NSE declares Prime Broking as a defaulter

Mumbai: National Stock Exchange of India Ltd (NSE) on Tuesday declared Prime Broking Co. (India) Ltd a defaulter for its failure to fulfil a settlement obligation. NSE did not disclose any details on the obligation.

NSE had in a circular on 19 July said that following a decision by the Securities and Exchange Board of India (Sebi) and NSE, which were investigating Prime Broking’s trading activity, the company would be barred from trading for six months or till the conclusion of the investigation.

The National Stock Exchange had said earlier that it was investigating Prime Broking and related entities in relation to transactions in the shares of Gitanjali Gems. It also halted payouts of the trades being probed.

N. Jayakumar, director of Prime Broking said that he is not willing to comment as the matter is subjudice.