sebi:WTM/AN/MIRSD/DOP/29651/2023-24
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Facts / Headnote
Certificate of registration of Sincere Commodities and Derivetives Markets Pvt. Ltd. (INZ000047234) suspended for 3 months or till acquittal/discharge by a Court of competent jurisdiction, whichever is later.
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 27
- s. 12(3)
- s. 154
- s. 209A
Regulations
- Reg. 6
- Reg. 27
- Reg. 5(e)
- Reg. 9(b)
Parties
- Sincere Commodities and Derivetives Markets Pvt. Ltd.
Holding
The Noticee does not satisfy the 'fit and proper person' criteria specified in Schedule II of the Intermediaries Regulations, and its certificate of registration as a stock broker is suspended for a period of 3 months or until an order of discharge/acquittal by a Court of competent jurisdiction, whichever is later.
Full text
Order in respect of Sincere Commodities and Derivetives Markets Pvt. Ltd. in the matter of NSEL Page 2 of 18 Report; (ii) Finance Ministry letter dated December 30, 2014 to Forwards Market Commission (“FMC”); (iii) Hon’ble Bombay HC’s order in criminal bail application no. 1263 of 2014 in Jignesh Prakash Shah vs. State of Maharashtra dated August 22, 2014.
Order in respect of Sincere Commodities and Derivetives Markets Pvt. Ltd. in the matter of NSEL Page 3 of 18 (i) Copy of SEBI complaint dated September 24, 2018 filed with Economic Offences Wing (“EoW”); (ii) Copy of FIR dated September 28, 2018 filed by SEBI under section 154 of Criminal Procedure Code, 1973 (“CrPC”); and (iii) Amended Schedule II of Intermediaries Regulations.
Order in respect of Sincere Commodities and Derivetives Markets Pvt. Ltd. in the matter of NSEL Page 4 of 18 C. BRIEF HISTORY OF NSEL SCAM
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Source: SecMarx — sebi:WTM/AN/MIRSD/DOP/29651/2023-24. 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.