sebi:EAD/BD/BM/2019-20/5284
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Facts / Headnote
Violation established; monetary penalty of Rs. 2,00,000 imposed under Section 23D of SCRA
Provisions invoked
- s. 12
- s. 28A
- s. 23
- s. 23J
- s. 23D
- s. 23I
Parties
- Paterson Securities Private Limited
Holding
The Noticee failed to maintain segregation of clients' funds in violation of SEBI Circulars dated November 18, 1993 and September 26, 2016 and is therefore liable under Section 23D of SCRA, with a monetary penalty of Rs. 2,00,000 imposed.
Full text
Page 2 of 13 a) Circulars SMD/SED/CIR/93/23321 dated November 18, 1993 and b) SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016
Page 3 of 13 - Realizing the need to suit the present tech savvy environment, we have implemented the latest software “tech excel” recommended by SEBI and the Exchanges, and the process of migration is under process now. - It is a matter pride for us to state here that there has never been a single instance of any complaint against our Company from any of our clients.
Page 4 of 13 (ii) Does the violation, if any, attract monetary penalty under Section 23D of SCRA? (iii)If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in Section 23 J of SCRA?
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Source: SecMarx — sebi:EAD/BD/BM/2019-20/5284. 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.