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In the name of MCX, yet another fraud caught in Sebi crackdown

Nov 18 2013, 21:58 IST
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On its website, MCX Biz Solutions (MBS) also mentioned On its website, MCX Biz Solutions (MBS) also mentioned "Welcome to MCXSX", apparently without any link with MCX-SX. Reuters
SummarySebi today clamped down on a fraudulent investment scheme being run by MCX Biz Solutions.

Market regulator Sebi today clamped down on a fraudulent investment scheme being run by MCX Biz Solutions, which was soliciting money from investors for huge returns while using fake and forged registration documents and a name similar to that of an exchange group.

QUOTE: Multi Commodity Exchange of India Ltd (MCX)

Operating through a website, MCXBizSolutions.Com, it claimed to be active in stock trading and commodities trading and "was soliciting and collecting money from public and was promising high returns," Sebi said.

Directing the company and its sole proprietor Syed Sadaq, Sebi said that the registration certificate being used by them to lure investors was never issued by Sebi to the concerned entity. This certificate is shown to have been issued by Sebi under signature of Meera Kulkarni in June 2013, whereas there was no such officer in Sebi as on that date.

On its website, MCX Biz Solutions (MBS) also mentioned "Welcome to MCXSX", apparently without any link with MCX-SX, a stock exchange set up by Financial Technologies India Ltd (FTIL) group that also runs leading commodity bourse MCX.

Among other claims, MCX Biz Solutions said "mcxbizsolutions is a great trading arena for making profits, for everybody, and its fun" and it is "a winning system for making money" and "We know all about MCX commodity or stock tips for trading and earnings."

A Mumbai address listed on the website was also found to be untrue, while they also "made representations and statements in their website about their activities in securities market in reckless and careless manner and have suggested facts which are false and untrue," Sebi said.

"By their acts and omissions including their false statements and representations in deceitful manner, they have fraudulently solicited, enticed and induced investors to deal in securities," the regulator said.

In its order, Sebi said MCX Biz Solutions and its proprietor have been restrained from accessing the securities market and further prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner till further directions.

Besides, they have also been asked to "cease and desist from undertaking any activity in the securities market, directly or indirectly, in any manner whatsoever till further directions," Sebi said.

Sebi has also asked them to immediately withdraw and remove all advertisements, representations, literature, brochures, materials, publications, documents and websites

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