sebi:WTM/ASB/MIRSD/DOP/29877/2023-24
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Facts / Headnote
Certificate of Registration (INZ000045136) suspended for 3 months or till disposal of FIR with EOW, whichever is later
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 12
- s. 3(1)
- s. 27
- s. 154
- s. 3(2)
- s. 29A
- s. 131B
- s. 131
Regulations
- Reg. 6
- Reg. 9
- Reg. 28
- Reg. 24
- Reg. 27
- Reg. 5(e)
Parties
- Indira Commodities Private Ltd.
Holding
The Noticee, Indira Commodities Private Ltd., failed to satisfy the 'fit and proper person' criteria under Schedule II of the Intermediaries Regulations on a continuous basis, and its Certificate of Registration as a commodities derivatives broker was suspended for three months or until disposal of the FIR filed with EOW, whichever is later.
Full text
________________________________________________________________________________________ Order in respect of Indira Commodities Private Ltd. in the matter of National Spot Exchange Ltd 2 / 23 taken against it. The SCN further required the Noticee to submit its reply, if any, within 21 days of receipt of the same. The SCN was duly served upon the Noticee.
________________________________________________________________________________________ Order in respect of Indira Commodities Private Ltd. in the matter of National Spot Exchange Ltd 3 / 23 the SCNs. In compliance with the principles of natural justice, a personal hearing was scheduled on October 12, 2023, for which the Noticee sought adjournment. Accordingly, another opportunity of personal hearing was granted on October 30, 2023, which was attended by Shri Prakash Shah (Authorised Representative) on behalf of the Noticee and argued in line with the aforementioned replies filed with SEBI. Noticee further files its post hearing submissions vide letter dated and November 03, 2023.
________________________________________________________________________________________ Order in respect of Indira Commodities Private Ltd. in the matter of National Spot Exchange Ltd 4 / 23 g) Noticee has relied upon the observations of Hon’ble SAT in the matter of B.N. Rathi Comtrade vs. SEBI (Appeal no. 282 of 2023). h) Since the matter of SSCN is sub judice, Noticee has requested to keep the present proceedings in abeyance till the disposal of Writ Petition before Hon’ble Bombay High Court. i) The appointment of DA in the present matter is bad in law and in violation of Regulation 24 (2) of Intermediaries Regulations in terms of which the DA is required to be appointed by the Executive Director and not by the Whole Time Member. In this regard, Noticee has referred to Section 3(1) of the SEBI (Delegation of {Powers) Order, 2015 to further buttress its arguments.
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Source: SecMarx — sebi:WTM/ASB/MIRSD/DOP/29877/2023-24. 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.