sebi:WTM/ASB/MIRSD/DOP/29900/2023-24
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Facts / Headnote
Cancellation of certificate of registration
Provisions invoked
- s. 19
- s. 11(4)
- s. 11B
- s. 12
- s. 27
- s. 154
- s. 29A
- s. 131B
- s. 131
Regulations
- Reg. 6
- Reg. 9
- Reg. 28
- Reg. 27
- Reg. 5(e)
Parties
- Nirmal Bang Commodities Private Ltd.
Holding
The certificate of registration of Nirmal Bang Commodities Private Ltd. as a commodity derivatives broker (INZ000043630) is cancelled for failure to satisfy the fit and proper person criteria on account of facilitating trading in NSEL paired contracts.
Full text
________________________________________________________________________________________ Order in respect of Nirmal Bang Commodities Private Ltd. in the matter of National Spot Exchange Ltd. 2 / 22 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 Nirmal Bang Commodities Private Ltd. in the matter of National Spot Exchange Ltd. 3 / 22 12, 2023, which was attended by Shri Ravichandra S. Hegde and other advocates through video conferencing on behalf of the Noticee and argued in line with the aforementioned replies filed with SEBI. Noticee further filed its post hearing submissions vide letter dated October 27, 2023.
________________________________________________________________________________________ Order in respect of Nirmal Bang Commodities Private Ltd. in the matter of National Spot Exchange Ltd. 4 / 22 CONSIDERATION OF ISSUES AND FINDINGS
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Source: SecMarx — sebi:WTM/ASB/MIRSD/DOP/29900/2023-24. 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.