sebi:WTM/AB/SEBI/MIRSD/NRO/10/2019-20
Facts / Headnote
Clarification granted that prohibitions in paras 8(c) and 8(e) of interim order dated February 27, 2019 do not extend to collaterals with ISSL; all other directions continue.
Regulations relied on
Holding
SEBI clarified that the prohibitions in paras 8(c) and 8(e) of the interim order dated February 27, 2019 were not extended to the collaterals available with ISSL as provided by AFSPL/ASFPL to meet margin obligations. Except for that clarification, all other observations/directions in the interim order dated February 27, 2019 and confirmatory order dated May 17, 2019 shall continue.
Full text
Page 2 of 4 the extent it was prejudicial to their interests. The Hon’ble SAT vide its order dated May 15, 2019 directed SEBI that in the event ISSL applies for being heard for protection of its interest qua the interim order, the WTM of SEBI cannot deny the opportunity of it being heard. ISSL has vide representation to SEBI inter-alia seeking clarification on the impact of the observations and findings against AFSPL in the interim order. Further, vide letter dated June 8, 2019, ISSL also sought an opportunity of personal hearing in this regard.
Page 3 of 4 deposited by AFSPL with ISSL to meet its margin obligations. Regulation 44 of Securities Contracts (Regulation)(Stock Exchanges And Clearing Corporations)Regulations,2018 provides as under: “44.The right of a recognised clearing corporation(s) to recover the dues from its clearing members, arising from the discharge of their clearing and settlement functions, from the collaterals, deposits and the assets of the clearing members, shall have priority over any other liability of or claim against the clearing members.”
Page 4 of 4 of dispute with regard to the alleged fraudulent/ un-authorised transfer of mutual fund units. Sd/- Place: Mumbai
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Source: SecMarx — sebi:WTM/AB/SEBI/MIRSD/NRO/10/2019-20. 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.