicable fees to SEBI and exchange would be put on square off mode from Tuesday.
In respect of members, who have not submitted the pending documents for registration or fail to square-off their existing positions by December 24, the exchange would square off their positions on or after December 28 at the prevailing market rates in one or more tranches without giving any further notice, it said.
MCX, the country’s largest exchange, has received registration requests from about 600 members out of 750 active trading members. It has 1,700 registered members.
The registration process was in response to the SEBI diktat making it mandatory for all commodity members to register with it post the merger of erstwhile commodity market regulator Forward Markets Commission with itself.
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