Nsel

Sebi halts Religare Commodities' registration in NSEL paired contracts case

Markets regulator Sebi on Tuesday suspended the registration of brokerage firm Religare Commodities for its alleged involvement in illegal paired contracts on the now defunct National Spot Exchange Ltd (NSEL). By providing access for taking exposure to 'paired contracts', the brokerage exposed its clients to the risk involved in trading in a product that did not have regulatory approval, Sebi said in its order. Further, the regulator said the trading activities of the noticee (Religare Commodities) in 'paired contracts' for its clients on the NSEL platform have serious ingredients jeopardising the competence and integrity of the noticee in the securities market. Accordingly, Sebi has suspended the registration of Religare Commodities as a commodities derivative broker, for three months from the date of this order or till the FIR filed against the broking firm by EOW (Economic Offences Wing) ceases to be pending or till the noticee is acquitted by a court about the FIR, whichever is

Sebi cancels Progressive Comtrade registration, gives 15 days for transfer

Capital markets regulator Sebi on Friday cancelled the registration of Progressive Comtrade for facilitating its clients to trade in illegal 'paired contracts' on the National Spot Exchange Ltd (now defunct). "The noticee (Progressive Comtrade) by providing access for taking exposure to 'paired contracts' and did not have regulatory approval and also by undertaking such exposure itself on account of its proprietary trades, thereby raises doubts on the competence of the noticee to act as a registered securities market intermediary. "The actions of the noticee have been and could be detrimental to the interest of the securities market and accordingly the noticee can no longer be called a 'fit and proper person' for holding the certificate of registration as a broker in the securities market," Sebi's Executive Director V S Sundaresan said in the order. The regulator has asked the broker to allow its existing clients or transfer their securities or funds held in its custody within 15 ..

Sebi cancels Emkay Commotrade license for trading illegal paired contracts

Capital markets regulator Sebi on Friday cancelled the registration of Emkay Commotrade for facilitating its clients to trade in illegal 'paired contracts' on the National Spot Exchange Ltd (now defunct). "The noticee (Emkay Commotrade) by providing access for taking exposure to 'paired contracts' and did not have regulatory approval, thereby raises doubts on the competence of the noticee to act as a registered securities market intermediary. "The actions of the noticee have been and could be detrimental to the interest of the securities market and accordingly the noticee can no longer be called a 'fit and proper person' for holding the certificate of registration as a broker in the securities market," Sebi's Executive Director VS Sundaresan said in the order. The regulator has asked the broker to allow its existing clients or transfer their securities or funds held in its custody within 15 days. In case of failure of any clients to withdraw or transfer their securities or funds ..

MPID court orders EOW to probe Ramesh Abhishek's role in NSEL crisis

Further, the investigating officer has been directed by the Special Court to submit its report as early as possible, preferably within 40 days from the order date without fail

Sebi cancels Bharat Bhushan Finance and Commodity Brokers registration

Markets regulator Sebi on Friday cancelled the registration of brokerage house Bharat Bhushan Finance and Commodity Brokers Ltd for participating in illegal 'paired contracts' launched by now defunct National Spot Exchange Ltd (NSEL). In addition, the regulator has asked the broker to allow its existing clients to withdraw or transfer their securities or funds held in its custody within 15 days. In case of failure of any clients to withdraw or transfer their securities or funds within this period, the broker will transfer the funds and securities of such clients to another broker within a period of the next 15 days thereon under the advice of the said clients. The case relates to the participation of Bharat Bhushan Finance and Commodity Brokers in 'paired contracts' that did not have regulatory approval. The broker traded in the alleged paired contracts from April 2012 to May 2013 on the screen based trading platform of NSEL on behalf of and in accordance with the instructions of t

Markets regulator Sebi cancels registration of 3 brokers in NSEL case

Markets regulator Sebi on Friday cancelled the registration of three brokerage houses for facilitating its clients to trade on the platform of the now defunct National Spot Exchange Ltd (NSEL) in illegal 'paired contracts'. The brokerage houses, whose registrations were cancelled, are Paterson Commodities, Blue Crest Commodities and Fair Intermediate Products. In three separate orders, Sebi found that these entities have either participated or facilitated the trading in 'paired contracts' on the NSEL platform. By providing such a facility, they exposed their clients to the risk involved in trading in a product that did not have regulatory approval. The acts by the brokers raised doubts about their competence to act as registered securities market intermediaries, the orders noted. As per the order, Fair Intermediate Products started trading in the alleged paired contracts in 2012 after 3 years from the date on which NSEL launched these contracts in September 2009. Accordingly, the

