Press Note
Forward Markets Commission has passed an order suspending the following members from trading at all the Commodity Exchanges for the period indicated against each member under Sub Section (1) of 12(B) of the Forward Contracts (Regulation) Act, 1952.
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1. |
Sushilkumar Ratanlal Khowal |
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Suspension from 9th January to 14th January 2007 (one week)* |
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2. |
B.M. Agro Industries (P) Ltd. |
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Suspension from 9th January to 14th January 2007 (one week)* |
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3. |
Madhya Bharat (International) Pvt. Ltd. |
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Suspension from 9th January to 11th January 2007 (three days)* |
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4. |
Dayal Agro Products Ltd. |
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Suspension from 9th January to 11th January 2007 (three days)* |
* The Member is suspended from membership of all the recognized Commodity Exchanges in India and also prohibited from entering into any forward contract for the sale / purchase of goods.
The members have been suspended for repeatedly violating the open position limits prescribed by the Regulator. The FMC has taken these violations very seriously and has taken action to bring discipline in the fast growing commodity markets. This is for the first time in the recent history of the FMC that a member is being suspended. The suspensions have been ordered after giving the parties opportunities to explain their actions in writing and in person.
Besides the above suspensions, FMC has also issued warnings to the following members for such violations.
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1. |
Globe Comex Pvt. Ltd. |
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Warning |
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2. |
Bhagyashree Commodity & Derivatives Pvt. Ltd. |
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Warning |
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3. |
Kunvarji Commodities Brokers Pvt. Ltd. |
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Warning |
The FMC will continue to deal very strictly with any violations of the regulatory mechanisms being put in place from time to time by the Commission.
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Dated the 4th December, 2006
Forward Markets Commission
‘Everest’, 3rd Floor,
100, Marine Drive,
Mumbai-400 002