sebi:WTM/ASB/MIRSD/DOP/29883/2023-24
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 19
- s. 12
- s. 29
- s. 12(3)
- s. 154
- s. 3(2)
- s. 56
- s. 29A
- s. 131B
- s. 57
Regulations
- Reg. 27
- Reg. 5
- Reg. 28(2)
- Reg. 9
- Reg. 9(b)
- Reg. 28(1)
- Reg. 5(e)
- Reg. 24(2)
Parties
- Gandhi Commodities LLP
Holding
The Noticee failed to continuously satisfy the 'fit and proper person' criteria under Schedule II of the Intermediaries Regulations read with Regulation 5(e) of the Stock Brokers Regulations on account of trading in / facilitating 'paired contracts' on NSEL in violation of the Exemption Notification and the FCRA.
Full text
Order in respect of Gandhi Commodities LLP in the matter of National Spot Exchange Limited Page 2 of 27 allowed; all outstanding positions at the end of trading-day should result in delivery and all information or returns relating to trading as and when asked for should be provided by NSEL to the Central Government or its designated agency.
Order in respect of Gandhi Commodities LLP in the matter of National Spot Exchange Limited Page 3 of 27 granting exemptions to contracts traded on NSEL, from the purview of the FCRA.
Order in respect of Gandhi Commodities LLP in the matter of National Spot Exchange Limited Page 4 of 27 the Noticee applied for a certificate of registration and was registered as a broker with effect from December 24, 2015, and since then it has been acting as a market intermediary registered with SEBI.
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Source: SecMarx — sebi:WTM/ASB/MIRSD/DOP/29883/2023-24. 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.