sebi:QJA/MK/MIRSD/DOP/24156/2022-23
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Facts / Headnote
Proceedings disposed of without issuing any directions against the Noticee
Provisions invoked
- s. 19
- s. 27
- s. 12(3)
- s. 154
Regulations
- Reg. 27
- Reg. 28(1)
- Reg. 5(e)
- Reg. 9(b)
Parties
- Camco Commodities Pvt. Ltd.
Holding
The proceedings against Camco Commodities Pvt. Ltd. were disposed of without issuing any directions, as an order cancelling its certificate of registration would be infructuous since it had surrendered registration before issuance of SCN.
Full text
Order in the matter of Camco Commodities Pvt. Ltd. Page 2 of 13 3. The Noticee was a member of NSEL and after the merger of FMC with SEBI, it applied for registration with SEBI. SEBI granted certificate of registration on April 26, 2016 to the Noticee with registration number INZ000022739, as a commodity derivatives broker subject to the provisions of Securities and Exchange Board of India (Intermediaries) Regulations, 2008 (‘Intermediaries Regulations’).
Order in the matter of Camco Commodities Pvt. Ltd. Page 3 of 13 also issued to the Noticee inter alia highlighting the observations made the Hon’ble Supreme Court and Hon’ble Bombay High Court in respect of paired contracts offered on the NSEL platform. The Noticee filed a reply vide letter dated September 25, 2021 and appeared for a personal hearing on September 27, 2021. Subsequent to the hearing, the Noticee filed additional
Order in the matter of Camco Commodities Pvt. Ltd. Page 4 of 13 a) Observations of the Bombay High Court in the matter of 63 Moons vs. Union of India cannot be relied upon as the said judgement has been set aside in appeal by Hon’ble Supreme Court vide judgment dated April 30, 2019. b) Observation from the Order dismissing the Writ Petition filed by NSEL against the invocation of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (“MPID Act”) (NSEL vs. State of Maharashtra) cannot be relied upon, as in a subsequent Writ Petition moved by 63 Moons, a Division Bench of the Hon’ble Bombay High Court has allowed the prayer and held that NSEL is not a financial establishment and therefore the provisions of the MPID Act are not applicable. The Division Bench also observed that the prima facie observations made by the single bench while dismissing the NSEL petition could not be relied upon as they were preliminary observations and such observation does not foreclose the issue about the applicability of the provisions of the MPID Act. The Hon’ble Tribunal, was of the opinion that prima facie observations cannot be utilized to judge the reputation, character or integrity of NSEL. c) Observations in the bail rejection order dated August 22, 2014, passed by the Hon’ble Bombay High Court in the matter of Jignesh Prakash Shah vs. The State of Maharashtra, cannot also be relied upon as the observations made in a bail order were limited to the fact
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Source: SecMarx — sebi:QJA/MK/MIRSD/DOP/24156/2022-23. 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.