sebi:CO/ISD/1429/193/2009
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Facts / Headnote
Settlement of proceedings; consent order disposing of proceedings under section 11B, 11(4), 11D and adjudication proceedings pending against the applicant
Provisions invoked
- s. 11B
Holding
The applicant's settlement of the pending SEBI proceedings through a consent order was accepted, with the applicant paying Rs. 5,00,000 towards settlement charges and Rs. 25,000 towards administrative charges, without admitting or denying the charges.
Full text
Page 2 of 3 directing the applicant to cease and desist from dealing in futures and options in the manner found irregular. The applicant, vide letter dated July 10, 2007, filed submissions pursuant to the said interim order. The adjudicating officer issued a show cause notice dated October 05, 2007.
Page 3 of 3 5. This order is without prejudice to the right of SEBI to initiate enforcement actions, including commencing or reopening of the pending proceedings against applicant, if:
3. While the above proceedings were in progress, the applicant, vide letter dated December 19, 2007 proposed settlement of the said proceedings through a consent order in terms of SEBI circular No. EFD/ED/Cir-1/2007 dated April 20, 2007. It proposed revised consent terms vide letter dated November 4, 2008. The High Powered Advisory Committee constituted by SEBI considered the consent terms proposed by the applicant and, after taking into account the prohibition already suffered by the applicant in terms of the interim order, recommended the case for settlement on payment of Rs. 5,00,000/- (Rupees five lakh only) towards settlement charges and Rs.25,000/- (Rupees twenty five thousand only) towards administrative charges. SEBI accepted the said recommendations and communicated the same to the applicant vide letter dated January 30, 2009.
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Source: SecMarx — sebi:CO/ISD/1429/193/2009. 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.