sebi:CO/IVD-6/1036/178/2009
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Facts / Headnote
Consent order disposing of pending Section 11B proceedings against the applicant in the matter of Genus Commutrade Limited, with settlement charges of Rs.25,000 and a three-year bar on dealing in securities.
Holding
The applicant's consent settlement was accepted, disposing of the pending Section 11B proceedings against the applicant in the matter of Genus Commutrade Limited, on terms that the applicant pay Rs.25,000 as settlement charges and refrain from buying, selling or dealing in securities directly or indirectly for three years from the date the order comes into force.
Full text
Page 2 of 3 3. While the above proceedings were in progress, the applicant, vide letter dated July 17, 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. The applicant proposed revised consent terms vide letter dated January 21, 2008. The High Powered Advisory Committee, constituted by SEBI, considered the consent terms proposed by the applicant and recommended the case for settlement. As per the terms of settlement, the applicant shall pay Rs.25,000 (Rupees twenty five thousand only) towards settlement charges and shall not buy, sell or deal in securities in any manner whatsoever, directly or indirectly, for a period of three years. SEBI accepted the said recommendations and communicated the same to the applicant vide letter dated July 30, 2008.
Page 3 of 3 or indirectly for a period of three years from the date on which this order comes into force. 7. This order is without prejudice to the right of SEBI to initiate enforcement actions, including commencing / reopening of the proceedings pending against the applicant, if:
4. Accordingly, the applicant, without admitting or denying the charges, has remitted a sum of Rs.25,000 (Rupees twenty five thousand only) towards settlement charges vide demand draft No. 081998 dated August 02, 2008 drawn on Axis Bank Ltd. payable at Mumbai. The applicant, vide letter dated August 04, 2008, has also undertaken that he shall not buy, sell or deal in securities in any manner whatsoever, directly or indirectly, for a period of three years.
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Source: SecMarx — sebi:CO/IVD-6/1036/178/2009. 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.