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Regulatory Actions Covered By This Website

MINISTRY OF FINANCE - FORWARD MARKETS COMMISSION

If you wish to see Regulator wise orders, please click here
     
 PERIOD COVERED
FROMTO/UPTIL
Companies 23/07/2011 21/11/2024
Actions by FMC
Declared as not a ‘fit and proper person’ to continue to be a shareholder  
Declared as not a 'fit and proper person’ to continue to be a shareholder of 2% or more of the paid-up equity capital of mcx  
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  
Directed enforcement division of commission to initiate legal action under relevant sections of ipc against mr.kailash gupta for causing falsification, fabrication and forgery of ten false agreement  
Directed nmce to take appropriate disciplinary action against chartered accountant for negligence, dereliction of duty and lack of professional integrity in not noticing or bringing to notice of the board of exchange or to fmc  
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  
Directed to calculate expenditure incurred on vehicles provided to mr.kailash gupta’s family members  
Directed to immediately file criminal cases against mr.kailash gupta for his various criminal acts of omission & commission elaborated involving embezzlement of nmce funds  
Directed to immediately file fir against mr.kailash gupta for perpetrating a fraud on nmce and claiming payments for non-existent software development and software services  
Directed to immediately file fir against ms.poonam gupta nee verma, mr.kaushik gaurav verma, mr.suneil jain, mr.vishal and mr.shekhar singh for common conspiracy and illegal trespassing in to exchange premises late night  
Directed to initiate enquiry for violation of provision of fema in making payment to kushal enterprises  
Directed to initiate legal proceedings to recover Rs.20.93 lacs from mr.kailash gupta  
Directed to initiate legal proceedings to recover Rs.3.53 crore being substantial payments made in respect of consultancies  
Directed to place before bod evidence regarding irregularities in allotment of shares of nmce to nol for convening extra- ordinary meeting of general body of nmce  
Directed to recover from mr.kailash gupta all the monies reimbursed to his family members for their personal expenses including travel expenses  
Directed to take appropriate legal action against mr.kailash ramkishan gupta and arrow total solution pvt.ltd. to recover wrongful and illegal over payment  
Directed to take appropriate legal action to recover wrongul and illegal payment of Rs.2.47 crore made to kushal enterprises  
Ordered neither ftil, nor any company/entity controlled by it, 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  
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  
Reasons for Action
Abetted criminal acts of relatives and family members  
Defaulted in maintenance of books of accounts  
Did not submit evidence that board meeting ever took place  
Did not update with latest settlement gurantee fund (sgf) position on ucx website  
Irregularities in maintenance of bank account operation  
Misappropriated exchange funds by way of expenditure on relatives and family members for their personal expenses  
Misconduct, lack of integrity and unfair practices in planning, directing and controlling the activities of its subsidiary company, national spot exchange ltd. leading to a fraud involving rs. 5500 crore  
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  
Subverted corporate governance in the exchange by systematically and consistently bypassing the institutional structure of a corporate entity  
Members 23/07/2011 21/11/2024
Actions by FMC
Directed to review noc granted for setting up a wholly owned subsidiary abroad  
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  
Suspended from membership of commodity derivatives exchange(s)  
Reasons for Action
Dealt with person who was forbidden to do business by member  
Dealt with unregistered intermediaries  
Did not maintain books of accounts properly  
Did not maintain networth prescribed by exchange for a member  
Did not segregate client accounts in commodity futures exchange  
Engaged or carried out portfolio management services  
Funded client’s mtm requirements and allowed members to trade without margin  
Indulged in discounting of cheque (provided cash and accepted cheque from non banking channels)  
Indulged in money laundering activity  
Indulged in unauthorized transfer of funds from one client to another client  
Provided funds to clients and allowed clients to trade without proper & adequate margin  
