sebi:CGM/AA/QJC-1/HO/MIRSD/21469/2022-23
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Cancellation of certificate of registration of Grovalue Commodity Private Limited [Registration No. INZ000031334] as a commodity derivatives broker with immediate effect
Provisions invoked
- s. 19
- s. 12
- s. 23D
- s. 12(3)
Regulations
- Reg. 6
- Reg. 27
- Reg. 17
- Reg. 24
- Reg. 23
- Reg. 25
- Reg. 26(1)
- Reg. 27(5)
Parties
- Grovalue Commodity Private Limited
Holding
The enquiry proceedings initiated vide SCN dated June 09, 2022 against Grovalue Commodity Private Limited is a fit case for cancellation, and the certificate of registration [INZ000031334] as a commodity derivatives broker is hereby cancelled with immediate effect.
Full text
Enquiry Order in respect of Grovalue Commodity Private Limited Page 2 of 25 2.5. Financial statement analysis and Net worth verification 2.6. Analysis of Enhanced Supervision data 2.7. PMLA/ AML provisions 2.8. Control system over sub-broker/AP
Enquiry Order in respect of Grovalue Commodity Private Limited Page 3 of 25 SHOW CAUSE NOTICE, REPLY OF THE NOTICEE 6. Thereafter, a Post Enquiry Show Cause Notice with reference number EFD1/MIRSD/ENQ/DRA3/24018/1/2022 dated June 09, 2022 (hereinafter referred to as “SCN”) enclosing therewith the Enquiry Report was sent to the Noticee advising it to show cause as to why the action as recommended by the DA or any other action including passing appropriate directions as deemed fit by the Designated member, should not be imposed on it.
Enquiry Order in respect of Grovalue Commodity Private Limited Page 4 of 25 Table 1 2017-18 – Revenue earned through brokerage in commodity trades 2017-18 Value of spot transactions of purchase and sale of commodities 2017-18 Total Revenues for the year 2016-17 Revenue earned through brokerage in commodity trades 2016-17 Value of spot transactions of purchase and sale of commodities 2016-17 Total Revenues for the year Purchase - 1,437,793,127 - - 1,585,417,345 - Sale - 1,271,017,375 - - 1,800,736,457 - Revenues earned 7,030,772 1,271,017,375 1,279,629,482 5,037,383 1,800,736,457 1,818,614,558
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:CGM/AA/QJC-1/HO/MIRSD/21469/2022-23. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.