S.
No. |
DATE OF ORDER |
PERSON |
ENTITY |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
22-SEP-2015
|
|
KETAN SHETH
|
|
|
|
UNIVERSAL COMMODITY EXCHANGE LTD.
|
|
FMC |
IRREGULARITIES IN MAINTENANCE OF BANK ACCOUNT OPERATION
DEFAULTED IN MAINTENANCE OF BOOKS OF ACCOUNTS
DID NOT UPDATE WITH LATEST SETTLEMENT GURANTEE FUND (SGF) POSITION ON UCX WEBSITE
DID NOT SUBMIT EVIDENCE THAT BOARD MEETING EVER TOOK PLACE
|
DECLARED AS NOT A ‘FIT AND PROPER PERSON’ TO CONTINUE TO BE A SHAREHOLDER
DIRECTED NOT TO HOLD ANY SHARES NEITHER INDIVIDUALLY NOR ANY COMPANY/ ENTITY CONTROLLED, EITHER DIRECTLY OR INDIRECTLY, IN ANY ASSOCIATION / EXCHANGE RECOGNISED BY GOVT. OR REGISTERED BY FMC
DECLARED AS NOT A `FIT AND PROPER’ PERSON TO HOLD ANY POSITION IN MANAGEMENT AND BOARD OF ANY EXCHANGE RECOGNISED OR REGISTERED BY GOI / FMC UNDER FCRA, 1952
22-SEP-2015
|
|
| 2 |
22-SEP-2015
|
|
|
PRAVEEN PILLAI
|
|
|
|
UNIVERSAL COMMODITY EXCHANGE LTD.
|
|
FMC |
IRREGULARITIES IN MAINTENANCE OF BANK ACCOUNT OPERATION
DEFAULTED IN MAINTENANCE OF BOOKS OF ACCOUNTS
DID NOT UPDATE WITH LATEST SETTLEMENT GURANTEE FUND (SGF) POSITION ON UCX WEBSITE
DID NOT SUBMIT EVIDENCE THAT BOARD MEETING EVER TOOK PLACE
|
DECLARED AS NOT A ‘FIT AND PROPER PERSON’ TO CONTINUE TO BE A SHAREHOLDER
DIRECTED NOT TO HOLD ANY SHARES NEITHER INDIVIDUALLY NOR ANY COMPANY/ ENTITY CONTROLLED, EITHER DIRECTLY OR INDIRECTLY, IN ANY ASSOCIATION / EXCHANGE RECOGNISED BY GOVT. OR REGISTERED BY FMC
DECLARED AS NOT A `FIT AND PROPER’ PERSON TO HOLD ANY POSITION IN MANAGEMENT AND BOARD OF ANY EXCHANGE RECOGNISED OR REGISTERED BY GOI / FMC UNDER FCRA, 1952
22-SEP-2015
|
|
| 3 |
17-DEC-2013
|
|
|
JIGNESH P.SHAH
|
|
|
|
FINANCIAL TECHNOLOGIES (INDIA) LTD.
|
|
FMC |
SUBSTANTIAL EROSION IN GENERAL REPUTATION AND CHARACTER, RECORD OF FAIRNESS, HONESTY AND INTEGRITY IN THE AFFAIRS OF NSEL LEADING TO A FRAUD INVOLVING RS.5500 CRORE
|
DECLARED AS NOT A `FIT AND PROPER’ PERSON TO HOLD ANY POSITION IN MANAGEMENT AND BOARD OF ANY EXCHANGE RECOGNISED OR REGISTERED BY GOI / FMC UNDER FCRA, 1952
ORDERED THAT NEITHER INDIVIDUALLY, NOR ANY COMPANY/ENTITY CONTROLLED BY HIM, EITHER DIRECTLY OR INDIRECTLY, SHALL HOLD ANY SHARES IN ANY ASSOCIATION / EXCHANGE RECOGNISED BY GOVT. OR REGISTERED BY FMC IN EXCESS OF THRESHOLD LIMIT OF TOTAL PAID-UP EQUITY CAPITAL OF SUCH ASSOCIATION / EXCHANGE AS PRESCRIBED UNDER COMMODITY EXCHANGE GUIDELINES AND POST 5-YEAR GUIDELINES
17-DEC-2013
|
|
| 4 |
17-DEC-2013
|
|
|
JOSEPH MASSEY
|
|
|
|
FINANCIAL TECHNOLOGIES (INDIA) LTD.
