sebi:WTM/AN/MIRSD/DOP/29864/2023-24
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Facts / Headnote
Certificate of registration of Pace Commodity Brokers Pvt. Ltd. (INZ000037932) suspended for 3 months or till discharge/acquittal by a Court of competent jurisdiction, whichever is later; DA's recommended measure not adopted.
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 27
- s. 12(3)
- s. 154
- s. 29A(2)
- s. 209A
Regulations
- Reg. 6
- Reg. 5
- Reg. 23
- Reg. 25
- Reg. 27
- Reg. 25(1)
- Reg. 5(e)
- Reg. 9(b)
- Reg. 27(3)
Parties
- Pace Commodity Brokers Pvt. Ltd.
Holding
The Noticee does not satisfy the 'fit and proper person' criteria under Schedule II of the Intermediaries Regulations due to its participation in 'paired contracts' on NSEL, warranting suspension of its registration for 3 months or until discharge/acquittal by a Court, whichever is later.
Full text
Order in respect of Pace Commodity Brokers Pvt. Ltd. in the matter of NSEL Page 2 of 45 B. SHOW CAUSE NOTICE, REPLY AND HEARING
Order in respect of Pace Commodity Brokers Pvt. Ltd. in the matter of NSEL Page 3 of 45 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:
Order in respect of Pace Commodity Brokers Pvt. Ltd. in the matter of NSEL Page 4 of 45 at the relevant time, SEBI was not the regulator of the NSEL. Therefore, SEBI ought not to initiate any action under regulation 23 of the Intermediaries Regulations.
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Source: SecMarx — sebi:WTM/AN/MIRSD/DOP/29864/2023-24. 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.