sebi:EAD-2/DSR/VVK/RG/199-200/2014
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Facts / Headnote
Penalties imposed on both Noticees; charge under Regulation 4(2)(e) dropped
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 7
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 4(2)(e)
Parties
- Shri Vasantlal Mohanlal Vora
- Arcadia Shares & Stock Brokers Pvt. Ltd.
Holding
Noticee No. 1 violated Regulations 3(a)-(d) and 4(1), 4(2)(a), (b), (g) of the PFUTP Regulations and Noticee No. 2 violated Regulations 3(a)-(d), 4(1), 4(2)(a) and Broker Code A(1), A(3), A(4), A(5), attracting penalties of Rs. 5,00,000 on Noticee No. 1 and Rs. 3,00,000 under 15HA plus Rs. 2,00,000 under 15HB on Noticee No. 2, while no violation of Regulation 4(2)(e) was found.
Full text
Page 2 of 13 shareholders. As on March 2010, it was observed that the share capital of VIL was only 9,96,000 shares, out of which 6,71,310 shares (67.4%) were held by one promoter and remaining 3,24,690 shares (32.60%) were held by 106 non- promoter entities.
Page 3 of 13 APPOINTMENT OF ADJUDICATING OFFICER 5. SEBI has, therefore, initiated Adjudication proceedings against the Noticees and I have been appointed as the Adjudicating Officer vide order dated the August 26, 2013 under Section 15-I of the 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 the said “Rules”) to inquire into and adjudge under Section 15HA of the SEBI Act the alleged violation of the PFUTP Regulations by the Noticee Nos. 1 and 2 and under Section 15HB for the alleged violations of Broker Regulations by Noticee No. 2 .
Page 4 of 13 8. Thereafter, in the interest of natural justice and in order to conduct an inquiry as per Rule 4 (3) of the said Rules, an opportunity of personal hearing was granted to the Noticees on May 26, 2014. The authorized representatives of the Noticees attended the scheduled hearing and reiterated the submissions made vide their replies dated the February 24, 2014 and February 27, 2014, respectively.
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Source: SecMarx — sebi:EAD-2/DSR/VVK/RG/199-200/2014. 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.