sebi:WTM/AN/MIRSD/DOP/29672/2023-24
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Facts / Headnote
Cancellation of certificate of registration bearing registration no. INZ000048620 of Arcadia Commodities and Trading
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 27
- s. 12(3)
- s. 154
- s. 209A
Regulations
- Reg. 6
- Reg. 9(f)
- Reg. 9(b)
- Reg. 25
- Reg. 27
- Reg. 25(1)
- Reg. 5(e)
- Reg. 27(i)
- Reg. 9(a)
Parties
- Arcadia Commodities and Trading
Holding
The certificate of registration bearing registration no. INZ000048620 of Arcadia Commodities and Trading is cancelled under Section 12(3) and Section 19 of the SEBI Act read with regulation 27 of the Intermediaries Regulations as the Noticee is not a fit and proper person.
Full text
Final Order in respect of Arcadia Commodities and Trading in the matter of NSEL Page 2 of 27 January 21, 2021. The DA, based on findings recorded in the said Enquiry report, recommended that the registration of ACT as a stock broker may be cancelled.
Final Order in respect of Arcadia Commodities and Trading in the matter of NSEL Page 3 of 27 5. In light of the June 2022 SAT Order, it was felt necessary to furnish certain additional documents/material to the Noticee and grant an opportunity of personal hearing, before concluding the present proceedings. Accordingly, a supplementary SCN dated February 27, 2023 (“SSCN”) was served on the Noticee along with the following documents: 5.1. Copy of SEBI complaint dated September 24, 2018 filed with Economic Offences Wing (“EoW”); 5.2. Copy of FIR dated September 28, 2018 filed by SEBI under section 154 of Criminal Procedure Code, 1973 (“CrPC”); and 5.3. Amended Schedule II of Intermediaries Regulations.
Final Order in respect of Arcadia Commodities and Trading in the matter of NSEL Page 4 of 27 Khandwala Securities and the order of the Hon’ble Supreme Court in the case of State of Gujarat v/s Patel Raghav Natha (AIR 1969 SC 1297). 7.3. The Designated Authority did not provide all the documents and did not provide an opportunity of personal hearing before submission of Enquiry report. The Noticee has submitted that the SCN is in gross violation of principles of natural justice and relied on the orders of Hon’ble Supreme Court in the cases of Canara Bank and Ors. vs. Shri Debasis Das and Ors and A.R. Antulay v. R.S. Nayak. 7.4. The Noticee was a trading/ clearing member of Multi Commodity Exchange of India Limited (“MCX”), National Commodity & Derivatives Exchange Limited (“NCDEX”), Indian Commodity Exchange Limited (“ICEX”), Multi Commodity Exchange Clearing Corporation Limited (“MCXCCL”) and National Commodity Clearing Limited (“NCCL”) during the relevant time. The Noticee was expelled as a member from MCX, MCXCCL, NCDEX, NCCL and ICEX in 2021. 7.5. The Noticee vide its letter dated August 28, 2021 informed SEBI that the Exchanges have expelled it as their member and so the Noticee intends to voluntarily surrender its SEBI registration. 7.6. The Noticee has submitted that w.e.f. July 20, 2021, the Noticee is no longer a SEBI registered intermediary as per Regulation 9(a) of SEBI (Stock Brokers) Regulations, 1992 and section 2(g) of SEBI (Intermediaries) Regulation, 2008. Sin
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Source: SecMarx — sebi:WTM/AN/MIRSD/DOP/29672/2023-24. 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.