sebi:QJA/SVMDR/MIRSD/29765/2023-24
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Facts / Headnote
Disposed of without issuance of any directions
Provisions invoked
- s. 19
- s. 27
- s. 12(3)
- s. 154
Regulations
- Reg. 27
- Reg. 9(b)
- Reg. 28
- Reg. 25
- Reg. 26
- Reg. 28(1)
- Reg. 5(e)
Parties
- Modisons Commercial Private Limited
Holding
The proceedings against Modisons Commercial Private Limited were disposed of without issuance of any directions because it had already surrendered its registration which was cancelled unconditionally on September 21, 2017, rendering cancellation infructuous.
Full text
___________________________________________________________________________ Page 2 of 18 Order in respect of Modisons Commercial Private Limited in the matter of National Spot Exchange Limited in exercise of powers conferred under Section 27 of FCRA subject to certain conditions which, inter alia, included “no short sale by members of the exchange shall be 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 18 Order in respect of Modisons Commercial Private Limited in the matter of National Spot Exchange Limited
___________________________________________________________________________ Page 4 of 18 Order in respect of Modisons Commercial Private Limited in the matter of National Spot Exchange Limited were sufficient grounds to enquire into whether the Noticee, is a ‘fit and proper person’ to continue to hold certificate of registration as Trading and Clearing Member in terms of Regulation 5(e) of the Stock Broker Regulations read with Regulation 27(iv) of the Stock Broker Regulations read with Schedule II of the Intermediaries Regulations.
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Source: SecMarx — sebi:QJA/SVMDR/MIRSD/29765/2023-24. 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.