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March 30, 2022
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NFA permanently bars Chennai, India commodity pool operator and commodity trading advisor eDeal Market LLC and its principal Nithya Narasimhan from membership
March 30, Chicago—NFA has permanently barred eDeal Market LLC (eDeal), a former NFA Member commodity pool operator and commodity trading advisor located in Chennai, India, and Nithya Narasimhan, its former principal and associated person, from membership and from acting as a principal of an NFA Member.
The default Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and eDeal and Narasimhan's failure to file an Answer. The BCC found that eDeal and Narasimhan failed to cooperate fully with an NFA examination and failed to supervise the firm's operations. The BCC also found that eDeal acted in the capacity of a futures commission merchant or retail foreign exchange dealer without registration or exemption, failed to list two individuals as principals and allowed one of those individuals to act as an associated person of eDeal without registration, made prohibited representations regarding NFA, and used misleading promotional material.The complete text of the Complaint and Decision can be viewed on NFA's website.