Updates

EW/Sec/2026-27/275 September 15, 2026 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange Plaza, Dalal Street, Fort, Bandra Kurla Complex, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Scrip Code: - 532922 Symbol: – EDELWEISS Dear Sir/Madam, Sub: - Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 In accordance with the provisions of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this disclosure is regarding Comtrade Commodities Services Limited (Comtrade), a wholly owned subsidiary of the Company. The Securities and Exchange Board of India, has accepted the settlement application filed by Comtrade under the National Spot Exchange Limited Settlement Scheme 2025 and has passed an order in favour of Comtrade, as provided in the enclosure. Comtrade has not carried on any business activities since 2019, therefore, the order will not have any impact on the financials, operations or other activities of Comtrade, the Company and other subsidiaries. Kindly take the same on record. Your faithfully, Edelweiss Financial Services Limited Tarun Khurana Company Secretary Edelweiss Financial Services Limited Corporate Identity Number: L99999MH1995PLC094641 Registered Office: Edelweiss House, off. C.S.T. Road, Kalina, Mumbai - 400 098 Tel No.: +91 022 4079 5199 Email ID: cs@edelweissfin.com Website: www.edelweissfin.com PSD/SD/SettScheme/3/2025-26 SECURITIES AND EXCHANGE BOARD OF INDIA SETTLEMENT ORDER IN RESPECT OF SETTLEMENT APPLICATIONS FILED UNDER THE NATIONAL SPOT EXCHANGE LIMITED (NSEL) SETTLEMENT SCHEME 2025 1. The Forward Markets Commission (hereinafter referred to as “FMC”) administered the Forward Contracts (Regulation) Act, 1952 (hereinafter referred to as "FCRA"). In exercise of powers conferred under Section 27 of the FCRA, the Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution, Government of India, vide notification no. SO 906(E) dated June 05, 2007 (hereinafter referred to as “Exemption Notification”) granted an exemption from the provisions of the FCRA to all forward contracts of one-day duration for sale and purchase of commodities traded on the NSEL. The said exemption was subject to certain conditions, including that “no short sale by the members of the exchange shall be allowed”, “all outstanding positions of the trades at the end of the day shall result in delivery” and all information or returns relating to trading as and when asked for should be provided by NSEL to the Central Government or its designated agency. 2. In September 2009, NSEL introduced the concept of paired contracts which allowed simultaneous buying and selling in the same commodity through two different contracts at two different prices on the exchange platform. The investors could buy a short duration contract and sell a long duration contract, and vice versa, at the same time and at a pre-determined price. The trades for the buy contract (T+2 /T+3) and the sell contract (T+25/T+36) used to take place on NSEL on the same day, at the same time, and at different prices, involving the same counterparties. The transactions were structured in a manner such that the buyer of the short duration contract always ended up making profits. Page 1 of 16 3. On February 06, 2012, FMC was appointed by the Department of Consumer Affairs, Government of India as the ‘designated agency’, in accordance with the conditions prescribed under the Exemption Notification, authorizing it to collect trading data from NSEL and to examine the same for taking appropriate measures, if needed, to protect investors’ interest. Accordingly, FMC called for trading data from different spot exchanges, including NSEL, in the prescribed reporting formats. After analyzing the trading data received from NSEL, FMC passed an Order bearing no. 4/5/2013-MKT-1/B dated December 17, 2013, wherein it was, inter alia, observed that fifty-five (55) contracts offered for trading on the NSEL platform were in violation of the relevant provisions of the FCRA and that the condition prohibiting short sales by members of the exchange was not being complied with by NSEL and its members. FMC further observed that the ‘paired contracts’ offered for trading on the NSEL platform were in violation of the relevant provisions of the FCRA and the conditions specified in the Exemption Notification, while granting exemptions to contracts traded on NSEL from the purview of the FCRA. 4. Subsequently, in 2015, FMC was merged with the Securities and Exchange Board of India (hereinafter referred to as “SEBI”). Consequent upon the merger and the role assigned to it, SEBI examined the role of members who traded on the NSEL platform. Based on the same, enquiry proceedings were initiated against 302 stock brokers (members) for allegedly participating in and/or facilitating its client in entering into paired contracts on NSEL’s platform. 5. Out of 302 enquiry proceedings initiated, the Designated Authority (hereinafter referred to as “DA”) recommended no action in respect of 129 entities and 12 proceedings were disposed of by the Designated Members (hereinafter referred to as “DM”) without any directions. Therefore, total number of brokers against whom orders were passed with directions was 161. Page 2 of 16 Total no. of Total no. of Total no. of Total no. of brokers brokers where brokers where brokers where against whom DAs did not DM passed the DM passed the SEBI initiated recommend orders without orders with enquiry any action any directions directions proceedings in NSEL matter 302 129 12 161 6. In respect of orders passed in the matter, various appeals were filed before the Hon’ble Securities Appellate Tribunal (hereinafter referred to as “SAT”). SAT vide its order dated December 12, 2023, inter alia, directed SEBI to consider and come out with a settlement scheme preferably within three months from date of order. 7. In this regard, SEBI decided to introduce a Settlement Scheme referred to as the ‘NSEL Settlement Scheme, 2025’ (hereinafter referred to as the “Scheme”) in terms of Section 15JB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) read with regulation 26 of the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as “Settlement Regulations, 2018”). Regulation 26 of the Settlement Regulations, 2018 reads as under: “Settlement Schemes. 26. Notwithstanding anything contained in these regulations, the Board may specify a settlement scheme for any class of persons involved in respect of any similar specified defaults. Explanation. - A settlement order issued under a Settlement scheme shall be deemed to be a settlement order under these regulations.” 8. Accordingly, SEBI framed the Scheme in accordance with the provisions of the Settlement Regulations, 2018 and issued Public Notices dated July 09, 2025 and August 17, 2026 with respect to the Scheme and the modalities for Page 3 of 16 availing the benefit of the Scheme. The Public Notices were also made available on the website of SEBI. 9. The Scheme provided an opportunity to all the brokers against whom SEBI had passed orders in the NSEL matter, and whose appeals against such orders were pending before the SAT/ Courts. The Scheme was for settling only the violations relating to securities laws, without any bearing on matters being investigated by other law enforcement agencies falling under their respective jurisdictions. 10. In terms of the above Scheme, an entity desirous of availing the benefit of the Scheme could do so by filling up the requisite details and by paying the applicable amount as required under the Scheme through the online platform made available on the website of SEBI. The Scheme remained open for a period of six months, from August 25, 2025 to February 25, 2026 (bo [Showing first 8,000 characters — download PDF for full document]