sebi:EAD-9/SM/247/2018-19

SEBI · SEBI · 2018-08-13 · Sahil Malik, Adjudicating Officer

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Facts / Headnote

Penalty imposed

Provisions invoked

• s. 15
• s. 15H
• s. 15J
• s. 15F

Regulations

• Reg. 15

Holding

The Adjudicating Officer held that violation of SEBI circulars MIRSD/DR-1/Cir-16/09 dated November 06, 2009 and MIRSD/AP/8/2010 dated July 23, 2010 was not established, but violations of Clause D(c)(iv) of Consolidated NSE Circular 001/2013 dated February 13, 2013 and Clauses A(1) and D(1) of the Code of Conduct for sub-brokers were established. A penalty of Rs. 50,000/- under Section 15HB of the SEBI Act, 1992 was imposed on the Noticee.

Full text

In the matter of Inditrade Capital Ltd Page 2 of 8 Show Cause Notice, Reply and Personal Hearing: 3. Show Cause Notice dated August 13, 2018 (hereinafter referred to as ‘SCN”) was served on Noticee in terms of Rule 4 of AO Rules read with Section 15 (I) of SEBI Act, calling upon the Noticee to show cause as to why an inquiry should not be held against the Noticee for the alleged provisions of law. The SCN issued was duly delivered.

In the matter of Inditrade Capital Ltd Page 3 of 8 Issue I: Whether Noticee have violated a) Clauses 1, 2, 3 and 4 of Annexure 1 of SEBI circulars MIRSD/DR-1/Cir-16/09 dated November 06, 2009 and MIRSD/AP/8/2010 dated July 23, 2010; (b) Clause D(c ) (iv) of NSE Circular 001/2013 dated February 13, 2013 (c ) Clauses A(1) and D(1) of the Code of Conduct for sub-brokers as stipulated in Schedule II read with Regulation 15 of the Stock Broker Regulations.

In the matter of Inditrade Capital Ltd Page 4 of 8 4. Eligibility Criteria 4.1 An individual is eligible to be appointed as authorised person if he: a) is a citizen of India; b) is not less than 18 years of age; c) has not been convicted of any offence involving fraud or dishonesty; d) has good reputation and character; e) has passed at least 10th standard or equivalent examination from an institution recognized by the Government; and f) has the certification, as applicable to approved user/sales personnel of the respective segment, and undertakes to continue to have valid certification thereafter.

Source: SecMarx — sebi:EAD-9/SM/247/2018-19. 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.