sebi:IVD-ID2/MIL-AAG/AO/DRK/ASG/EAD3/245/11-2011
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Facts / Headnote
Penalty imposed on the noticee for failure to exercise due skill, care and diligence
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 138
Regulations
- Reg. 26
Parties
- Shri Anil A. Gandhi
Holding
The noticee, a sub-broker, was held liable under Regulation 26(xvi) of the Stock Brokers Regulations for failure to exercise due skill, care and diligence in his dealings in the scrip of MIL during September-October 2000, and a penalty of Rs. 10,000 was imposed under Section 15HB of the SEBI Act.
Full text
Page 2 of 8 3. The Investigation Report (hereinafter referred to as ‘IR’) submitted the following findings: • Period I: During this period the movement of the scrip was by and large in sync with the general trend in the prices of various scrips especially of the companies associated with Information, Communication & Entertainment sector. • Period II:
Page 3 of 8 should not be held against the noticee in respect of the violations alleged to have been committed by the noticee.
Page 4 of 8 v. Just because the trades were being executed from the noticee’s trading terminal can in no way justify the inference that the noticee assisted his clients in the alleged wrong doing .
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Source: SecMarx — sebi:IVD-ID2/MIL-AAG/AO/DRK/ASG/EAD3/245/11-2011. 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.