sebi:WTM/SM/MIRSD/DOP/13986/2021-22
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Facts / Headnote
Registration of Banka Bullion Pvt. Ltd. (SEBI Registration No. INZ000046835) as a commodity derivatives broker cancelled with immediate effect.
Provisions invoked
- s. 12
- s. 27
- s. 12(3)
- s. 132
- s. 131(5)
Regulations
- Reg. 9(f)
- Reg. 27
- Reg. 28
- Reg. 5
- Reg. 9
- Reg. 7
- Reg. 9(b)
- Reg. 28(1)
- Reg. 6
- Reg. 5(e)
- Reg. 24(1)
Parties
- Banka Bullion Pvt. Ltd.
Holding
The Noticee, Banka Bullion Pvt. Ltd., is not a 'fit and proper person' to hold registration as a commodity derivatives broker, and its registration is cancelled under Section 12(3) of the SEBI Act read with regulation 27 of the Intermediaries Regulations.
Full text
Order in respect of Banka Bullion Pvt. Ltd. in the matter of National Spot Exchange Ltd. Page 1 of 31 WTM/SM/MIRSD/DOP/13986/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA
Order in respect of Banka Bullion Pvt. Ltd. in the matter of National Spot Exchange Ltd. Page 2 of 31 no short sale by the members of the exchange shall be allowed all outstanding positions of the trades at the end of the day shall result in delivery. All information or returns relating to the trade as and when asked for shall be provided to the Central Government or its designated agency; On the basis of these exemptions, NSEL commenced its operations in October 2008 by providing an electronic trading platform to participants for spot trading of commodities such as bullion, agricultural produce, metals, etc.
Order in respect of Banka Bullion Pvt. Ltd. in the matter of National Spot Exchange Ltd. Page 3 of 31 NSEL, observed that the trades executed through such paired contracts were in violations of the conditions prescribed by Central Government vide the Exemption Notification. Accordingly, on the basis of such
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Source: SecMarx — sebi:WTM/SM/MIRSD/DOP/13986/2021-22. 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.