SEBI Settles NSEL Proceedings Against 91 Commodity Brokers Under 2025 Scheme
The Securities and Exchange Board of India (SEBI) has settled its proceedings against 91 stock brokers who opted for the National Spot Exchange Limited (NSEL) Settlement Scheme, 2025. The SEBI settlement order under the NSEL Settlement Scheme, 2025, published in September 2026 and signed by Whole Time Members Sandip Pradhan and K.V.R. Murty, records that these 91 entities availed the scheme and remitted the specified settlement amounts. The order takes effect immediately.
Background to the NSEL proceedings
The order recalls that NSEL introduced "paired contracts" in September 2009, allowing members to buy and sell the same commodity simultaneously at different prices. The Forward Markets Commission (FMC) found that 55 contracts offered on the NSEL platform, and the paired contracts, violated the Forward Contracts (Regulation) Act. After the FMC merged with SEBI in 2015, SEBI initiated enquiry proceedings against 302 stock brokers for allegedly participating in, or helping clients enter into, paired contracts on NSEL.
How the scheme worked
SEBI framed the scheme under Section 15JB read with Section 19 of the SEBI Act, 1992 and Regulation 26 of the SEBI (Settlement Proceedings) Regulations, 2018. It announced the scheme through a public notice dated 9 July 2025 and issued a further public notice on 17 August 2026. Brokers could apply through an online platform from 25 August 2025 to 25 February 2026, both days inclusive.
Paragraph 13 of the order states that the proceedings for the violations described in paragraphs 3 and 4 "are settled qua the applicants mentioned in Annexure-A at Serial Nos. 1 to 91."
What Annexure A shows
Annexure A lists each applicant with its PAN, the amount it paid and any non-monetary term it accepted. A majority of the 91 accepted a six-month voluntary debarment, a few accepted one month, and the others settled on payment alone or on different non-monetary terms. Some examples from the annexure:
| Applicant | Settlement amount (Rs) | Voluntary debarment |
|---|---|---|
| Hardik Multi-Com Broking Private Limited | 6,00,000 | 6 months |
| Padmakshi Commodities Private Limited | 15,38,361 | 6 months |
| Ludhiana Commodities Trading Services Limited | 20,17,885 | 1 month |
| Emkay Commotrade Limited | 30,84,228 | 6 months |
| Ashika Commodities And Derivatives Private Limited | 17,94,927 | None |
The order does not state a total amount collected.
What the order does not close
- Other agencies: paragraph 9 says the scheme settled "only the violations relating to securities laws, without any bearing on matters being investigated by other law enforcement agencies."
- Revocation: under paragraph 12, a settlement is revoked if a broker is convicted after the order for any violation relating to the NSEL matter.
- SEBI's reserved rights: paragraph 14 lets SEBI continue proceedings under Regulations 28 and 31 if a representation turns out to be untrue, an undertaking is breached, or the payment is deficient.
Checking a particular broker
Match the broker's exact legal name and PAN in Annexure A of the settlement order PDF, note its amount and any debarment period, and check for other proceedings outside the violations settled here.
Updated on 28 September 2026: added the NSEL background, the scheme's legal basis, public notices and application window, the signatories, examples from Annexure A and the paragraph references for the carve-outs.
