https://www.taxtmi.com/caselaws?id=763883 The Securities Appellate Tribunal upheld FMC's jurisdiction to conduct inquiry into NMCE's affairs, finding systematic misappropriation of investor funds totaling approximately Rs. 29 crores. The tribunal confirmed bogus payments of Rs. 28.80 crores to related entity ATSPL for non-existent software development, irregular share allotment without proper approval, unauthorized appointment of 144 consultants, and misuse of exchange funds for personal expenses including foreign travel and vehicle purchases for family members. The appellant's challenges regarding FMC's authority and jurisdictional powers were rejected, with the tribunal emphasizing FMC's wide powers under FCRA to protect investor interests and conduct necessary inquiries into forward market operations. en-us Thu, 05 Dec 2024 00:00:00 +0530 Tue, 31 Dec 2024 08:43:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763883 The Securities Appellate Tribunal upheld FMC's jurisdiction to conduct inquiry into NMCE's affairs, finding systematic misappropriation of investor funds totaling approximately Rs. 29 crores. The tribunal confirmed bogus payments of Rs. 28.80 crores to related entity ATSPL for non-existent software development, irregular share allotment without proper approval, unauthorized appointment of 144 consultants, and misuse of exchange funds for personal expenses including foreign travel and vehicle purchases for family members. The appellant's challenges regarding FMC's authority and jurisdictional powers were rejected, with the tribunal emphasizing FMC's wide powers under FCRA to protect investor interests and conduct necessary inquiries into forward market operations. Case-Laws SEBI Thu, 05 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763883