sebi:ORDER/NH/KL/2023-24/27426
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Facts / Headnote
Disposed of without going into merits
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 248
- s. 560
Regulations
- Reg. 3
- Reg. 3(a)
- Reg. 26
Parties
- Amanat Mercantile Private Limited
Holding
The adjudication proceedings against M/s. Amanat Mercantile Private Limited and the Show Cause Notice dated August 02, 2022 were disposed of without going into the merits because the Noticee stood struck-off and dissolved as on July 12, 2021.
Full text
Adjudication Order in respect of Amanat Mercantile Private Limited Page 2 of 5 trades in stock options segment of BSE during the IP. Such trades were observed to be non-genuine in nature and created false or misleading appearance of trading in terms of artificial volumes in stock options and therefore were alleged to be manipulative, deceptive in nature. In view of the same, it is alleged that the Noticee violated the provisions of Regulations 3 (a), (b), (c), (d), 4(1) and 4 (2) (a) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’). Therefore, SEBI initiated adjudication proceedings against the Noticee.
Adjudication Order in respect of Amanat Mercantile Private Limited Page 3 of 5 Exchange Board of India (Settlement Proceedings) Regulations, 2018 in the instant matter of Illiquid Stock Options. Further, in case, the Noticee did not wish to avail the facility under the SEBI Settlement Scheme, 2022, the Noticee was advised to file a reply to the SCN within 30 days of the receipt of the SCN.
Adjudication Order in respect of Amanat Mercantile Private Limited Page 4 of 5 Effect of company notified as dissolved 250.Where a company stands dissolved undersection 248, it shall on and from the date mentioned in the notice under sub-section (5) of that section cease to operate as a company and the Certificate of Incorporation issued to it shall be deemed to have been cancelled from such date except for the purpose of realising the amount due to the company and for the payment or discharge of the liabilities or obligations of the company
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Source: SecMarx — sebi:ORDER/NH/KL/2023-24/27426. 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.