sebi:CO/211/MRD/03/2004
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Suspension of certificate of Registration No. INB120593218 for a period of 4 months, effective on expiry of 21 days from the date of the order
Provisions invoked
- s. 4(3)
Regulations
- Reg. 4
- Reg. 7
- Reg. 13(4)
- Reg. 13(1)
- Reg. 21(1)
- Reg. 25
Parties
- Shri Ashok Makker, member, Ludhiana Stock Exchange
Holding
The certificate of Registration No. INB120593218 granted to Shri Ashok Makker, member Ludhiana Stock Exchange, is suspended for a period of 4 months for failure to redress investor grievances and failure to co-operate with SEBI inspection.
Full text
Page 2 of 11 broker vide another letter dated 17.7.2001 informed that his trading terminal had been deactivated from 7.6.1999 onwards. NRO, vide letter dated 2.8.2001 advised him to submit pre-inspection information relating to the inspection. The said broker did not respond to the said letter and did not submit the documents / records sought by SEBI. 1.3 It was alleged that the submissions of the said broker vide letter dated 17.7.2001 were factually incorrect. As per information available with SEBI, the trading terminal of the said broker, although deactivated on 7.6.1999, was reactivated on 23.9.2000. Thereafter, it was again deactivated on 5.3.2001. Further, it was also noted that the said broker had not been redressing investor grievances and had also defaulted in payment of margins and pay-in obligations to LSE. 1.4 In view of the above, vide Order dated 31.5.2002, an Enquiry Officer was appointed under the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (hereinafter referred to as “Enquiry Regulation”) to enquire into the alleged irregularities committed by the said broker. 2.0 Enquiry Proceedings 2.1 The Enquiry Officer issued a notice to the said broker on 26.8.2002 and the said broker appeared before the Enquiry Officer and made his
Page 3 of 11 2.2 The Enquiry Officer after considering the submissions of the said broker submitted his report to SEBI on 30.11.2002 recommending a major
Page 4 of 11 3.4 In this regard, the said broker vide letter dated 28.5.2003 requested time to file reply and he filed the detailed reply vide letter dated 11.6.2003. 3.5 In his reply, the said broker submitted the following : 3.5.1 In respect of the finding regarding submission of false information to SEBI, the said broker quoted from the report of the Enquiry Officer as under: “In view of the above, the allegation that the member submitted false information to SEBI in this regard it is not correct having regard to the statement that the terminal was deactivated from 7.6.1999 in the financial year 1999-2000 as evidenced by his letter dated 17.7.2001 and the deactivation continued till 31.3.2000.”
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Source: SecMarx — sebi:CO/211/MRD/03/2004. 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.