NSE declares Prime Broking as defaulter

Leading bourse National Stock Exchange (NSE) on Tuesday declared Prime Broking as defaulter for its failure to fulfill settlement obligation.

The exchange said in a circular that Prime Broking Company (India) Ltd has been declared defaulter by the relevant authority "for its failure to fulfill settlement obligation with immediate effect".

Market watchdog Securities and Exchange Board of India (Sebi) and bourses including NSE, BSE and MCX-SX, in July, had banned 26 entities including Prime Broking Company, from trading in the stock market, as part of a probe into suspected market manipulations.

They had suspended the 'unique client codes' of the 26 entities from trading for a period of six months, or till the conclusion of the probe, whichever is earlier.

The decision came pursuant to an investigation carried out by Sebi and NSE into the trading activity of brokerage firm Prime Broking Company and trading in Gitanjali Gems Ltd by these entities.