Sebi cancels registration of 4 brokers in National Spot Exchange Ltd case

Sebi on Tuesday cancelled the registration of four brokerage houses for facilitating its clients to trade on the platform of the now defunct National Spot Exchange Ltd (NSEL) in illegal 'paired contracts'. The brokerages whose registrations were cancelled were Share India Commodity Brokers, Sharewealth Commodities, CIL Commodities and Eureka Commodity Brokerage. By providing such a facility of taking exposure to 'paired contracts', the brokers exposed their clients to the risk involved in trading in a product that did not have regulatory approval, Sebi said in four separate orders. The acts by the brokers raised doubts on their competence to act as a registered securities market intermediaries, the orders noted. Accordingly, the regulator noted that these entities do not satisfy "fit and proper person" criteria for holding the certificate of registration as brokers in the securities market and cancelled the registration of the brokerage houses. This comes a day after Sebi cancelle

Sebi fines Keshav Securities for misutilising clients' securities, funds

The estimated worth of misutilised funds by the noticee was Rs 1.75 crore

Court rules to pay NSEL small traders up to Rs 20 lakh, excludes corporates

In a big win for small traders, the Maharashtra Protection of Interest of Depositors court has directed the Competent Authority to make a graded distribution only to about 2,040 individual traders

NSEL case: Sebi cancels registration of K R Choksey Commodity Brokers

Capital markets regulator Sebi on Friday cancelled registration of K R Choksey Commodity Brokers for facilitating its clients to trade on the platform of NSEL in the illegal 'paired contracts'.

SC directs SAT to hear NSEL plea against 'not fit and proper' brokers

The National Spot Exchange Ltd (NSEL) said the Supreme Court has directed the Securities Appellate Tribunal (SAT) to allow the bourse to present its appeal in the "not fit and proper" case against brokers. The apex court, thus, rejected the opposition put up by senior advocate and former finance minister P Chidambaram on behalf of brokers, the NSEL said in a statement. The tribunal had refused to admit the plea on technical ground of delay, forcing the NSEL to move the Supreme Court, it said in the statement. Pursuant to an investigation, markets regulator Sebi had declared the brokers "not fit and proper" to function in the commodity segment, on finding the brokers (Motilal Oswal Commodities, India Infoline Commodities, Phillip Commodities, Anand Rathi Commodities and Geofin Comtrade) guilty of malpractices. The regulator's order came following the report by the EOW-Mumbai and complaint filed by the NSEL. "These brokerages were accused of offering assured returns, KYC (Know Your

I didn't flee, groundwork ready for refund to NSEL claimants: Jignesh Shah

He said the recovery group at NSEL has managed to establish full money trail of the entire amount of Rs 5,600 crore

Non-defaulting NSEL brokers join hands in defence against probe agencies

Two broker bodies ask members to deposit Rs 5 lakh each in a common pool to take the fight forward

First-ever EOW-administered repaymment to NSEL investors effected

The first every repayment, of Rs 300 million, to investors in the now-defunct National Spot Exchange (NSEL) in an arrangement by the city police's economic offences wing (EOW), has been made. The latter is one of the many probe agencies into the Rs 56-billion default in 2013 to the investors.There were 26 defaulting entities, after having borrowed from the investors, delacring they were unable to pay. Around Rs 5 bn has been repaid to the investors since the default but this is the first one via the EOW, which had attached properties of the defaulters and even promoters/directors of NSEL. According to sources, the EOW plans another Rs 1 bn of payment to the investors in the next two months. Around Rs 580 million is still with the EOW in an escrow account and it has asked the high court here for permission to distribute it. A few days earlier, the EOW had successfully auctioned five properties of Mohan India, one of the defaulters, getting Rs 400 mn. This money will be fully received ..

EOW files case against 300 brokers in NSEL case on Sebi complaint

Sources say a case has been registered against these 300 NSEL trading members under local laws, not under Indian Penal Code

NSEL controversy: Jignesh Shah contests Sebi verdict on insider trading

Jignesh Shah, founder and promoter of Financial Technologies India (FTIL), since renamed 63 Moons Technologies, has argued that the 13 individuals (including his father and brother) charged with insider trading violations in the repayment controversy concerning that entity's subsidiary are not guilty. On Wednesday, the Securities and Exchange Board of India had passed an order against former FTIL and Multi Commodity Exchange (MCX) officials, saying they had traded with Unpublished Price-Sensitive Information (UPSI). The markets regulator has directed these individuals to pay a total of Rs 124 crore and impounded their bank and demat accounts till they do so. By Sebi's order, USPI was the implication of the department of consumer affairs (DCA) notice dated April 27, 2012, to FTIL subsidiary National Spot Exchange (NSEL), which triggered a chain of events, subsequently leading to a Rs 5,600-crore payment crisis. Shah, in a second public appearance after the NSEL crisis that broke out ..

63 Moons Technologies to invest Rs 50 crore in scam-hit NSEL

The company will invest around Rs 50 crore every year for 3 years

Bombay HC hears arguments against NSEL merger order

Harish Salve alleged the forced merger order violates the Constitutional rights of FTIL investors and employees.

NSEL case: ED rejects bail of Kailash Agarwal

With Rs 719.42 crore of payment obligation, ARK Imports is the second largest defaulter in NSEL case

ED arrests Agarwal of ARK Imports in NSEL case

Agarwal's ARK Imports is one of the leading defaulters in the NSEL case with a payment default of Rs 719 crore