sebi:CO/SBM/EAD-3/04/2017
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Facts / Headnote
Adjudication proceedings disposed of on settlement without admission or denial of violation
Regulations
- Reg. 3
- Reg. 15
- Reg. 7
- Reg. 17
- Reg. 3(a)
Parties
- Arcadia Share & Stock Brokers Private Limited
Holding
In terms of Regulation 15(1) of the Settlement Regulations, 2014, the adjudication proceedings initiated against Arcadia Share & Stock Brokers Private Limited vide SCN dated September 30, 2016 are disposed of on payment of Rs. 5,00,000 towards settlement and Rs. 86,375 towards SEBI legal costs without admitting or denying violation.
Full text
Page 2 of 4 of the provisions of Regulations 3(a),(b),(c),(d), 4(1), (4(2)(a) and 4(2)(e) of the PFUTP Regulations and Clauses A(1), A(3), A(4) and A(5) of the Code of Conduct as specified in Schedule II under Regulation 7 of the Broker Regulations, alleged to have been committed by the applicant, in respect of its dealing/activities in the shares of VIL during the Relevant Period. Pursuant to the transfer of Shri D. Ravikumar, I was appointed as the Adjudicating Officer in the matter vide communiqué dated June 22, 2015.
Page 3 of 4 6. Pursuant to the above mentioned Consent Application made by the applicant, the Authorized Representatives of the applicant, attended a meeting with the Internal Committee on Consent (hereinafter referred to as ‘IC') on June 01, 2017. During the aforesaid meeting, the settlement terms of Rs. 5,00,000/- (Rupees Five Lakh Only) as settlement amount and additional amount of Rs. 86,375/- (Rupees Eighty Six Thousand and Three Hundred Seventy Five Only) as legal expenses incurred by SEBI, were communicated to the authorised representatives of the applicant. The applicant vide its letters dated June 01, 2017 and June 05, 2017 proposed payment of Rs. 5,86,375/- (Rupees Five Lakh Eighty Six Thousand and Three Hundred Seventy Five Only) towards full and final settlement of all regulatory, civil or criminal proceedings in relation to the facts contained in the SCN without admitting or denying any violation on the part of the applicant.
Page 4 of 4 through Demand Draft No. 499077 dated August 18, 2017 drawn on Axis Bank Ltd. Vide its aforesaid letter, Applicant has also remitted a sum of Rs. 86,375/- (Rupees Eighty Six Thousand and Three Hundred Seventy Five Only) towards legal costs incurred by SEBI through Demand Draft No. 499078 dated August 18, 2017 drawn on Axis Bank Ltd.
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Source: SecMarx — sebi:CO/SBM/EAD-3/04/2017. 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.