Big decision of SEBI – Registration certificate of this big brokerage house suspended

SEBI has suspended the commodity derivatives broker registration certificate of Religare Commodities Limited, a subsidiary of Religare Enterprises. The company has informed this to the stock markets today. According to the information given by the company, SEBI has taken this step in the matter related to Paired Contracts on National Spot Exchange Limited. According to the order, this suspension is for 3 months with some conditions.

What information has the company given?

According to the company, Religare Commodities Limited is a step down subsidiary of Religare Enterprises Limited through Religare Broking Limited. According to the company, this order has been published on SEBI website on December 12 and will remain in force for the next 3 months. This order is related to the show cause notice issued in connection with the investigation into allegations of violation of rules while dealing in Paired Contracts on National Spot Exchange Limited.

According to the company, SEBI has issued more than 300 show cause notices to stock brokers in this matter, out of which action has been taken against more than 140 brokers. According to the company, Religare Commodities is not doing any business at present. In such a situation, the suspension will not have any impact on the functioning of Religare Enterprises.