sebi:CFD/EAD-6/AO/AK/63/2017
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Facts / Headnote
Adjudication proceedings disposed of pursuant to settlement
Provisions invoked
- s. 15H
- s. 15I
Regulations
- Reg. 13
- Reg. 17
- Reg. 16(2)
- Reg. 15(1)
- Reg. 15(2)
- Reg. 14(2)(a)
Parties
- Karvy Stock Broking Ltd
Holding
The pending adjudication proceedings against Karvy Stock Broking Ltd under the Show Cause Notice dated November 24, 2014 are disposed of in terms of regulation 15(1) of the Settlement Regulations upon payment of Rs. 6,80,000/- as settlement charges.
Full text
Settlement Order in the matter of Karvy Stock Broking Ltd Page 2 of 3 3. In view of the above, SEBI initiated adjudication proceedings against KSBL and the undersigned was appointed as the Adjudicating Officer vide Order dated July 25, 2014 under section 15I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) to inquire into and adjudge under section 15HB of the SEBI Act, the alleged violation of the provisions of Regulation 13 read with clause (1) and (3) of Schedule III, Regulation 14(2)(a) read with clause (4) of "Model Disclosure Document" as specified in Schedule V, Regulation 15(1), Regulation 15(2), Regulation 13 read with clause 9(b) of Schedule III, Regulation 16(2) (a), Regulation 13 read with clause 5 of the Code of Conduct of SEBI (Portfolio Managers) Regulations, 1993, SEBI circular No. Cir/IMD/DF/16/2010 dated November 02, 2010, SEBI Circular No. MIRSD/Cir-5/2012 dated April 13, 2012 and SEBI circular No. Cir. /IMD/DF/13/2010 dated October 5, 2010.
Settlement Order in the matter of Karvy Stock Broking Ltd Page 3 of 3 7. The High Powered Advisory Committee (hereinafter referred to as "HPAC")
4. Accordingly, a Show Cause Notice bearing no. EAD-6/AK/RSL/33232/2014 (hereinafter referred to as the ‘SCN’) dated November 24, 2014 was issued to KSBL under Rule 4 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 advising to show cause as to why an inquiry should not be held in respect of the aforesaid violations alleged to have been committed by KSBL.
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Source: SecMarx — sebi:CFD/EAD-6/AO/AK/63/2017. 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.