sebi:CO/IVD-ID5/196/2009
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Facts / Headnote
Consent settlement - proceedings initiated vide Show Cause Notice Ref. No. IES/ID5/RM/11003/2003 dated June 5, 2003 disposed on payment of settlement charges
Regulations
- Reg. 12
- Reg. 11(4)
Holding
This consent order disposes of the proceedings initiated vide Show Cause Notice Ref. No. IES/ID5/RM/11003/2003 dated June 5, 2003 pending against the applicant upon payment of Rs.1,25,000 towards settlement charges without admitting or denying the charges.
Full text
Page 2 of 3 Securities Contracts (Regulation) Act, 1956 and Regulation 11(4) read with Regulation 12 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995. It issued Show Cause Notice Ref. No. IES/ID5/RM/11003/2003 dated June 5, 2003 to the applicant. However, the applicant did not submit any reply to the said show cause notice dated June 5, 2003. Further, though several opportunities were granted to the applicant for personal hearing before the Whole Time Member, SEBI, the applicant failed to avail the opportunities of hearing granted to it.
Page 3 of 3 b. the applicant breaches any of the consent terms or undertakings filed in this consent proceeding. 7. A copy of this order shall be served on the National Stock Exchange of India Limited, National Securities Depository Limited and Central Depository Services (India) Limited of which the applicant is a broker and depository participant, as the case may be.
3. While the above proceedings were in progress, the applicant vide letter dated October 27, 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 its letter dated December 18, 2008. The High Powered Advisory Committee constituted by SEBI considered the consent terms proposed by the applicant and recommended the case for settlement. Accordingly, the applicant shall pay Rs.1,25,000/- (Rupees one lakh and twenty five thousand only) towards settlement charges. SEBI accepted the said recommendations and communicated the same to the applicant vide letter dated March 12, 2009.
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Source: SecMarx — sebi:CO/IVD-ID5/196/2009. 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.