sebi:EAD-7/BJD/NJMR/2019-20/2998
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Facts / Headnote
Proceedings disposed of without any penalty
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 26
Parties
- Sunidhi Securities & Finance Ltd.
Holding
The charge that Sunidhi Securities & Finance Ltd. failed to settle inactive client accounts in violation of Clause 12(e) was not established, and the adjudication proceedings initiated vide SCN dated March 8, 2019 were disposed of without any penalty.
Full text
Adjudication Order in the matter of Sunidhi Securities & Finance Ltd., Page 2 of 22 Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as "Adjudication Rules") vide order dated February 4, 2019 to inquire into and adjudge the alleged violation of the provisions of Clause 12 (e) of the Annexure to SEBI Circular ref. no. MIRSD/SE/Cir-19/2009 dated December 3, 2009, committed by the Noticee, under Section 15 HB of the SEBI Act, 1992 and Regulation 26 (xv) of SEBI (Stock Brokers and Sub-brokers Regulations), 1992(hereinafter referred to as “Stock Brokers Regulations”).
Adjudication Order in the matter of Sunidhi Securities & Finance Ltd., Page 3 of 22 Dec-16 Mar-17 17 100 2983865.26 187786.48 3192370.09 Mar-17 Jun-17 21 100 2983865.26 171438.87 3600216.33 Jun-17 Sep-17 54 100 2983865.26 141228.62 7626346.00 Sep-17 Dec-17 140 100 8060383.63 462221.21 64710970.04
Adjudication Order in the matter of Sunidhi Securities & Finance Ltd., Page 4 of 22 in our books. It may be appreciated that it was on account of commercial exigencies that the requirement of quarterly settlement could not be adhered to.
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Source: SecMarx — sebi:EAD-7/BJD/NJMR/2019-20/2998. 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.