sebi:QJA/SVMDR/MIRSD/DOP/29706/2023-24
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Facts / Headnote
Proceedings concluded under amended Intermediaries Regulations; Noticee found not to satisfy fit and proper person criteria
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 27
- s. 21
- s. 12(3)
- s. 29A
- 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)
- Reg. 25(3)
Parties
- Latin Manharlal Commodities Private Limited
Holding
The Noticee, Latin Manharlal Commodities Private Limited, does not satisfy the 'fit and proper person' criteria under the Intermediaries Regulations, as amended in November 2021, in light of its participation in paired contracts on NSEL and a pending chargesheet filed by EOW under Section 21 of the FCRA.
Full text
___________________________________________________________________________ Page 2 of 38 Order in respect of Latin Manharlal Commodities Private Limited in the matter of National Spot Exchange Limited 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 38 Order in respect of Latin Manharlal Commodities Private Limited in the matter of National Spot Exchange Limited a. Short Sale NSEL had not made it mandatory for the seller to deposit goods in its warehouse before taking a sell position. Hence, the condition of “no short sale by members of the NSEL shall be allowed” was not being met by the NSEL and its trading/clearing members who traded in the paired contracts during the relevant period.
___________________________________________________________________________ Page 4 of 38 Order in respect of Latin Manharlal Commodities Private Limited in the matter of National Spot Exchange Limited ENQUIRY BY DESIGNATED AUTHORITY
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Source: SecMarx — sebi:QJA/SVMDR/MIRSD/DOP/29706/2023-24. 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.