sebi:IVD/MSBL/EAD/AO/KS/CO-02/2018
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Facts / Headnote
Settled - adjudication proceedings disposed of on payment of settlement charges
Regulations
- Reg. 7
- Reg. 9(f)
- Reg. 17
- Reg. 15
Parties
- Maverick Share Brokers Ltd
Holding
In terms of Regulation 15(1) of the Settlement Regulations, the adjudication proceedings initiated against Maverick Share Brokers Ltd vide SCN dated December 03, 2015 are disposed of upon payment of Rs.5,00,000 towards settlement.
Full text
Page 2 of 3 Noticee. It was alleged that the Noticee acted as the stock broker and counterparty stock broker for various self trades of its client Prefer Abasan Pvt Ltd and all trades were executed from the same terminal in the scrip of The Byke Hospitality Ltd. It was alleged that the Noticee has violated the provisions of Clause A(2) of the Code of Conduct for Stock Brokers as specified under Schedule II read with Regulation 7 / Regulation 9(f) of Stock Brokers Regulations.
Page 3 of 3 6. This order is without prejudice to the right of SEBI to take enforcement actions including commencing /re-opening of the pending proceedings against the Noticee, if SEBI finds that : a. any representation made by the Noticee in the settlement proceedings are subsequently discovered to be untrue. b. the Noticee has breached any of the clauses / conditions of undertakings / waivers filed during the current settlement proceedings.
3. The Noticee had submitted an application vide no. 3187/2016 dated October 14,2016 and an undertaking in the format prescribed by SEBI for settlement of the matter in terms of SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014 (hereinafter referred to as ‘Settlement Regulations’). Pursuant to the said application, the settlement terms as proposed by the Noticee for an amount of Rs.5,00,000/- (Rupees Five Lakh Only) towards settlement charges was placed before the High Powered Advisory Committee ( hereinafter referred to as ‘HPAC’) on November 27, 2017. After considering the facts and circumstances of the case, the HPAC recommended that the case may be settled by the Noticee on payment of Rs.5,00,000/-.Thereafter, the recommendation of HPAC were approved by the panel of Whole Time Members of SEBI on January 03,2018.
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Source: SecMarx — sebi:IVD/MSBL/EAD/AO/KS/CO-02/2018. 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.