|
|
FMC |
SUBSTANTIAL EROSION IN GENERAL REPUTATION AND CHARACTER, RECORD OF FAIRNESS, HONESTY AND INTEGRITY IN THE AFFAIRS OF NSEL LEADING TO A FRAUD INVOLVING RS.5500 CRORE
|
DECLARED AS NOT A `FIT AND PROPER’ PERSON TO HOLD ANY POSITION IN MANAGEMENT AND BOARD OF ANY EXCHANGE RECOGNISED OR REGISTERED BY GOI / FMC UNDER FCRA, 1952
ORDERED THAT NEITHER INDIVIDUALLY, NOR ANY COMPANY/ENTITY CONTROLLED BY HIM, EITHER DIRECTLY OR INDIRECTLY, SHALL HOLD ANY SHARES IN ANY ASSOCIATION / EXCHANGE RECOGNISED BY GOVT. OR REGISTERED BY FMC IN EXCESS OF THRESHOLD LIMIT OF TOTAL PAID-UP EQUITY CAPITAL OF SUCH ASSOCIATION / EXCHANGE AS PRESCRIBED UNDER COMMODITY EXCHANGE GUIDELINES AND POST 5-YEAR GUIDELINES
17-DEC-2013
|
|
| 5 |
17-DEC-2013
|
|
|
SHREEKANT JAVALGEKAR
|
|
|
|
FINANCIAL TECHNOLOGIES (INDIA) LTD.
|
|
FMC |
SUBSTANTIAL EROSION IN GENERAL REPUTATION AND CHARACTER, RECORD OF FAIRNESS, HONESTY AND INTEGRITY IN THE AFFAIRS OF NSEL LEADING TO A FRAUD INVOLVING RS.5500 CRORE
|
DECLARED AS NOT A `FIT AND PROPER’ PERSON TO HOLD ANY POSITION IN MANAGEMENT AND BOARD OF ANY EXCHANGE RECOGNISED OR REGISTERED BY GOI / FMC UNDER FCRA, 1952
ORDERED THAT NEITHER INDIVIDUALLY, NOR ANY COMPANY/ENTITY CONTROLLED BY HIM, EITHER DIRECTLY OR INDIRECTLY, SHALL HOLD ANY SHARES IN ANY ASSOCIATION / EXCHANGE RECOGNISED BY GOVT. OR REGISTERED BY FMC IN EXCESS OF THRESHOLD LIMIT OF TOTAL PAID-UP EQUITY CAPITAL OF SUCH ASSOCIATION / EXCHANGE AS PRESCRIBED UNDER COMMODITY EXCHANGE GUIDELINES AND POST 5-YEAR GUIDELINES
17-DEC-2013
|
|
| 6 |
20-JAN-2012
|
|
|
VINOD SANGHVI
|
|
|
|
VINOD COMMODITIES LTD.
|
|
FMC |
SUBVERTED DIRECTIONS OF COMMISSION REGARDING COLLECTION OF MARGIN ISSUED VIDE LETTER NO.07/1/2009-MKT-1 DATED 02/06/2011
TRANSFERRED FUND FROM CLIENTS ACCOUNTS TO NON CLIENTS ACCOUNTS
FUNDED CLIENT’S MTM REQUIREMENTS AND ALLOWED MEMBERS TO TRADE WITHOUT MARGIN
|
PROHIBITED FROM ENTERING ANY FORWARD CONTRACT FOR SALE OR PURCHASE IN OWN NAME OR THROUGH ANOTHER MEMBER OF RECOGNISED ASSOCIATION OF ANY GOODS OR CLASS OF GOODS
20-JAN-2012
|
|
| 7 |
26-JUL-2011
|
|
|
HEMAL JAYANTILAL THAKKAR
|
|
|
FMC |
DID NOT MAINTAIN BOOKS OF ACCOUNTS PROPERLY
USED CLIENT FUND FOR OWN PURPOSES
INDULGED IN UNAUTHORIZED TRANSFER OF FUNDS FROM ONE CLIENT TO ANOTHER CLIENT
RECEIVED MARGIN MONEY IN CASH FROM CLIENTS AND USED FOR DIRECTORS’ OWN BUSINESS ACTIVITY / CASH DEALING
TRANSFERRED PROFIT FROM ONE ACCOUNT TO VARIOUS ACCOUNTS
TRADED FOR CLIENT NOT REGISTERED AT EXCHANGE LEVEL
ENGAGED OR CARRIED OUT PORTFOLIO MANAGEMENT SERVICES
DID NOT MAINTAIN NETWORTH PRESCRIBED BY EXCHANGE FOR A MEMBER
SHARES BROKERAGE WITH A PERSON WHO WAS NOT AN APPROVED
TRANSFERRED SHARES OF WHOLLY OWNED SUBSIDIARY MEMBER TO OTHERS ENTITY
INDULGED IN MONEY LAUNDERING ACTIVITY
DEALT WITH PERSON WHO WAS FORBIDDEN TO DO BUSINESS BY MEMBER
INDULGED IN DISCOUNTING OF CHEQUE (PROVIDED CASH AND ACCEPTED CHEQUE FROM NON BANKING CHANNELS)
DEALT WITH UNREGISTERED INTERMEDIARIES
TRANSFERRED TRADES FROM ONE CLIENT TO ANOTHER CLIENT IN BACK OFFICE NOT ON EXCHANGE PLATFORM
|
RESTRAINED FROM ENTERING INTO ANY FORWARD CONTRACTS FOR SALE OR PURCHASE IN OWN NAME OR ANY OTHER MEMBER OF ANY RECOGNIZED COMMODITY EXCHANGE OF GOODS OR CLASS OF GOODS
DIRECTED TO REVIEW NOC GRANTED FOR SETTING UP A WHOLLY OWNED SUBSIDIARY ABROAD
26-JUL-2011
|
|
| 8 |
26-JUL-2011
|
|
|
SUNIL S.MIRPURI
|
|
|
|
RANK COMMODITIES PVT.LTD.
