SEBI has passed its first order for violation in the derivative segment. It has passed "cease & desist" orders against 10 entities and 15 brokers for F&O violations.

The SEBI order states that the brokers indulged in non-genuine trade transactions and created false transactions to book their profit and loss.

The brokers include Indiabulls Securities, SMC Global and Khandwala Integrated Financial Services.

A Sebi official said the decision not to go ahead with the proposal was taken in the larger interest of the investing community and was also finding it difficult to find a right candidate for the job.