sebi:Order/MC/VS/2020-21/7530
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Facts / Headnote
Violation of Section 23D established for 27 post-July 2017 instances; penalty of Rs. 10,00,000 imposed; 21 pre-applicability instances excluded
Provisions invoked
- s. 12
- s. 23
- s. 23J
- s. 23D
- s. 23I
Parties
- Arihant Futures & Commodities Private Limited
Holding
The Noticee violated SEBI Circular No. SMD/SED/CIR/93/23321 dated November 18, 1993 attracting Section 23D of the SCRA by using credit balance client funds for debit balance clients in 27 instances between July 2017 and February 2018, and was imposed a penalty of Rs. 10,00,000. The 21 instances prior to applicability of the 1993 Circular to commodity derivatives brokers were held not to constitute violation of that Circular.
Full text
Adjudication Order in respect of Arihant Futures & Commodities Private Limited in the matter of Arihant Futures & Commodities Private Limited
Adjudication Order in respect of Arihant Futures & Commodities Private Limited in the matter of Arihant Futures & Commodities Private Limited
Adjudication Order in respect of Arihant Futures & Commodities Private Limited in the matter of Arihant Futures & Commodities Private Limited
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Source: SecMarx — sebi:Order/MC/VS/2020-21/7530. 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.