sebi:BS/AO-49/2008
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Facts / Headnote
Violation found; consolidated penalty of Rs. 1,00,000 imposed
Provisions invoked
- s. 15
- s. 15J
- s. 15H
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 15
Parties
- M/s Aastha Investments
Holding
The noticee M/s Aastha Investments violated Regulation 4(1) & 4(2)(a)(b)(e) and (g) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 and Clauses A(1), A(2), D(1), D(4) and D(5) of the Code of Conduct for Sub-brokers, and was imposed a penalty of Rs. 50,000 under Section 15HA and Rs. 50,000 under Section 15HB, totaling Rs. 1,00,000.
Full text
2 the same, BSE carried out full fledged investigation for the period of May 14, 2004 to March 29, 2005 and submitted its report to SEBI for further examination.
3 attended the hearing and made submissions. Subsequently vide letter dated June 25, 2008 the noticee made additional submissions.
4 10. The next issue for consideration in the matter is whether the noticee failed to exercise due care and diligence as a sub broker while dealing in the scrip of SGSL on behalf of its clients during the said period and thereby violated Clause A(1), A(2), D(1), D(4) and D (5) of Code of Conduct prescribed for Sub brokers, in Schedule II under Regulation 15 of SEBI(Stock Brokers and Sub-Brokers) Regulations, 1992. The text of the said provisions are- Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992 Code of Conduct for Sub-brokers [Regulation 15] A. General.
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Source: SecMarx — sebi:BS/AO-49/2008. 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.