sebi:WTM/AN/MIRSD/DOP/25920/2023-24
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Facts / Headnote
Proceedings and SCN read with SSCN disposed of without issuing any directions
Provisions invoked
- s. 19
- s. 12(3)
- s. 154
Regulations
- Reg. 27
Parties
- Aasmaa Commodities Private Limited
Holding
The enquiry proceedings for determining the ‘fit and proper’ status of Aasmaa Commodities Private Limited are not maintainable as it ceased to exist upon amalgamation with Aasmaa Securities Private Limited, and the proceedings are disposed of without issuing any directions.
Full text
Order in respect Aasmaa Commodities Private Limited in the matter of NSEL Page 2 of 9 SHOW CAUSE NOTICE, REPLY AND HEARING:
Order in respect Aasmaa Commodities Private Limited in the matter of NSEL Page 3 of 9 “42…The matters are remitted to the WTM to decide the matter afresh in the light of the observations made aforesaid in accordance with law after giving an opportunity of hearing to the brokers. All issues raised by the brokers for which a finality has not been reached remains open for them to be raised before the WTM. It will be open to the WTM to rely upon other material such as the complaint letters of NSEL, EOW report, EOW charge sheet, etc. provided such copies are provided to the brokers and opportunity is given to rebut the allegations. Such additional documents relied upon by the respondent should form part of the show cause notice for which purpose, it will be open to the WTM to issue a supplementary show cause notice……”
Order in respect Aasmaa Commodities Private Limited in the matter of NSEL Page 4 of 9 HEARING: 8. Vide letter dated July 13, 2023, Noticee submitted reply to the SSCN. In compliance with the principles of natural justice, an opportunity of personal hearing was granted to the Noticee on September 12, 2023 through video conferencing. The Authorized Representative (hereinafter referred to as "AR") of the Noticee appeared online before me on September 12, 2023 and reiterated the content of the reply dated July 13, 2023. During the course of hearing, the AR stated that Noticee was merged with Aasmaa Securities Private Limited and submitted a copy of compilation of orders relied upon in the matter. During the course of hearing, AR was advised to submit the details of directors / KMPs of the Noticee and Aasmaa Securities Private Limited, as on date of merger. However, I note that till date Noticee had not submitted said details. REPLY AND WRITTEN SUBMISSION:
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Source: SecMarx — sebi:WTM/AN/MIRSD/DOP/25920/2023-24. 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.