Received margin money in cash from clients and used for directors’ own business activity / cash dealing  
Shares brokerage with a person who was not an approved  
Subverted directions of commission regarding collection of margin issued vide letter NO.07/1/2009-MKT-1 dated 02/06/2011  
Traded for client not registered at exchange level  
Transferred fund from clients accounts to non clients accounts  
Transferred profit from one account to various accounts  
Transferred shares of wholly owned subsidiary member to others entity  
Transferred trades from one client to another client in back office not on exchange platform  
Used client fund for own purposes  
Persons 23/07/2011 21/11/2024
Actions by FMC
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  
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  
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  
Directed to review noc granted for setting up a wholly owned subsidiary abroad  
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  
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  
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  
Reasons for Action
Abetted criminal acts of relatives and family members  
Dealt with person who was forbidden to do business by member  
Dealt with unregistered intermediaries  
Did not maintain books of accounts properly  
Did not maintain networth prescribed by exchange for a member  
Engaged or carried out portfolio management services  
Funded client’s mtm requirements and allowed members to trade without margin  
Indulged in discounting of cheque (provided cash and accepted cheque from non banking channels)  
Indulged in money laundering activity  
Indulged in unauthorized transfer of funds from one client to another client  
Misappropriated exchange funds by way of expenditure on relatives and family members for their personal expenses  
Received margin money in cash from clients and used for directors’ own business activity / cash dealing  
Shares brokerage with a person who was not an approved  
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  
Subverted corporate governance in the exchange by systematically and consistently bypassing the institutional structure of a corporate entity  
Subverted directions of commission regarding collection of margin issued vide letter NO.07/1/2009-MKT-1 dated 02/06/2011  
Traded for client not registered at exchange level  
Transferred fund from clients accounts to non clients accounts  
Transferred profit from one account to various accounts  
Transferred shares of wholly owned subsidiary member to others entity  
Transferred trades from one client to another client in back office not on exchange platform  
Used client fund for own purposes  
REGULATORY ACTIONS PRESENTLY COVERED BY THIS WEBSITEPERIOD COVERED
FROMTO/UPTIL
ACE DERIVATIVES & COMMODITY STOCK EXCHANGE LTD. (since closed)
Alphabetical Chronological
 19/05/2011  31/12/2019
ASSOCIATION OF MUTUAL FUNDS OF INDIA,THE
Alphabetical Chronological
 30/09/2013  31/10/2024
BANKS
Alphabetical Chronological
 29/03/2000  12/11/2024
BOARD FOR INDUSTRIAL & FINANCIAL RECONSTRUCTION (since dissolved)
Alphabetical Chronological
 31/12/1987  31/10/2005
BSE LTD.
Alphabetical Chronological
 05/06/1995  21/11/2024
CENTRAL BOARD OF INDIRECT TAXES & CUSTOMS
Alphabetical Chronological
 01/04/2003  31/03/2024
CENTRAL BUREAU OF INVESTIGATION
Alphabetical Chronological
 05/04/2001  21/11/2024
CENTRAL DEPOSITORY SERVICES (INDIA) LTD.
Alphabetical Chronological
 15/03/2004  15/11/2024
COMPANY LAW BOARD
Alphabetical Chronological
 01/04/2000  30/06/2008
DEBT RECOVERY TRIBUNALS
Alphabetical Chronological
 16/08/2000  08/10/2024
DELHI STOCK EXCHANGE LTD. (since dissolved)
Alphabetical Chronological
 31/03/2002  30/09/2020
DEPARTMENT OF INCOME TAX
Alphabetical Chronological
 15/04/2015  31/10/2024
EMPLOYEES' PROVIDENT FUND ORGANISATION
Alphabetical Chronological
 31/03/2005  23/09/2021
INDIAN CLEARING CORP.LTD.
Alphabetical Chronological
 25/09/2012  31/10/2024
INDIAN COMMODITY EXCHANGE LTD.
Alphabetical Chronological
 10/06/2006  21/11/2024
INSOLVENCY & BANKRUPTCY BOARD OF INDIA - NATIONAL COMPANY LAW TRIBUNAL
Alphabetical Chronological
 17/01/2017  21/11/2024
INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
Alphabetical Chronological
 28/10/2004  21/11/2024
INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA
Alphabetical Chronological
 16/08/2002  21/11/2024
INTER-CONNECTED STOCK EXCHANGE
Alphabetical Chronological
 17/04/2004  31/10/2024
METROPOLITAN STOCK EXCHANGE OF INDIA LTD.
