sebi:QJA/SVMDR/MIRSD/29692/2023-24
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Facts / Headnote
Order passed ex parte against the Noticee; proceedings concluded under amended Intermediaries Regulations with directions under Regulation 27 (specific directions not fully captured in the excerpt)
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 27
- s. 12(3)
- s. 154
- s. 29A(2)
Regulations
- Reg. 6
- Reg. 27
- Reg. 28
- Reg. 9
- Reg. 7
- Reg. 9(b)
- Reg. 25
- Reg. 26
- Reg. 28(1)
- Reg. 5(e)
Parties
- Modex Commodity Trades Private Limited
Holding
The Noticee (Modex Commodity Trades Private Limited) failed to satisfy the 'fit and proper person' criteria under Schedule II of the Intermediaries Regulations by facilitating trading in NSEL 'paired contracts' that were financing transactions masquerading as spot contracts, thereby jeopardizing its reputation, competence, honesty, integrity and character in the securities market.
Full text
___________________________________________________________________________ Page 2 of 25 Order in respect of Modex Commodity Trades Private Limited in the matter of National Spot Exchange Limited allowed; that all outstanding positions of the trade at the end of the day shall result in delivery and that all information or returns relating to the trade as and when asked for shall be provided to the Central Government or its designated agency”.
___________________________________________________________________________ Page 3 of 25 Order in respect of Modex Commodity Trades Private Limited in the matter of National Spot Exchange Limited the NSEL and its trading/clearing members who traded in the paired contracts during the relevant period.
___________________________________________________________________________ Page 4 of 25 Order in respect of Modex Commodity Trades Private Limited in the matter of National Spot Exchange Limited Intermediaries Regulations (as applicable at the relevant time) in respect of the violations alleged to have been committed by the Noticee mentioned at para 7 above.
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Source: SecMarx — sebi:QJA/SVMDR/MIRSD/29692/2023-24. 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.