https://www.taxtmi.com/caselaws?id=384849 Under the MPID Act, commodity trades executed through an electronic exchange platform were treated as trade settlements, not deposits, because the exchange acted only as a pass-through mechanism and did not receive money to be kept for return after a specified period. On that basis, the exchange did not qualify as a financial establishment, so the jurisdictional basis for invoking the Act was absent. As that foundational fact was not established, the Section 4 attachment notifications against the promoter's properties could not be sustained and were quashed. en-us Thu, 22 Aug 2019 00:00:00 +0530 Thu, 20 Feb 2025 15:32:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384849 Under the MPID Act, commodity trades executed through an electronic exchange platform were treated as trade settlements, not deposits, because the exchange acted only as a pass-through mechanism and did not receive money to be kept for return after a specified period. On that basis, the exchange did not qualify as a financial establishment, so the jurisdictional basis for invoking the Act was absent. As that foundational fact was not established, the Section 4 attachment notifications against the promoter's properties could not be sustained and were quashed. Case-Laws Companies Law Thu, 22 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384849