Market regulator Sebi has concluded its proceedings against 91 commodity brokers linked to the National Spot Exchange Ltd (NSEL) issue, allowing these firms to participate in a settlement scheme. According to reports from The Economic Times, the settlement scheme remained open from August 25, 2025, to February 25, 2026, with many brokers agreeing to temporary limitations on proprietary trading and onboarding new clients. The settlement amounts vary significantly among applicants, with most remitting around ₹6 lakh, while some entities paid substantially higher amounts including Emkay Commotrade at ₹30.84 lakh and Pace Commodity Brokers at ₹36.05 lakh. In its settlement order dated September 9, Sebi confirmed that a total of 91 entities availed the benefit of the scheme and remitted the specified settlement amount.
Under the settlement terms, several brokers have agreed to a six-month voluntary debarment from trading in proprietary capacity and from taking up new clients in the commodity segment, while some have accepted a one-month restriction. As reported by The Economic Times, a number of applicants have no voluntary debarment condition. The 91 brokers include notable entities such as Religare Commodities Ltd, SMC Comtrade Ltd, Jainam Commodities and Adroit Commodities Services. The settlements follow Sebi's NSEL Settlement Scheme, 2025, which was introduced for eligible entities against whom the regulator had passed orders in the NSEL matter and whose appeals were pending before the Securities Appellate Tribunal (SAT) or courts.
According to The Economic Times, Sebi's settlement order dated September 9 confirmed that a total of 91 entities availed the benefit of the scheme and remitted the specified settlement amount. The scheme followed a December 12, 2023, order of SAT directing Sebi to consider and come out with a settlement scheme, preferably within three months. Sebi subsequently introduced the NSEL Settlement Scheme 2025 under the Sebi Act and the Sebi (Settlement Proceedings) Regulations, 2018. The scheme was restricted to settling violations relating to securities laws and did not affect matters being investigated by other law enforcement agencies under their respective jurisdictions.
As reported by The Economic Times, the NSEL matter relates to the payment defaults at the now-defunct National Spot Exchange Ltd in 2013, which affected approximately 13,000 traders. The settlement scheme was introduced specifically for commodity brokers who traded on the now-defunct NSEL platform, providing a structured resolution mechanism for entities facing regulatory action related to the exchange's collapse. The scheme remained open from August 25, 2025, to February 25, 2026, allowing eligible entities to submit details and pay the applicable settlement amount through Sebi's online platform.
