sebi:QJA/SVMDR/MIRSD/DOP/29831/2023-24
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Facts / Headnote
Noticee held not to be a 'fit and proper person'; registration as broker subject to cancellation/revocation under Regulation 5(e) read with Schedule II of the Intermediaries Regulations
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 3(1)
- s. 27
- s. 12(3)
- s. 154
- s. 3(2)
- s. 29A(2)
Regulations
- Reg. 6
- Reg. 27
- Reg. 28
- Reg. 9
- Reg. 7
- Reg. 8(1)
- Reg. 9(b)
- Reg. 25
- Reg. 26
- Reg. 28(1)
- Reg. 5(e)
- Reg. 2(1)(k)
- Reg. 3(b)(i)
Parties
- Ajay Natavarlal Commodities Private Limited
Holding
The Noticee, Ajay Natavarlal Commodities Private Limited, does not satisfy the 'fit and proper person' criteria under Schedule II of the Intermediaries Regulations, and its registration as a broker can no longer be continued under Regulation 5(e) of the Broker Regulations read with Schedule II of the Intermediaries Regulations.
Full text
___________________________________________________________________________ Page 2 of 39 Order in respect of Ajay Natavarlal Commodities Private Limited in the matter of National Spot Exchange Limited to as “2007 Exemption Notification”), 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 39 Order in respect of Ajay Natavarlal Commodities Private Limited in the matter of National Spot Exchange Limited
___________________________________________________________________________ Page 4 of 39 Order in respect of Ajay Natavarlal Commodities Private Limited in the matter of National Spot Exchange Limited 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/DOP/29831/2023-24. 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.