During the process of regular scrutiny, the exchange estimated unusual exposures arising out of fake/forged/ stolen shares in respect of the member and consequently, Shah's trading facility was withdrawn.

Subsequently, there was a steady inflow of company objections leading to increasing outstanding dues. During his various meetings with the exchange authorities, the member had committed definite schedules of payment which he did not adhere to.

The matter was therefore placed before the relevant authority who afforded a bearing to the member and directed a schedule of payment, this was also not adhered to by the member, an NSE releasesaid.

It may be noted that there is no loss arising to the clearing corporation/ exchange due to the outstanding dues of the member, the release added.

Meanwhile, the NSE imposed additional volatility margins on 36 scrips, applicable on outstanding positions of Monday. A margin of 30 per cent on the buy side has been imposed on three scrips, 20 per cent (buy side) on two scrips and five per cent on 19 scrips. A margin of 20 per cent on the sell side has been imposed on one scrip and five per cent on 11 scrips.

The market was upbeat on Monday, with pivotals witnessing brisk trading. The S&P CNX Nifty Index opened at 866.90 points and touched a high of 889.45 points and a low of 866.90 points before closing at 887.10 points, gaining 20.60 points over the previous close.

The CNX Nifty Junior Index ended at 1,485.05 points, up 16.90 points from its previous close of 1,468.15 points. The S&P CNX Defty Index ended at 722.35 points, rising by 16.95 points. The S&P CNX 500 closed at 603.06 points, up 12.39points.

The CNX Mid-cap 200 ended at 521.53 points, showing an increase of 7.66 points from the previous close. The total turnover on the exchange stood at Rs 1,357.11 crore from 613.04 lakh shares. Forty-four securities hit circuit filters on Monday.