The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 6 lakh on Multi Commodity Exchange (MCX) for flouting norms in a case pertaining to data entries of Sikkim-based clients. The matter relates to incorrect input of State code and City code as Sikkim by seven trading members of MCX in the UCC (Unique Client Code) database. In its order, Sebi found that MCX imposed a penalty of Rs 10,000 per client on these trading members for wrong entries in June 2022.
MCX is the leading commodity bourse, largely offers futures trading in nonagricultural commodities. The exchange contributes maximum business to the total turnover of the commodity futures market.
