The Securities Appellate Tribunal Wednesday directed IL&FS Securities Services to approach National Securities Clearing Corporation regarding its plea for annulment of certain trades that were executed for stock broker Allied Financial Services.
IL&FS Securities, a clearing member, had contended that settlement of trades were done on the basis of fraudulently transferred collateral by Allied Financial and sought annulment of certain trades.
In its 16-page order, the tribunal also said that Sebi cannot deny IL&FS Securities the opportunity to be heard as it was a party affected by the irregularities committed by Allied Financial.
