sebi:CO-07/2009
Facts / Headnote
Adjudication proceedings disposed of by consent settlement
Regulations relied on
- SEBI (PFUTP) Regulations, 2003
- SEBI (Stock Brokers) Regulations, 1992
Holding
This consent order disposes of the pending adjudication proceedings against the Noticee under the SEBI Act, 1992 upon payment of Rs.2,50,000 towards settlement without admission or denial of guilt.
Full text
Page 2 of 3 3. Pending adjudication proceedings, the Noticee made an application dated April 17, 2008 (Consent Application Regn. No. 633 of 2008) and an undertaking in the format prescribed by SEBI for settlement in the matter in terms of SEBI Circular No. EFD/Cir.-1/2007 dated April 20, 2007. In the application dated April 17, 2008 the Noticee proposed a sum of Rs. 1,00,000 (Rupees One Lakh Only) towards settlement charges. Pursuant to the said application, the Noticee submitted its revised consent terms vide its letter dated October 16, 2008, wherein it proposed an amount of Rs.2,50,000/- (Rupees Two Lakh Fifty Thousand only) towards settlement
Page 3 of 3 proceedings are subsequently discovered to be untrue. b. The Noticee has breached any of the clauses / conditions of undertakings / waivers filed during the current consent proceedings.
charges. The consent terms were placed before the High Powered Advisory Committee (hereinafter referred to as “HPAC”) on December 01, 2008 and the HPAC considered the facts and circumstances of the case, proposed settlement terms offered by the Noticee and the other material brought before the HPAC. HPAC after deliberation recommended the case for settlement on the consent terms proposed by the Noticee.
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Source: SecMarx — sebi:CO-07/2009. 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.