Mumbai, (IANS) : Indian Commodity Exchange Ltd (ICEX), a screen based on-line derivatives exchange for commodities, on Monday said it has received approval from Securities and Exchange Board of India (Sebi) to re-commence live trading operations.

In a statement issued here, ICEX said it has successfully complied with all Sebi mandated norms prescribed for the commodity exchanges, and implemented world-class technology and risk management systems.

The exchange has already received approval from SEBI to launch the diamond futures contract – the first in the world.

The exchange has all necessary infrastructure to handle deposits, grading and sealing, vaulting and deliveries of diamonds as part of its preparation to launch the diamond contracts, the statement said.

“We are grateful to Sebi for granting the final approval to ICEX for re-commencement of trading operations. With all requisite approvals in place, ICEX is poised to go-live by end-August, 2017,” said ICEX MD and CEO Sanjit Prasad, as per the statement.

Prior to launch, ICEX will now be stepping up enrolment and training of members, conducting mock trials and other aspects.