sebi:CO/IVD-1/1493/222/2009
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Facts / Headnote
Consent order disposing of enquiry proceedings against the applicant in the matter of V. B. Desai Financial Services Ltd.
Holding
The consent order disposes of the pending enquiry proceedings against the applicant in the matter of V. B. Desai Financial Services Ltd., with the applicant paying Rs. 10,00,000 towards settlement charges without admitting or denying the charges.
Full text
Page 2 of 3 applicant replied to the said show cause notice vide his letter dated January 14, 2008. 3. While the above proceedings were in progress, the applicant vide letter dated January 29, 2008, proposed settlement of the said proceedings through a consent order in terms of SEBI Circular No. EFD/ED/Cir–1/2007 dated April 20,
Page 3 of 3 b. the applicant breaches any of the consent terms or undertakings filed in this consent proceedings. 8. This consent order is passed on this day, the 29th of May, 2009 and shall come into force with immediate effect.
2007. He proposed revised consent terms vide letter dated February 28, 2009. The High Powered Advisory Committee, constituted by SEBI, considered the consent terms proposed by the applicant and after deliberations, recommended the case for settlement. Accordingly, the applicant shall pay a sum of Rs. 10,00,000 (Rupees ten lakhs only) towards settlement charges. SEBI accepted the said terms of settlement and communicated the same to the applicant vide letter dated May 06, 2009.
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Source: SecMarx — sebi:CO/IVD-1/1493/222/2009. 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.