NSEL restricts 10 more defaulters from trading
30 Aug 2013 11:22 PM GMT
As the payment crisis at National Spot Exchange (NSEL) continues, 10 more defaulters have been barred from trading on the stock exchange platforms.
The decision has been taken by National Stock Exchange, BSE and MCX-SX in consultation with market regulator Securities and Exchange Board of India (Sebi). The payment crisis involving an amount of over Rs 5,600 crore emerged at the spot commodity exchange late last month after it had to suspend trading following a government directive.
As the crisis continues to deepen, NSEL on Wednesday named 10 more defaulters, on top of nine entities who have been previously found to have defaulted on their dues. While nine defaulters were barred from trading by stock exchanges late last week, the bourses on Thursday asked their trading members not to register 10 more defaulters as their clients till further notice.
Individually, NSE, BSE and MCX-SX also disabled Unique Client Codes (UCC) of those defaulter entities who are registered as clients of their respective exchange's members. All entities need UCC to trade on a stock exchange platform.
These 10 entities include LOIL Continental Food, LOIL Health Foods, Mohan India, Namdhari Food International, Namdhari Rice & General Mills White Water Foods, Shree Radhey Trading Co, P D Agroprocessors, Swastik Overseas Corp and Juggernaut Projects.
The decision has been taken by National Stock Exchange, BSE and MCX-SX in consultation with market regulator Securities and Exchange Board of India (Sebi). The payment crisis involving an amount of over Rs 5,600 crore emerged at the spot commodity exchange late last month after it had to suspend trading following a government directive.
As the crisis continues to deepen, NSEL on Wednesday named 10 more defaulters, on top of nine entities who have been previously found to have defaulted on their dues. While nine defaulters were barred from trading by stock exchanges late last week, the bourses on Thursday asked their trading members not to register 10 more defaulters as their clients till further notice.
Individually, NSE, BSE and MCX-SX also disabled Unique Client Codes (UCC) of those defaulter entities who are registered as clients of their respective exchange's members. All entities need UCC to trade on a stock exchange platform.
These 10 entities include LOIL Continental Food, LOIL Health Foods, Mohan India, Namdhari Food International, Namdhari Rice & General Mills White Water Foods, Shree Radhey Trading Co, P D Agroprocessors, Swastik Overseas Corp and Juggernaut Projects.
Next Story
