sebi:EAD-2/AO/41/2012
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Facts / Headnote
Alleged violations not established; matter disposed of without penalty
Provisions invoked
- s. 15H
- s. 15
Regulations
- Reg. 7
- Reg. 4
Parties
- Pilot Credit Capital Ltd.
Holding
The Adjudicating Officer concluded that the alleged violations of Regulations 4(2)(a) and 4(2)(n) of the PFUTP Regulations and Regulation 7 read with the Code of Conduct under the Broker Regulations, as charged in the SCN against the Noticee (Pilot Credit Capital Ltd.), were not established beyond doubt, and disposed of the matter without imposing any penalty.
Full text
Page 2 of 8 one way or the other namely Shri Ambar Dalal, Shri Amit Sehgal, Shri Ramniklal Patel, Shri Prasad Tandel, Shri Girdharbhai Vagadiya, Shri Kalpesh Babariya and Shri Mahendra Brahmbhatt. These entities trading members DPS Shares & Securities (P) Ltd. (DPS), Action Financial Services (India) Ltd. (AFSL), Galaxy Broking Ltd. (Galaxy) and Pilot Credit Capital Ltd. (hereinafter referred to as “the Noticee”) were having a concentration of 20.77%, 19.37%, 17.15% and 5.43% respectively, in gross purchase.
Page 3 of 8 Show Cause Notice, Reply and Personal Hearing 5. The AO issued notice dated February 07, 2012 (hereinafter referred to as ‘SCN’) under Rule 4 of the Adjudicating Rules to the Noticees to show cause as to why an inquiry should not be held against it and penalty be not imposed under Sections 15 HA and HB of the SEBI Act, for its alleged violation of the provisions of Regulations 4 (2)(a) and 4 (2)(n) of the PFUTP Regulations and Regulation 7 read with Clause A (1), (2), (3), (4) and (5) of Code of Conduct specified under Schedule II of the Broker Regulations.
Page 4 of 8 dealing with other people. Therefore, they have not violated any regulations which attracts penalty under Section 15 HA and 15 HB and other regulations as mentioned in the SCN.
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Source: SecMarx — sebi:EAD-2/AO/41/2012. 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.