In its first major crackdown on irregularities in commodities derivatives market, regulator Sebi today barred 16 brokers and traders from the securities market for manipulation in castorseeds trading at NCDEX.
The barred entities include some well-known names in the commodities market and include Mid India Commodities, Neer-Ocean Multitrade, Investmart Commodities, Leo Global Commodities, Stride Multitrade, Vijay Saraf, Sisne Polymers and Ruchi Global Limited.
Others having been barred by Sebi, which began regulating commodities market in September last year following merger of erstwhile regulator FMC with it, are Bharat Foods Cooperative, Tanisha Multi Trading, Anju Jain, Piyali Trading, Vartika Mercantile, Secunderabad Oils, UKS Oils and Narsinpuria Korodimal.
These entities had either traded or facilitated trade of castorseed contract on leading commodity bourse NCDEX (National Commodity and Derivatives Exchange).
NCDEX had suspended trading in Castor Seed Contracts on January 27, 2016, pursuant to which Sebi also launched its probe in respect of trading in these contracts at NCDEX for the period beginning January 1.
Source: Outlook India
