Sebi bars Motilal Oswal, India Infoline commodity arms 

Various Courts and Authorities in the country have made serious adverse observations against NSEL and Paired Contracts.

Published: 24th February 2019 10:42 AM  |   Last Updated: 24th February 2019 10:42 AM   |  A+A-


SEBI building (Photo | Reuters)

By Express News Service

MUMBAI: Securities and Exchange Board of India (SEBI) in its role as an integrated market regulator investigating the National Spot Exchange case had passed orders on Motilal Oswal and Indian Infoline commodity derivative arms as not being “fit and proper” to act as brokers in the segment.

In the Motilal Oswal order, SEBI observed, “... the conduct of the Noticee in its functioning as a commodity broker is questionable and has certainly eroded its general reputation, record of fairness, honesty and integrity and has therefore affected its status as a ‘fit and proper person’.”

“Various Courts and Authorities in the country have made serious adverse observations against NSEL and Paired Contracts, observing the transactions to be violative of the FCRA and to be in the nature of financing transactions that were violative of MPID Act,” SEBI said in the India Infoline order.

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