|
|
FMC |
DID NOT MAINTAIN BOOKS OF ACCOUNTS PROPERLY
USED CLIENT FUND FOR OWN PURPOSES
INDULGED IN UNAUTHORIZED TRANSFER OF FUNDS FROM ONE CLIENT TO ANOTHER CLIENT
RECEIVED MARGIN MONEY IN CASH FROM CLIENTS AND USED FOR DIRECTORS’ OWN BUSINESS ACTIVITY / CASH DEALING
TRANSFERRED PROFIT FROM ONE ACCOUNT TO VARIOUS ACCOUNTS
TRADED FOR CLIENT NOT REGISTERED AT EXCHANGE LEVEL
ENGAGED OR CARRIED OUT PORTFOLIO MANAGEMENT SERVICES
DID NOT MAINTAIN NETWORTH PRESCRIBED BY EXCHANGE FOR A MEMBER
SHARES BROKERAGE WITH A PERSON WHO WAS NOT AN APPROVED
TRANSFERRED SHARES OF WHOLLY OWNED SUBSIDIARY MEMBER TO OTHERS ENTITY
INDULGED IN MONEY LAUNDERING ACTIVITY
DEALT WITH PERSON WHO WAS FORBIDDEN TO DO BUSINESS BY MEMBER
INDULGED IN DISCOUNTING OF CHEQUE (PROVIDED CASH AND ACCEPTED CHEQUE FROM NON BANKING CHANNELS)
DEALT WITH UNREGISTERED INTERMEDIARIES
TRANSFERRED TRADES FROM ONE CLIENT TO ANOTHER CLIENT IN BACK OFFICE NOT ON EXCHANGE PLATFORM
|
RESTRAINED FROM ENTERING INTO ANY FORWARD CONTRACTS FOR SALE OR PURCHASE IN OWN NAME OR ANY OTHER MEMBER OF ANY RECOGNIZED COMMODITY EXCHANGE OF GOODS OR CLASS OF GOODS
DIRECTED TO REVIEW NOC GRANTED FOR SETTING UP A WHOLLY OWNED SUBSIDIARY ABROAD
26-JUL-2011
|
|
| 9 |
23-JUL-2011
|
|
|
KAILASH RAMKISHAN GUPTA
|
|
|
|
NATIONAL MULTI COMMODITY EXCHANGE OF INDIA LTD.
|
|
FMC |
MISAPPROPRIATED EXCHANGE FUNDS BY WAY OF EXPENDITURE ON RELATIVES AND FAMILY MEMBERS FOR THEIR PERSONAL EXPENSES
SUBVERTED CORPORATE GOVERNANCE IN THE EXCHANGE BY SYSTEMATICALLY AND CONSISTENTLY BYPASSING THE INSTITUTIONAL STRUCTURE OF A CORPORATE ENTITY
ABETTED CRIMINAL ACTS OF RELATIVES AND FAMILY MEMBERS
|
DECLARED AS NOT A ‘FIT AND PROPER’ PERSON TO HOLD ANY POSITION IN MANAGEMENT AND BOARD OF ANY EXCHANGE RECOGNIZED OR REGISTERED BY GOI / FMC UNDER FCRA, 1952
DIRECTED THAT NO COMPANY/ENTITY CONTROLLED BY IT, EITHER DIRECTLY OR INDIRECTLY, SHALL HOLD ANY SHARES IN ANY ASSOCIATION / EXCHANGE RECOGNIZED BY GOVT. OR REGISTERED BY FMC IN EXCESS OF 2% OF TOTAL ISSUED CAPITAL OF THE ASSOCIATION/EXCHANGE
23-JUL-2011
|
SAT: SAT VIDE ITS ORDER DATED 18/10/2019 ALLOWED THE APPEAL AND QUASHED IMPUGNED ORDER. DIRECTED RESPONDENTS TO GRANT ADEQUATE TIME TO APPELLANTS TO FILE THEIR OBJECTIONS/REPLY. NO COSTS
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
