sebi:QJA/VS/MIRSD/DOP/24327/2022-23
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Facts / Headnote
Proceedings disposed of without issuing any directions
Provisions invoked
- s. 19
Regulations
- Reg. 27
- Reg. 28(1)
- Reg. 5(e)
- Reg. 9(b)
Parties
- Smart Commodity Brokers Pvt. Ltd. (SEBI Registration No. INZ000029932)
Holding
SEBI disposed of the proceedings against Smart Commodity Brokers Pvt. Ltd. without issuing any directions, holding that determination of the 'fit and proper' status of the transferor company (SCBPL), which had ceased to exist pursuant to the NCLT order dated May 16, 2019, would be infructuous.
Full text
Order in the matter of Smart Commodity Brokers Pvt. Ltd. Page 2 of 7 Noticee with registration number INZ000029932 (inadvertently mentioned in the SCN and the Enquiry Report as INB011278232), as a commodity derivatives broker subject to the provisions of Securities and Exchange Board of India (Intermediaries) Regulations, 2008 (‘Intermediaries Regulations’).
Order in the matter of Smart Commodity Brokers Pvt. Ltd. Page 3 of 7 filed by five entities (involved therein) for registration as commodity brokers in the NSEL matter. Aggrieved by the said SEBI orders, the entities filed separate appeals before the Hon’ble Securities Appellate Tribunal (“SAT”). The Hon’ble SAT, vide its common order dated June 9, 2022, remanded the aforesaid orders to SEBI to decide these matters afresh within six months from the date of the said SAT order. HEARING, SUBMISSIONS AND ADDITIONAL MATERIAL
Order in the matter of Smart Commodity Brokers Pvt. Ltd. Page 4 of 7 c) SEBI was requested to drop any further proceeding initiated by issuance of Show Cause Notice dated July 10, 2020 r/w Notice of hearing dated November 11, 2022 since proceedings initiated against SCBPL gets abated on the ground that SCBPL ceased to exist w.e.f. May 16, 2019 . d) A copy of Company Master Data of SCBPL downloaded from the MCA website, showing the company status as “Amalgamated” was also enclosed with the reply. CONSIDERATION AND FINDINGS
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Source: SecMarx — sebi:QJA/VS/MIRSD/DOP/24327/2022-23. 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.