Commodity arm of Anand Rathi, Geofin Comtrade 'not fit and proper': Sebi

Last week, Sebi had also declared commodity arms of Motilal Oswal Financial Services and Indian Infoline 'not fit and proper'

Markets regulator Securities and Exchange Board of India (Sebi) on Tuesday declared the defunct commodity subsidiaries of broking firms Anand Rathi (ARCL) and Geofin Comtrade (formerly Geojit Comtrade) (GCL) “not fit and proper” in relation to the Rs 5,600-crore National Spot Exchange Ltd (NSEL) scam. Earlier, the regulator had last week taken a similar action against the commodity arm of leading equity brokers Motilal Oswal Financial Services and India Infoline.

In two separate orders, Sebi found the commodity arms of ARCL and Geofin guilty of gross violation of provisions of the erstwhile Forward Contract and Regulation Act 1972 (FCRA). After the