The Forward Markets Commission (FMC), a regulator of commodity futures trading, has banned Rank Commodities from trading for two years, Economic Times reports. The move comes as the broker was accused of financial irregularities and suspected Foreign Exchange Management Act violations.

Some of the allegations put on the broker and its two directors Sunil Mirpuri and Hemal Thakkar include accepting margin money in cash from clients and using the same for business activities. Rank Commodities is a broker registered with the Multi Commodity Exchange and the National Multi Commodity Exchange.

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