The Multi-Commodity Exchange (MCX) on August 21, 2026, has prescribed timelines for Trading Members to take disciplinary action against Authorised Persons (APs) for non-compliances identified during AP inspections.
The following has been stated:
• Trading Members must take disciplinary action as per the guidelines prescribed in MCX Circular No. MCX/INSP/577/2025 dated November 6, 2025: Within 2 months from the end of the relevant quarter for general non-compliances. Within 7 days where the prescribed disciplinary action is termination of the AP.
• An Action Taken Report (ATR), along with the status of closure of observations, must be submitted to MCX within 3 months from the end of the quarter. Example – April–June quarter: AP Inspection Reports: By July 31, Disciplinary action: By August 31, ATR submission: By September 30
• The detailed operational guidelines for submission of ATR will be communicated separately. The revised timelines are applicable to AP inspection reports from July–September 2026 onwards. Trading Members must ensure prompt closure of AP inspection observations, with termination-related cases requiring action within 7 days, while the ATR for other observations must be submitted to MCX within 3 months from the quarter-end.
[Circular No.: MCX/COMP/480/2026]
