sebi: NSEL scam: Sebi bans 5 commodity brokers for up to 6 months
These brokerages are
Commodities Broker, India Infoline Commodities, Anand Rathi Commodities, Phillip Commodities India and Geofin Comtrade.
In 2019, Sebi had rejected the registration application submitted by these brokers on the grounds that they had failed to satisfy the ‘fit and proper person’ criteria.
Following the Sebi order, these brokers moved the Securities Appellate Tribunal (SAT), which set aside the Sebi order and remanded the matter back to Sebi for fresh consideration.
“The DA (designated authority) in his report dated October 3, 2022, has recommended that the application submitted by the noticee (Motilal Oswal Commodities Broker) be rejected and that the noticee’s application for registration as a commodity broker not be considered for another two years from the date of conclusion of the present proceedings before Sebi or until disposal of an FIR filed with EOW, whichever is earlier,” Sebi whole time member Ashwani Bhatia said in his order.
