The Multi Commodity Exchange (MCX) on July 12, 2024, notified regarding the Revised Guidelines for Activation of Membership.
The following has been stated:
• The procedure specified by the exchange is modified and the provision stated at Business Rule 1.2(e) shall be substituted with the following namely:
“Late Fee/s:
Newly admitted member shall be liable to pay the ‘Late Fees’ as per the table if:
o The newly admitted member (in case of admission of New Membership) fails to submit the applicable fees and deposits and complete the procedure for activation of membership within a period of 2 months (without levy of Late Fee) from the date of approval by the Exchange or registration by SEBI (where applicable), whichever is later.
o Further, in case the newly admitted member fails to complete the procedure for activation within Exchange specified period or within the extended timelines, the admission of Membership shall be liable for cancellation.
• The business rule will be effective for all the applications for admission of the new membership approved by the Exchange after July 10, 2024”
[Notification No MCX/MEM/460/2024]
