Capital markets regulator Sebi on Friday imposed fines totalling Rs 1.55 crore on 23 entities for violating regulatory norms in the matter of trading by certain entities in mentha oil futures contracts at Multi Commodity Exchange (MCX).
The regulator slapped a fine in the range of Rs 1 lakh to Rs 10 lakh on 23 entities.
The order came after MCX had observed that certain entities are connected with North End Foods Marketing (NEFM) and on the basis of funding from NEFM they were holding more than 75 per cent of the total exchange deliverable stock of mentha oil held in the exchange.
Further, MCX submitted its observations to Sebi in June 2018 and conducted a detailed examination to find out whether certain connected entities intended to corner the market on long side in mentha oil contracts thereby violating the position limits as prescribed by the regulator.
In its order, Sebi’s Adjudicating Officer Vijayant Kumar Verma said, “I find that Noticee 3 to Noticee 21, through a premedita
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