Sebi declares Phillip Commodities India 'not fit and proper' in NSEL case

Sebi has ordered clients of Phillip Commodities to withdraw their funds or securities within 45 days

Cracking its whip on brokers, markets regulator the Securities and Exchange Board of India (Sebi) on Wednesday declared Phillip Commodities India (formerly MF Global SIFY Securities India Ltd) “not fit and proper” in the Rs 5,600 crore National Spot Exchange (NSEL) payment default case.

Phillip Commodities India is the fifth broker that Sebi has declared “not fit and proper”.

On Monday, Sebi had taken a similar action on commodity firms Anand Rathi Commodities and Geofin Comtrade (formerly Geojit Comtrade), after declaring commodity arms of Motilal Oswal and India Infoline as "not fit and proper" last week.

Sebi found them guilty