sebi:Order/VV/AS/2022-23/25197-25211
Facts / Headnote
Noticees found liable for violation of Section 12A(a),(b),(c) of SEBI Act and Regulation 3(a),(b),(c),(d) and Regulation 4(1),(2)(a) of PFUTP Regulations; penalties imposed under Sections 15HA and 15HB of SEBI Act
Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 12
- s. 15H
- s. 15I
- s. 15J
- s. 15F
- s. 28A
- s. 31
Regulations relied on
- SEBI (PFUTP) Regulations, 2003
- SEBI (PFUTP) Regulations, 2003 — 3
- SEBI (PFUTP) Regulations, 2003 — 4
- SEBI (Stock Brokers) Regulations, 1992 — 7
- SEBI (Stock Brokers) Regulations, 1992 — 9
Holding
The Adjudicating Officer held that Noticees 3 to 21 violated Section 12A(a),(b),(c) of the SEBI Act and Regulations 3 and 4 of the PFUTP Regulations by acting as connected/group entities that cornered the market on the long side in Mentha Oil futures through funding from NEFM and proxy entities, thereby breaching position limits. Noticees 22 to 25 (RCS and its directors) were held liable under Section 15HA for violations of the Code of Conduct for Stock Brokers, with penalties of Rs. 5,00,000 each under Section 15HB and Rs. 10,00,000 each under Section 15HA.
Full text
Adjudication Order with respect to 23 entities in the matter of Page 2 of 74 Trading by certain entities in Mentha Oil futures contracts at Multi Commodity Exchange of India Limited
Adjudication Order with respect to 23 entities in the matter of Page 3 of 74 Trading by certain entities in Mentha Oil futures contracts at Multi Commodity Exchange of India Limited
Adjudication Order with respect to 23 entities in the matter of Page 4 of 74 Trading by certain entities in Mentha Oil futures contracts at Multi Commodity Exchange of India Limited
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