ICEX Unlisted Shares: Current Update (2025–2026)
1. SEBI Exit: The worst bad news is that the Securities and Exchange Board of India has formally stopped recognizing ICEX.
ICEX is no longer a commodity exchange as a result.
After the company failed to meet net-worth and compliance requirements, exit was permitted.
This is the primary cause of the decline in prices in the unlisted market.
2. Business Change (Significant) ICEX has changed its name to Fusion Techstack Limited.
The company is moving away from:
Commodity exchange 
Financial services and technology
The previous “exchange growth story” has come to an end.
3. Current Share Price (2026)
Present price per share: around ₹2.3 to ₹2.9
52-week period:
Elevated: ~₹7–8
Minimal: ~₹2
The stock is trading close to its lowest points.
4. Business and Financial Situation
Previous losses → declining net worth → license revocation
Income and commercial activityreally restricted currently
The new business is still in its early stages and is uncertain.
Investor View (Simple)
There is no longer any exchange business.
There is not yet a strong growth trigger.
Extremely risky stock Limited liquidity in the unlisted market
Conclusion
SEBI’s exit will have a significant negative effect.
The business changed its name to Fusion Techstack.
Weak share price (~₹2–3)
Only the success of new tech businesses will determine the future.
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