sebi:QJA/GG/MIRSD/DOP/29736/2023-24
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Facts / Headnote
Certificate of registration cancelled; Noticee declared not a 'fit and proper person'
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 27
- s. 12(3)
- s. 154
Regulations
- Reg. 6
- Reg. 5(e)
- Reg. 5
- Reg. 9
- Reg. 23
- Reg. 7
- Reg. 28(1)
- Reg. 9(b)
Parties
- Ventura Commodities Private Limited
Holding
The Noticee, Ventura Commodities Private Limited, was held not to be a 'fit and proper person' and its certificate of registration as stock broker in the commodity derivative segment (INZ000030132) was cancelled under the Intermediaries Regulations, 2008.
Full text
Order in the matter of Ventura Commodities Private Limited 2 Noticee was ‘fit and proper person’ (hereinafter referred to as “FPP”) to continue to hold the certificate of registration as Trading and Clearing Member in terms of Regulation 5 (e), 9(b) and 9(f) of the SEBI (Stock Brokers) Regulations, 1992 (hereinafter referred to as the “Broker Regulations”) read with Schedule II of the Intermediaries Regulations.
Order in the matter of Ventura Commodities Private Limited 3 iv. all information or returns relating to the trade as and when asked for shall be provided to the Central Government or its designated agency; ……”
Order in the matter of Ventura Commodities Private Limited 4 provided its comments on the two main issues, which are relevant for consideration of the matter at hand, as paraphrased hereunder: a. Short Sale by members of the Exchange: NSEL did not insist upon ownership of goods before allowing its members to place the sale order. FMC was of the view that all those sale transactions which are not backed by the ownership of goods were in violation of the condition of “no short sale by the members of the Exchange shall be allowed".
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Source: SecMarx — sebi:QJA/GG/MIRSD/DOP/29736/2023-24. 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.