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NSEL scam: Sebi bans 5 commodity brokers for up to 6 months
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.