sebi:AO/SG-VS/EAD/72/2017
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Facts / Headnote
Penalty imposed on the Noticee for violations of section 12(1) of SEBI Act read with regulation 3 of PM Regulations and regulation 9(1) of PM Regulations read with SEBI Circular dated May 11, 2007
Provisions invoked
- s. 15
- s. 12(1)
- s. 12
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 9
- Reg. 9(1)
Parties
- JHP Securities Private Limited
Holding
The Noticee violated section 12(1) of the SEBI Act read with regulation 3 of the PM Regulations and regulation 9(1) of the PM Regulations read with the SEBI Circular dated May 11, 2007 by continuing to act as a Portfolio Manager after expiry of its registration on April 16, 2014 without a valid renewal application. A consolidated penalty of Rs. 3,00,000/- was imposed under section 15HB of the SEBI Act.
Full text
Adjudication order in respect of JHP Securities Private Limited Page 2 of 17 portfolio management services. Therefore, it is alleged that Noticee has violated the provisions of section 12(1) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) read with regulation 3 of SEBI (Portfolio Managers) Regulations, 1993 (hereinafter referred to as ‘PM Regulations’) and regulation 9(1) of PM Regulations read with SEBI Circular No. SEBI/IMD/DOF-I/SRP/Cir No.1/93251/2007 dated May 11, 2007 (hereinafter referred to as ‘Circular’).
Adjudication order in respect of JHP Securities Private Limited Page 3 of 17 of natural justice and in order to conduct an inquiry in terms of rule 4(3) of the AO Rules, the Noticee was granted an opportunity of hearing on February 26, 2016 vide notice of hearing dated February 01, 2016 at SEBI, Head Office, Mumbai. Vide the said notice of hearing, Noticee was also advised to submit a reply to the SCN on or before February 18, 2016.
Adjudication order in respect of JHP Securities Private Limited Page 4 of 17 wanted to apply for renewal of its certificate as Portfolio Manager and that the Noticee had been trying to upload the application on the SEBI portal but the portal was denying the Noticee access to the same. A copy of the said email dated 13.1.2014 is annexed hereto and marked as Exhibit "B".
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Source: SecMarx — sebi:AO/SG-VS/EAD/72/2017. 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.