sebi:EAD/KS/MKG/AO/71/2017-18
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Facts / Headnote
Show Cause Notice disposed of without imposition of any penalty
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 2(c)
- Reg. 3
- Reg. 4(1)
- Reg. 4(2)(a)
- Reg. 3(a)
- Reg. 4(2)(g)
- Reg. 3(b)
- Reg. 3(c)
Parties
- Setu Securities Private Limited
Holding
The Adjudicating Officer held that the alleged violations of Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) and (g) of the PFUTP Regulations, 2003 by Setu Securities Private Limited do not stand established, and the Show Cause Notice was disposed of without imposition of any penalty under Section 15HA of the SEBI Act.
Full text
Page 2 of 22 APPOINTMENT OF ADJUDICATING OFFICER 3. SEBI, vide communication order dated July 17, 2017 appointed the undersigned as Adjudicating Officer under Section 15 I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "SEBI Act"), read with Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under Section 15HA of SEBI Act, the alleged violation of Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) and (g) of PFUTP Regulations by the Noticee.
Page 3 of 22 6. Noticee vide letter dated November 29, 2017 replied to the SCN. Thereafter for the purpose of inquiry an opportunity of hearing, in accordance with the principles of natural justice, was provided to the Noticee on December 14, 2017 vide hearing notice dated December 06, 2017.
Page 4 of 22 Company Background d) We are into the business of transacting in securities market and have a very large & voluminous trading and investment portfolio. We trade through multiple terminals/dealers and carry out jobbing, arbitrage and positional trading in securities on one or more Exchanges using multiple trading strategies and my trades in VIL were a negligibly small portion of my entire trading. A snapshot of my activity is given below:
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Source: SecMarx — sebi:EAD/KS/MKG/AO/71/2017-18. 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.