Sebi banned two brokers Ficus Securities and Ficus Commodities alongside seven individuals for asserted misuse of customer funds.
Ficus Securities Pvt Ltd (FSPL) is a stock broker, while Ficus Commodities Pvt Ltd (FCPL) is a commodity derivates broker.
In August a year ago, the National Stock Exchange had sent the investigation report of FSPL to the market regulators, which had a few adverse observations, including improper for utilization of customers funds and securities.
Inferring the conduct of FSPL, FCPL and their directors isn't in light of a legitimate concern for investors in the Securities Market, Sebi has banished the nine entities till further directions.
Other than FSPL and FCPL, seven individuals - Vinod Kumar Bansal, Surender Singh, Neena Bansal, Prashant Kumar Nayak, Poonam Rajbhar, Tripta Kapoor and Shabnam John - have been restrained from the securities market.
They have additionally been precluded from purchasing, offering or otherwise dealing in securities, directly or iindirectly, or being related with the securities market in any way at all, till further directions, Securities and Exchange Board of India (SEBI) said in a request.
According to the request, FCPL has made an application to MCX and NCDEX for surrender of its certificate as a commodities broker.
As indicated by the regulator, essential actions must be made against them instantly, else it might prompt loss of 'investors' trust in the securities market.
