sebi:QJA/SVMDR/MIRSD/DOP/29773/2023-24
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Facts / Headnote
Certificate of Registration of GRD Commodities Limited as a Stock Broker cancelled; directions issued for client notification and transfer of securities/funds
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. 25
- Reg. 28
- Reg. 9
- Reg. 7
- Reg. 26
- Reg. 9(b)
- Reg. 28(1)
- Reg. 5(e)
Parties
- GRD Commodities Limited
Holding
The registration of GRD Commodities Limited as a Stock Broker is cancelled in the interest of the Securities Market, as the Noticee failed to satisfy the 'fit and proper person' criteria under Schedule II of the Intermediaries Regulations and facilitated trading in 'paired contracts' on NSEL in violation of the 2007 Exemption Notification and FCRA.
Full text
___________________________________________________________________________ Page 2 of 33 Order in respect of GRD Commodities Limited in the matter of National Spot Exchange Limited 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 33 Order in respect of GRD Commodities Limited in the matter of National Spot Exchange Limited 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 33 Order in respect of GRD Commodities Limited in the matter of National Spot Exchange Limited and submit a report and make recommendation in terms of Regulation 27 of the 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/DOP/29773/2023-24. 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.