Sebi cancels registration of Skung Commxperts in NSEL case

India’s regulator for capital markets, SEBI, has cancelled the registration of broker Skung Commxperts for allowing its clients to undertake illegal trading activity, involving “paired contracts”, on the now defunct National Spot Exchange (NSEL). Although clients had requested the trade, SEBI has said that this fact was not sufficient to absolve the proper duty of care expected of a brokerage. The platform allowed the buying and selling of the same commodity at different prices on the exchange platform, and this ultimately caused substantial losses.