sebi:WTM/AB/MIRSD/DOP/29815/2023-24
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Facts / Headnote
Certificate of Registration (bearing No. INZ000089933) of Bhai Jee Commodities Pvt. Ltd. as commodities derivatives broker suspended for three (3) months from date of Order or till disposal of FIR filed with EOW, whichever is later
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 12
- s. 27
- s. 154
- s. 29A
Regulations
- Reg. 6
- Reg. 28(2)
- Reg. 9
- Reg. 28
- Reg. 27
- Reg. 5(e)
- Reg. 27(3)
Parties
- Bhai Jee Commodities Pvt. Ltd.
Holding
The Noticee failed to comply with the 'fit and proper person' criteria in Schedule II of the Intermediaries Regulations on a continuous basis. Its Certificate of Registration as a commodities derivatives broker was suspended for 3 months or till disposal of the EOW FIR, whichever is later.
Full text
__________________________________________________________________________________________ Order in respect of Bhai Jee Commodities Pvt. Ltd. in the matter of National Spot Exchange Ltd. Page 2 of 24 calling upon it to show cause as to why the action of cancellation of Certificate of Registration as recommended by the DA or any other action, as deemed fit by the Competent Authority, under Regulation 28(2) of the Intermediaries Regulations (as applicable at the relevant time) should not be taken against it. The SCN further required the Noticee to submit its reply, if any, within 21 days of receipt of the same. The SCN was duly served upon the Noticee.
__________________________________________________________________________________________ Order in respect of Bhai Jee Commodities Pvt. Ltd. in the matter of National Spot Exchange Ltd. Page 3 of 24 advised it to submit its reply/ comments/ clarifications, if any, within 15 days of receipt of the SSCN.
__________________________________________________________________________________________ Order in respect of Bhai Jee Commodities Pvt. Ltd. in the matter of National Spot Exchange Ltd. Page 4 of 24 already settled by SAT. Only new issues can be considered in these proceedings g. Noticee submitted that 11 chargesheets were filed by the EOW in the subject matter and the Noticees name does not figure in the said chargesheets. Therefore, it was argued that impliedly the subject matter of the investigation is completed without making any allegations against the Noticee. h. The Noticee was in compliance of Regulation 9 (b) and 9(f) of the Stock Brokers Regulations and also Clause A(1), (2) and (5) of the Code of Conduct for Brokers.
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Source: SecMarx — sebi:WTM/AB/MIRSD/DOP/29815/2023-24. 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.