sebi:WTM/SM/CDMRD/CDMRD_DEA/14190/2021-22
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Facts / Headnote
Charges in FMC show-cause notice held established on remand from Supreme Court; proceedings already commenced by NMCE pursuant to FMC directions to proceed in accordance with law; order effective immediately.
Provisions invoked
- s. 11
- s. 19
- s. 11(1)
- s. 10
- s. 16
- s. 12
- s. 6(3)
- s. 14
- s. 8(2)
- s. 8(1)
- s. 20
- s. 12A
- s. 26
- s. 4A
- s. 8(3)
- s. 177
- s. 6(2)
- s. 75
- s. 14A
- s. 14B
Parties
- Neptune Overseas Limited (Noticee No.1)
- Kailash Gupta (Noticee No.2)
Holding
SEBI, deciding afresh per Supreme Court order dated November 27, 2020, held the FMC charges against Neptune Overseas Limited and Kailash Gupta established and directed that legal/recovery proceedings already commenced by NMCE pursuant to FMC directions shall proceed in accordance with law.
Full text
Order in the matter of National Multi Commodity Exchange of India Limited (now known as Indian Commodities Exchange Limited) Page 1 of 189 WTM/SM/CDMRD/CDMRD_DEA/14190/2021-22
Order in the matter of National Multi Commodity Exchange of India Limited (now known as Indian Commodities Exchange Limited) Page 2 of 189
Order in the matter of National Multi Commodity Exchange of India Limited (now known as Indian Commodities Exchange Limited) Page 3 of 189 appropriate here to first introduce the entities around whom such charges revolve: i. National Multi Commodity Exchange/NMCE is an association that was recognized under Section 6 of the Forward Contracts (Regulation) Act, 1952 and was registered with the FMC under Section 14B of the FCRA. Neptune Overseas Limited/NOL (Noticee no.1) was the anchor promoter of the NMCE. As of now, NMCE has been merged with Indian Commodities Exchange (ICEX). ii. Mr. Kailash Gupta (Noticee no. 2) was the MD/Executive Vice Chairman of the NMCE for different periods and was also Chairman & MD of Noticee no. 1. iii. Arrow Total Solution LLC (hereinafter referred to as “ATS LLC”) and Arrow Total Solutions Private Ltd. (hereinafter referred to as “ATSPL”), are the companies promoted by Mr. Amit Kailash Gupta (son of Mr. Kailash Gupta), Mrs. Anjana Gupta (wife of Mr. Kailash Gupta) and Ms. Poonam Gupta (daughter of Mr. Kailash Gupta). All the aforesaid three family members of Mr. Kailash Gupta were Directors of ATSPL till September 15, 2007. ATS LLC is based out of USA while ATSPL has been incorporated in India.
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Source: SecMarx — sebi:WTM/SM/CDMRD/CDMRD_DEA/14190/2021-22. 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.