sebi:EAD-2/DSR/RG/514/2015
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Facts / Headnote
Penalty imposed on the Noticee for violations of SEBI circulars and Code of Conduct for stock brokers
Provisions invoked
- s. 15
- s. 11(1)
- s. 15H
- s. 15J
Regulations
- Reg. 9(f)
- Reg. 9
- Reg. 21(1)
Parties
- Manubhai Mangaldas Securities Pvt. Limited
Holding
The Noticee was held liable for failing to settle client accounts on a quarterly basis as opted by clients and for failing to issue statements of retention/settlement of funds and securities, in violation of SEBI circulars dated December 03, 2009 and March 31, 2010 and Clauses A(2) and A(5) of the Code of Conduct. A penalty of Rs. 5,00,000 was imposed under Section 15HB of the SEBI Act.
Full text
Page 2 of 27 (c) The statements of retention provided to the clients were observed to be undated and failure to provide statement of funds and securities to clients. (d) Delay in submission of data / information to SEBI.
Page 3 of 27 Authorized Representative (AR) appeared on the scheduled date and reiterated the submissions already made by the Noticee vide its reply dated May 06, 2015. Further, the AR requested for time to file additional
Page 4 of 27 the Member Clients Agreements, and (c) No. MRD/DoP/SE/Cir- 20/2005 dated September 8, 2005 specifying the conditions for issuing electronic contract notes.
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Source: SecMarx — sebi:EAD-2/DSR/RG/514/2015. 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.