sebi:EAD/KS/MKG/AO/98/2017-18
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Facts / Headnote
Show Cause Notice SEBI/EAD/KS/MKG/31232/2017 dated December 12, 2017 disposed of without imposition of any penalty
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 12A
Regulations
- Reg. 7
- Reg. 2(c)
- Reg. 3
- Reg. 3(a)
Parties
- Adroit Financial Services Private Limited
Holding
The Show Cause Notice dated December 12, 2017 against Adroit Financial Services Private Limited alleging violation of Clause A(2) of the Code of Conduct read with Regulation 7 of the Broker Regulations, 1992 was disposed of without imposition of any penalty as the violations were not established.
Full text
Page 2 of 25 Particulars BSE (Rs.) NSE (Rs.) Low Price (during post listing investigation period) 204.70 204.50 Close Price ( On 31/10/2011) 206.40 205.80 Traded Quantity 2,52,33,620 3,13,38,101
Page 3 of 25 Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under Section 15HB of SEBI Act, the alleged violation of the provisions of Clause A(2) of the Code of conduct for Stock Brokers as stipulated in schedule II read with Regulation 7 of the Broker Regulations, 1992 by Noticee.
Page 4 of 25 of India Act, 1992 (hereinafter referred to as “SEBI Act”) and penalty not be imposed under 15HB the SEBI Act for the alleged contravention of Clause A(2) of the Code of Conduct for Stock Brokers as specified under Schedule II read with Regulation 7 of Securities Exchange Board India (Stock brokers and Sub brokers) Regulations, 1992 (hereinafter referred to as “Stock Broker Regulations”) for the alleged irregularities in the scrip of Ujaas Energy Limited (hereinafter referred to as “UEL”). ii. At the outset, Our Client submits that, they do not accept or admit anything stated in your goodself’s Notice except where the same is expressly admitted by them in this reply. Nothing stated herein shall be deemed to be admitted by them merely on account of non-traverse and unless the same is specifically admitted by them hereunder. iii. The major allegations levied in the captioned Notice is that Our Client, being the SEBI registered intermediary, executed 2,054 self-trades for 3,30,634 shares on behalf of AKG Securities and Consultancy Ltd. (hereinafter referred to as “AKG”) and so has failed to exercise due skill, care and diligence by failing to prevent such self-trades from Our Client’s terminal, it is alleged that we have violated Clause A (2) of Code of Conduct for Stock Brokers as specified under Schedule II read with Regulation 7 of the Stock Brokers Regulations. iv. Our Client submits that although there may be some quite infrequent, random and insignificant inst
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Source: SecMarx — sebi:EAD/KS/MKG/AO/98/2017-18. 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.