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Indian regulator bars two companies from securities markets
May 24, 2016 / 3:31 PM / 2 years ago

Indian regulator bars two companies from securities markets

MUMBAI, May 24 (Reuters) - India’s market regulator on Tuesday barred the country’s largest edible oil importer, Ruchi Soya Industries, from dealing in the securities markets until a further investigation into potential insider trading violations in castor seed contracts earlier this year.

In its interim order, Securities Exchange and Board of India also barred National Steel and Agro Industries from dealing in securities until “further directions.” The regulator said it was looking into the possible involvement of the two companies in unusual movements in castor seed contracts in January.

India’s National Commodities and Derivatives Exchange (NCDEX) in January suspended all running castor seed contracts “to maintain market equilibrium” after it found abnormal trading in the last few months.

Both companies were not immediately reachable for comment.

For the full release: (bit.ly/1VgMtls) (Reporting by Suvashree Dey Choudhury. Editing by Jane Merriman)

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