Jaypee Commodities surrenders NCDEX membership
Jaypee Commodities, an entity rumoured to be controlled by Gaurav Arora, the promoter of Jaypee Capital which is the largest shareholder of commodity exchange NCDEX, surrendered its membership of the bourse on Thursday.
By ET Bureau | Updated:
Jaypee Commodities, an entity rumoured to be controlled by Gaurav Arora, the promoter of Jaypee Capital which is the largest shareholder of commodity exchange NCDEX, surrendered its membership of the bourse on Thursday.
Arora sold Jaypee Commodities to Rocket Commodities in December to meet a regulatory norm that prevents a shareholder of a commodity exchange from trading on it. However, some entities perceived to be fronts for a rival bourse allegedly complained to commodity futures market regulator FMC that Jaypee Commodities was linked to Arora and was driving crude oil volumes on NCDEX.
However, sources say Jaypee Commodities voluntarily surrendered its membership of NCDEX as its owners were not comfortable trading commodities and wanted to shut shop. Few in Dalal Street know that Jaypee Capital runs the biggest trading book in currency futures and is an active player in stock futures and options.
(Contributed by Vijay Gurav & Ram Sahgal)
Arora sold Jaypee Commodities to Rocket Commodities in December to meet a regulatory norm that prevents a shareholder of a commodity exchange from trading on it. However, some entities perceived to be fronts for a rival bourse allegedly complained to commodity futures market regulator FMC that Jaypee Commodities was linked to Arora and was driving crude oil volumes on NCDEX.
However, sources say Jaypee Commodities voluntarily surrendered its membership of NCDEX as its owners were not comfortable trading commodities and wanted to shut shop. Few in Dalal Street know that Jaypee Capital runs the biggest trading book in currency futures and is an active player in stock futures and options.
(Contributed by Vijay Gurav & Ram Sahgal)
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