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Proprietary brokers who are subletting their trading terminals against rules have been under pressure of late because of inspections by the NSE, forcing a change in the arrangement with the traders, leading to friction.
Market regulator Securities and Exchange Board of India (SEBI) has cancelled the certificates of registration of MK Commodity Brokers Ltd and Pulin Comtrade Ltd for their involvement in illegal paired contracts of the now-defunct National Spot Exchange Ltd (NSEL).
The brokerages’ registrations were cancelled through two separate orders issued by the Securities and Exchange Board of India through two separate orders on September 6.