sebi:EAD-5/SVKM/AO/19/2016-17
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Facts / Headnote
Allegations of non-compliance with mandatory quarterly settlement of accounts found established against the Noticee; penalty determination not stated in the provided excerpt
Provisions invoked
- s. 11
- s. 15
- s. 12
- s. 15H
- s. 23
- s. 23H
Regulations
- Reg. 7
Parties
- JRG Securities Limited
Holding
The Noticee (JRG Securities Limited) contravened SEBI Circular dated 03.12.2009 and the Code of Conduct under Regulation 7 of the Broker Regulations, 1992 by failing to mandatorily settle client accounts quarterly, settling funds and securities on different dates, retaining funds/securities without proper basis, and engaging in technical compliance through reversed pay-outs.
Full text
Adjudication Order in respect of JRG Securities Limited Page 2 of 40 APPOINTMENT OF ADJUDICATING OFFICER 3. SEBI vide order dated November 14, 2013 appointed Shri A. Sunil Kumar as the Adjudicating Officer under section 15 I of SEBI Act, 1992 read with Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (SEBI Adjudicating Rules) and under Section 23-I of SCRA, 1956 read with Rule 3 of Securities Contracts (Regulation) (Procedure for holding inquiry and imposing penalties by Adjudicating Officer) Rules, 2005 (SCRA Adjudicating Rules) to inquire into and adjudge the aforesaid allegations under section 15HB of SEBI Act, 1992 and Section 23H of the SCRA, 1956. Consequent to the transfer of Shri A. Sunil Kumar, the undersigned was appointed as the Adjudicating Officer vide order dated June 22, 2015.
Adjudication Order in respect of JRG Securities Limited Page 3 of 40 SEBI. SEBI rejected the said settlement application of the Noticee vide letter dated August 12, 2016.
Adjudication Order in respect of JRG Securities Limited Page 4 of 40 Allegation A: Non settlement of mandatory quarterly settlement of accounts.
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Source: SecMarx — sebi:EAD-5/SVKM/AO/19/2016-17. 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.