sebi:EAD-7/BJD/NJMR/2018-19/3027

SEBI · SEBI · 1993-11-18 · B J Dilip, Adjudicating Officer

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Violation found; penalty imposed

Provisions invoked

Parties

Holding

The Noticee violated SEBI Circular ref. no. SMD/SED/CIR/93/23321 dated November 18, 1993 by utilizing credit balances of clients towards debit balances of other clients, and a penalty of Rs. 10,00,000 was imposed under Section 23D of SCRA.

Full text

Adjudication Order in respect of Shree Naman Securities and Finance Pvt, Ltd., Page 2 of 17 against the Noticee for the alleged violation of the provisions of SEBI Circular ref. no. SMD/SED/CIR/93/23321 dated November 18, 1993

Adjudication Order in respect of Shree Naman Securities and Finance Pvt, Ltd., Page 3 of 17 2. 24/04/2015 1,03,18,641.85 3. 06/05/2015 30,72,074.89 4. 29/05/2015 88,80,101.61 5. 19/06/2015 28,06,160.66 6. 10/07/2015 99,26,993.20 7. 13/08/2015 37,37,793.45 8. 14/08/2015 1,72,57,912.28 9. 18/08/2015 1,89,21,253.20 10. 17/12/2015 11,03,23,905.33 11. 08/01/2016 4,99,998.16 12. 12/02/2016 5,18,81,351.31 13. 04/03/2016 8,69,00,000.00 14. 08/04/2016 2,32,07,782.86 15. 22/04/2016 10,97,55,482.69 16. 13/05/2016 11,85,08,613.90 17. 29/06/2016 2,75,30,333.61 18. 12/08/2016 3,15,90,899.95

Adjudication Order in respect of Shree Naman Securities and Finance Pvt, Ltd., Page 4 of 17 charges alleged in the SCN. Vide email dated March 7, 2019, the Noticee was informed of granting extension of time till March 22, 2019. Vide email dated March 20, 2019 the Noticee once again sought extension of another 15 days for submitting its reply, which was not entertained and the same was informed to the Noticee vide email dated March 27, 2019 with a direction to submit its reply by April 1, 2019. Vide letter dated April 1, 2019, the Noticee submitted its reply, which is summarized hereunder:

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Source: SecMarx — sebi:EAD-7/BJD/NJMR/2018-19/3027. 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.