sebi:CO-08/2009
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Facts / Headnote
Adjudication proceedings disposed of by consent without admission or denial of guilt
Parties
- Saurin R. Shah
Holding
This consent order disposes of the pending adjudication proceedings against Saurin R. Shah on payment of Rs.2,50,000 towards settlement and voluntary surrender of sub-broker registration, without admission or denial of guilt.
Full text
Page 2 of 3 Rule 3 of Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995.
Page 3 of 3 1992 and ii. passing of this order is without prejudice to the right of SEBI to take enforcement actions including commencing / reopening of the pending proceedings against the Noticee , if SEBI finds that: a. Any representations made by the Noticee in the consent 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.
3. Pending adjudication proceedings, the Noticee made an application dated April 07, 2008 (Consent Application Regn. No. 610 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 07, 2008 the Noticee proposed a sum of Rs. 25,000 (Rupees Twenty Five Thousand Only) towards settlement charges. Pursuant to the said application, the Noticee submitted its revised consent terms vide its letter dated October 17, 2008, wherein it proposed an amount of Rs.2,50,000/- (Rupees Two Lakh Fifty Thousand only) towards settlement charges and a voluntary surrender of its certificate of registration as sub-broker. 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 including the voluntary surrender of the certificate of registration as a sub-broker 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-08/2009. 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.