The National Commodities and Derivatives Exchange (NCDEX) has banned four members from taking fresh position following investigation of members’ role in manipulation in castorseed contracts.
The trading terminals of members – Mid India Commodities, Investsmart Commodities, Neer–Ocean Multitrade and Leo Global Commodities – have been put on ‘square-off mode’ until further notice, said the exchange in a statement on Monday.
NCDEX has suspended trading in all castorseed contracts last week and decided to settle them on the closing price of January 27, the day when the contract was abruptly suspended.
The exchange initiated investigation through external audit firm into the role of members and their clients in bring down castorseed prices consistently. Any member found guilty of violations of regulations of the exchange shall be strictly dealt with in accordance with the provisions, said NCDEX in statement.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.