Capital markets regulator Sebi on Wednesday cancelled the registration of two brokerage firms — Pinnacle Brocom and Padmakshi Commodities — for facilitating its clients to trade in illegal paired contracts on the now defunct National Spot Exchange Ltd.
The trading activities of the brokers in paired contracts for its clients on NSEL platform have serious ingredients jeopardising the reputation, belief in competence, fairness, honesty, integrity and character in the securities market, Sebi’s Executive Director V S Sundaresan said in two separate orders.
The regulator has asked the brokers to allow its existing clients to transfer their securities or funds held in its custody within 15 days.
In case of failure of any clients to withdraw or transfer their securities or funds within this period, the brokers will transfer the funds and securities of such clients to another broker within a period of the next 15 days there from under advice to the clients.
In September 2009, NSEL …
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