The order pertains to settlement applications filed under the National Spot Exchange Limited (NSEL) Settlement Scheme 2025. The subsidiary had facilitated certain transactions relating to paired contracts traded on the NSEL platform, concerning which regulatory proceedings were initiated for alleged non-compliance with the applicable regulatory framework.
Nature of the Order
The Settlement Order was passed in favour of Pulin Comtrade Limited and includes the following terms:
- A settlement amount of ₹9,10,780 to be paid.
- A voluntary debarment period of 6 months from trading in a proprietary capacity.
- A voluntary debarment period of 6 months from taking up new clients in the commodity segment.
The debarment is effective from the passing of the settlement order.
Key Dates
- The settlement order was received on 11th September 2026.
- The disclosure was made by SMC Global on 12th September 2026.
Impact Assessment
As per the disclosure:
- Impact on financial, operation or other activities: NA (Not Applicable).
- Monetary impact: The settlement amount is ₹9,10,780.
Broader Scheme Context
The order is part of the NSEL Settlement Scheme 2025, introduced by SEBI following a direction from the Securities Appellate Tribunal (SAT). A total of 91 entities availed the benefit of this scheme. The scheme provided for the settlement of violations relating to securities laws in the NSEL matter without prejudice to matters being investigated by other law enforcement agencies.