Alphabetical Chronological
 20/05/2010  21/11/2024
MINISTRY OF CORPORATE AFFAIRS, EASY EXIT SCHEME
Alphabetical Chronological
 15/12/2010  03/08/2014
MINISTRY OF CORPORATE AFFAIRS, OFFICIAL LIQUIDATORS
Alphabetical Chronological
 27/04/1946  31/03/2018
MINISTRY OF CORPORATE AFFAIRS, PERSONS DISQUALIFIED FROM DIRECTORSHIP
Alphabetical Chronological
 31/08/2017  30/09/2024
MINISTRY OF CORPORATE AFFAIRS, REGISTRARS OF COMPANIES
Alphabetical Chronological
 27/01/2001  04/09/2015
MINISTRY OF CORPORATE AFFAIRS, SERIOUS FRAUD INVESTIGATION OFFICE
Alphabetical Chronological
 02/09/2009  31/10/2024
MINISTRY OF CORPORATE AFFAIRS, SIMPLIFIED EXIT SCHEME
Alphabetical Chronological
 06/05/2003  23/10/2009
MINISTRY OF CORPORATE AFFAIRS, VANISHING COMPANIES
Alphabetical Chronological
 30/01/2006  31/10/2024
MINISTRY OF FINANCE - FINANCIAL INTELLIGENCE UNIT
Alphabetical Chronological
 14/02/2013  31/10/2024
MINISTRY OF FINANCE - FORWARD MARKETS COMMISSION (since merged with SEBI)
Alphabetical Chronological
 23/07/2011  21/11/2024
MULTI COMMODITY EXCHANGE CLEARING CORP.LTD.
Alphabetical Chronological
 09/11/2018  21/11/2024
MULTI COMMODITY EXCHANGE OF INDIA LTD.
Alphabetical Chronological
 08/04/2011  21/11/2024
NATIONAL COMMODITY & DERIVATIVES EXCHANGE LTD.
Alphabetical Chronological
 30/03/2011  21/11/2024
NATIONAL COMMODITY CLEARING LTD.
Alphabetical Chronological
 14/05/2008  21/11/2024
NATIONAL FINANCIAL REPORTING AUTHORITY
Alphabetical Chronological
 22/07/2020  21/11/2024
NATIONAL HOUSING BANK
Alphabetical Chronological
 01/03/2006  31/10/2024
NATIONAL SECURITIES DEPOSITORY LTD.
Alphabetical Chronological
 19/11/2004  08/11/2024
NATIONAL SPOT EXCHANGE LTD.
Alphabetical Chronological
 22/08/2013  31/10/2024
NATIONAL STOCK EXCHANGE OF INDIA LTD.
Alphabetical Chronological
 01/01/2000  21/11/2024
NSE CLEARING LTD.
Alphabetical Chronological
 19/09/2013  21/11/2024
RESERVE BANK OF INDIA
Alphabetical Chronological
 01/08/1996  21/11/2024
SECURITIES AND EXCHANGE BOARD OF INDIA (For only consent orders click here)
Alphabetical Chronological
 01/01/1997  21/11/2024
UNITED NATIONS SECURITY COUNCIL
Alphabetical Chronological
 02/04/2018  30/09/2024
OTHER SOURCES IN THE OFFING
CREDIT INFORMATION BUREAU (INDIA) LTD.
ECONOMIC OFFENCES WING
ENFORCEMENT DIRECTORATE
ENVIRONMENT POLLUTION BOARD
FINANCIAL INSTITUTIONS
INSTITUTE OF COMPANY SECRETARIES OF INDIA,THE
INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA
LABOUR DEPARTMENT
RATING AGENCIES
SERVICE TAX
STATE FINANCIAL CORPORATIONS
STATE INDUSTRIAL DEVELOPMENT CORPORATIONS

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