sebi:QJA/MK/MIRSD/DOP/28500/2023-24
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Facts / Headnote
Noticee held not to satisfy 'fit and proper person' criteria; certificate of registration to be cancelled (as recommended by the designated authority)
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 27
- s. 12(3)
- s. 154
- s. 3(2)
- s. 29A
- s. 131B
- s. 14A
- s. 131
Regulations
- Reg. 7
- Reg. 28
- Reg. 27
- Reg. 5(e)
Parties
- Jainam Commodities Private Limited
Holding
The Noticee, Jainam Commodities Private Limited, does not satisfy the 'fit and proper person' criteria specified in Schedule II of the Intermediaries Regulations, and its certificate of registration as a stock broker is liable to be cancelled.
Full text
Order in respect of Jainam Commodities Private Limited in the matter of National Spot Exchange Limited Page 2 of 26 November 25, 2019, an opportunity of personal hearing in the matter was provided to the Noticee before the Ld. Whole Time Member of SEBI (hereinafter referred to as the “WTM”) which was availed by it.
Order in respect of Jainam Commodities Private Limited in the matter of National Spot Exchange Limited Page 3 of 26 conference and made submissions on the lines of the replies submitted earlier. During the course of hearing, certain queries were raised to the Noticee and the Noticee was granted time to submit response to the said queries along with the post hearing submissions, if any. Accordingly, the Noticee vide email of January 30, 2023 furnished its reply.
Order in respect of Jainam Commodities Private Limited in the matter of National Spot Exchange Limited Page 4 of 26 k. The Noticee has not received any payout as per NSEL circular of August 17, 2013. l. Noticee has provided details of trades done in paired contracts on the NSEL platform during the period September 2009 to July 2013. m. Noticee has provided details of payment/receipts towards settlement obligation.
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Source: SecMarx — sebi:QJA/MK/MIRSD/DOP/28500/2023-24. 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.