sebi:AO/SG-VS/EAD/31/2017
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Facts / Headnote
Penalty imposed on the Noticee for violations of NSE Circular and Code of Conduct for Stock Brokers
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 7
Parties
- M/s Indovision Securities Limited
Holding
The Noticee violated the provisions of NSE Circular no. NSE/INSP/19583 dated December 14, 2011 and Clauses A(2) and A(5) of the Code of Conduct specified under Schedule II read with Regulation 7 of SEBI (Stock Brokers & Sub Brokers) Regulations, 1992, and a penalty of Rs. 1,00,000/- was imposed under Section 15HB of the SEBI Act.
Full text
Adjudication Order in respect of M/s Indovision Securities Limited Page 2 of 16 listed for inspection. 20 clients were chosen wherein clients couldn’t provide required margin and margin shortfall was reported by the broker.
Adjudication Order in respect of M/s Indovision Securities Limited Page 3 of 16 APPOINTMENT OF ADJUDICATING OFFICER 7. The undersigned was appointed as Adjudicating Officer (hereinafter referred to as “AO”) vide Order dated April 26, 2016 and the said appointment was communicated vide communique dated June 6, 2016. The undersigned was appointed as AO under Section 15I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) and Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as “Rules”) to inquire into and adjudge, under the provisions of Section 15HB of the SEBI Act, the alleged violations of provisions of the Circular and Stock Brokers Regulations by the Noticee.
Adjudication Order in respect of M/s Indovision Securities Limited Page 4 of 16 request to you to please do not treat these instances as wrong reporting and allow us to improve our operations.
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Source: SecMarx — sebi:AO/SG-VS/EAD/31/2017. 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.