sebi:WTM/AN/MIRSD/DOP/29869/2023-24
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Facts / Headnote
Certificate of registration as stock broker suspended for three months or until discharge/acquittal by a Court of competent jurisdiction, whichever is later; DA's recommendation of cancellation not accepted.
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 27
- s. 12(3)
- s. 154
- s. 29A
- s. 29A(2)
- s. 209A
Regulations
- Reg. 9(f)
- Reg. 5
- Reg. 23
- Reg. 7
- Reg. 9(b)
- Reg. 27
- Reg. 25(1)
- Reg. 6
- Reg. 5(e)
- Reg. 27(3)
Parties
- IndiaNivesh Commodities Private Limited
Holding
The Noticee, IndiaNivesh Commodities Private Limited, does not satisfy the 'fit and proper person' criteria under Schedule II of the SEBI (Intermediaries) Regulations, 2008, having facilitated trading in 'paired contracts' on NSEL that contravened the 2007 Exemption Notification and the FCRA. However, instead of the DA's recommended cancellation of registration, the certificate of registration is suspended for three months or until discharge/acquittal by a Court of competent jurisdiction, whichever is later.
Full text
Final Order in respect of IndiaNivesh Commodities Private Limited in the matter of NSEL Page 2 of 38 January 21, 2021. The DA, based on findings recorded in the said Enquiry report, recommended that the registration of ICPL as a stock broker may be cancelled.
Final Order in respect of IndiaNivesh Commodities Private Limited in the matter of NSEL Page 3 of 38 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 IndiaNivesh Commodities Private Limited in the matter of NSEL Page 4 of 38 7. The written submissions filed by the Noticee dated July 19, 2023, August 14, 2023, October 05, 2023 and November 27, 2023 and those made during the personal hearing are summarized hereunder:
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Source: SecMarx — sebi:WTM/AN/MIRSD/DOP/29869/2023-24. 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.