sebi:WTM/AN/MIRSD/DOP/29026/2023-24
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Facts / Headnote
Certificate of registration (INZ000033238) of Alpha Commodity Private Limited cancelled
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 12
- s. 27
- s. 173
- s. 12(3)
- s. 154
- s. 3(2)
- s. 29A(2)
- s. 209A
Regulations
- Reg. 9(f)
- Reg. 27
- Reg. 5(e)
- Reg. 5
- Reg. 9
- Reg. 7
- Reg. 26
- Reg. 24
- Reg. 21
- Reg. 6
- Reg. 20
- Reg. 19
Parties
- Alpha Commodity Private Limited
Holding
SEBI's Whole Time Member held that Alpha Commodity Private Limited does not satisfy the 'fit and proper person' criteria under Schedule II of the Intermediaries Regulations and cancelled its certificate of registration as a stock broker (INZ000033238).
Full text
Order in respect Alpha Commodity Private Limited in the matter of NSEL Page 2 of 33 SHOW CAUSE NOTICE, REPLY AND HEARING:
Order in respect Alpha Commodity Private Limited in the matter of NSEL Page 3 of 33 “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 Alpha Commodity Private Limited in the matter of NSEL Page 4 of 33 HEARING: 8. Vide letter dated March 21, 2023, Noticee submitted reply to the SSCN and stated that their earlier reply submitted in the matter be also consider in the present proceeding. In line with the principles of natural justice, an opportunity of personal hearing was granted to the Noticee on June 20, 2023 through video conferencing. The Authorized Representatives (hereinafter referred to as "ARs") of the Noticee appeared online before me on June 20, 2023 and reiterated the reply dated March 21, 2023 and earlier submission made by the Noticee. During the course of hearing, the ARs submitted that Noticee had already surrendered its registration to Exchange and same is approved by SEBI and placed reliance on SEBI order dated June 16, 2023 in respect of Sharekhan Commodities Private Limited. Subsequent to the hearing, Noticee submitted additional submission dated June 20, 2023 and July 10, 2023. REPLY AND WRITTEN SUBMISSION:
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Source: SecMarx — sebi:WTM/AN/MIRSD/DOP/29026/2023-24. 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.