In a big development, commodity brokers have got a relief from the Securities Appellate Tribunal (SAT) in NSEL matter. The appellate tribunal has directed Securities and Exchange Board of India (SEBI) to again hear the ‘fit and proper’ case where these commodity brokers were found not ‘fit and proper’ by the market regulator. Zee Business Brijesh Kumar’s report.
The case is related to irregularities where certain commodity brokers were found not ‘fit and proper’ and had filed an appeal before the appellate tribunal.
SAT announced its verdict on the issue today. The case goes back to February 2019 where top brokers including Motilal Oswal Commodities, Anand Rathi Commodities IIFL Commodities, Phillip Commodities, Geofin Comtrade.
In the NSEL case, SEBI held these companies not ‘fit and proper’ after finding their working questionable. It had ruled that their commodity licences will not be renewed.
The commodity brokers had challenged this order of SEBI before the SAT.
The order was still not uploaded at the time of breaking of the story.
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NSEL केस में ‘फिट एंड प्रॉपर’ मामले पर कमोडिटी ब्रोकर्स की अर्जी मंजूर। SAT ने नए सिरे से मामले की सुनवाई का दिया आदेश। किन किन कमोडिटी ब्रोकर्स को मिली फौरी राहत…बता रहे हैं ब्रजेश कुमार।#NSEL @BrajeshKMZee @MrituenjayZee pic.twitter.com/mmCaiPpmD9
— Zee Business (@ZeeBusiness) June 9, 2022
This order of SEBI was challenged by the commodity brokers in SAT and today the appellate tribunal has given this decision on the same. Community brokers have got some relief. SAT has said that the whole-time members of SEBI must hear the matter again. They look at it afresh and then pass their order.
Kumar said that, while SAT’s order for a fresh hearing is a relief, it is a temporary relief as the matter will be heard afresh.