Sebi confirms bar on 17 entities from trading in castor seed contracts on NCDEX

MUMBAI: The Securities and Exchange Board of India has confirmed its directions issued in the ad interim ex parte orders against 17 entities in the matter of trading in Castor Seed Contracts at National Commodity & Derivatives Exchange Limited ( NCDEX).

Sebi had barred these entities from accessing the securities market either directly or indirectly as its investigations revealed that highly concentrated positions in castor seed contracts were taken by four commodity trading members for 12 clients who defaulted in payment of margins and sought squaring off of positions.

The regulator found that these commodities trading members and their defaulting clients had disturbed market equilibrium and sought to manipulate the market thereby violating Sebi norms and indulging in unfair trade practices related to securities market.

Sebi had barred Ruchi Soya Industries, the country's largest soya oil producer and National Steel and Agro Industries among others.