sebi:QJA/GG/MIRSD/DOP/29530/2023-24
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Facts / Headnote
Order in respect of MCI Commodities in the matter of National Spot Exchange Ltd. — SCN issued; Noticee's reply considered; recommendation that registration not be granted / business as commodity derivatives broker be stopped
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 12
- s. 27
- s. 12(3)
- s. 154
- s. 29A
- s. 131B
Regulations
- Reg. 7
- Reg. 6
- Reg. 3
- Reg. 5
- Reg. 27
- Reg. 23
- Reg. 28
- Reg. 24
- Reg. 5(e)
- Reg. 22
- Reg. 27o
- Reg. 7(3)
Parties
- MCI Commodities
Holding
The Noticee (MCI Commodities) is not a 'fit and proper person' for grant or holding of a certificate of registration as a broker, as its facilitation of paired contracts on the NSEL platform could be detrimental to the interest of the securities market, contrary to Regulation 5(e) of the Stock Brokers Regulations read with Schedule II of the Intermediaries Regulations.
Full text
___________________________________________________________________________ Order in respect of MCI Commodities in the matter of National Spot Exchange Ltd. Page 2 of 28
___________________________________________________________________________ Order in respect of MCI Commodities in the matter of National Spot Exchange Ltd. Page 3 of 28
___________________________________________________________________________ Order in respect of MCI Commodities in the matter of National Spot Exchange Ltd. Page 4 of 28
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Source: SecMarx — sebi:QJA/GG/MIRSD/DOP/29530/2023-24. 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.