sebi:16943
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Facts / Headnote
Warning issued
Regulations
- Reg. 7
- Reg. 26
- Reg. 28
- Reg. 29(1)
- Reg. 29
Parties
- JFIBL
Holding
A warning was issued to JFIBL to be diligent in future while transacting in securities and to ensure strict compliance with the SEBI Act, 1992, the Regulations made thereunder, and the Bye Laws of the NSE.
Full text
During the course of the investigation and inspection of JFIBL, it was found that JFIBL’s position had been auctioned a number of times on the exchange on grounds such as "shares not available/ client failed to deliver stocks etc". Thereafter the investigation/inspection report was submitted to SEBI and after considering the facts as emerging from the said report, an Enquiry Officer was appointed vide an order dated June 20th, 2001, under Regulation 28 of the SEBI (Stock Brokers and Sub brokers) Regulations, 1992 (hereinafter referred to as the " Regulations") to conduct an enquiry into the affairs of JFIBL in respect of their dealings in the scrip of SBI and the alleged violations/irregularities noticed during the investigation as regards the provisions of the SEBI Act, 1992, (hereinafter referred to as the "Act") and the Regulations". The Enquiry Officer issued a show cause notice dated August 7th, 2001, upon JFIBL to show cause as to why action in terms of Regulations 26, 27 and 28 of the Regulations should not be initiated against them for the contravention of the provisions of the Act and the Regulations. Upon the conclusion of the enquiry, on the basis of the facts and circumstances of the case and the submissions made by JFIBL, the material available on record and on an analysis of the investigation /inspection report, the Enquiry Officer vide his report dated November 29, 2001, recommended that a warning be issued to JFIBL to be careful in future. Subsequently, a show
compliance, I am in agreement with the Enquiry Officer to the effect that a warning be issued to JFIBL. In view of the above, In exercise of the powers conferred on me by virtue of sub section (3) of section 4 of the Securities and Exchange Board of India Act, 1992, read with regulation 29 (3) of the SEBI (Stock Brokers and Sub Brokers) Regulations, 1992, I am of the opinion that a warning be issued to the JFIBL as regards associating with any transactions which could result in the violations of the SEBI Act, 1992, Rules and Regulations made there under and the Code of Conduct. prescribed under Annexure II of Regulation 7 of the Regulations. JFIBL is warned to be diligent in future while transacting in securities and dealing with the securities market and investors. JFIBL should ensure strict compliance of the provisions of the SEBI Act, 1992 and the Regulations made thereunder and Bye Laws of the NSE and to strictly abide by the provisions of the SEBI Act, 1992 and the Brokers’ Rules and Regulations. G. N BAJPAI Date: July 29, 2002 CHAIRMAN Place: MUMBAI SECURITIES AND EXCHANGE BOARD OF INDIA
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Source: SecMarx — sebi:16943. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.