sebi:WTM/AN/MIRSD/DOP/29652/2023-24
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Facts / Headnote
Certificate of registration of Indian Portfolio Ltd. bearing registration no. INZ000035339 suspended for a period of 3 months from the date of the order or till an order is passed by a Court of competent jurisdiction discharging or acquitting the Noticee, 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
- Indian Portfolio Ltd.
Holding
The Noticee, Indian Portfolio Ltd., does not satisfy the 'fit and proper person' criteria specified in Schedule II to the Intermediaries Regulations, warranting suspension of its certificate of registration for 3 months or until discharge/acquittal by a competent court, whichever is later.
Full text
Order in respect Indian Portfolio Ltd. in the matter of NSEL Page 2 of 18 3. Pursuant to the DA Report, a post enquiry show cause notice dated January 03, 2020 (“SCN”) was issued to the Noticee, alongwith copies of (i) the aforesaid DA 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,
Order in respect Indian Portfolio Ltd. in the matter of NSEL Page 3 of 18 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 Indian Portfolio Ltd. in the matter of NSEL Page 4 of 18 Classic Credit Ltd. vs. SEBI (Appeal No. 68 of 2003) decided on December 08, 2006, wherein Hon’ble SAT inter alia held that “….It is common ground between the parties that the appellants did not file any reply to the second show cause notice. This being so, it has to be presumed that the charges alleged against them in the show cause notice were admitted by them…..”. Under the circumstances, I consider that the matter can be adjudicated qua the Noticee on merits based on the material available on record.
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Source: SecMarx — sebi:WTM/AN/MIRSD/DOP/29652/2023-24. 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.