sebi:IVD-ID8/WOL/AO/DRK/ASG/EAD-3/03/2009
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Facts / Headnote
adjudication proceedings disposed of by consent settlement
Holding
The pending adjudication proceedings against the Noticee under the SEBI Act, 1992 are disposed of by this consent order on payment of Rs. 1,00,000 towards settlement charges and voluntary suspension of broker registration for three months, without admission or denial of guilt.
Full text
- 2 - 3. Pending adjudication proceedings, the Noticee made an application dated May 15, 2008 (Consent application Regn. No. 685 of 2008) and an undertaking in the format prescribed by SEBI for settlement in the matter in terms of SEBI Circular No. EFD/Cir.-1/2007 dated April 20, 2007 proposing to pay Rs. 1,00,000/- (Rupees One Lakh only) towards settlement charges. Pursuant to the said application, as requested by the Noticee a meeting was granted to it before the Internal Committee on Consent on October 16, 2008 and the consent terms were settled at a consolidated amount of Rs.1, 00,000/- (Rupees One Lakh only) towards settlement charges and a voluntary suspension of certificate of registration as a broker for a period of three months of the Noticee. The consent terms were placed before the High Powered Advisory Committee (hereinafter referred to as “HPAC”) on December 24, 2008 and the HPAC considered the facts and circumstances of the case, proposed settlement terms offered by the Noticee and the other material brought before the HPAC. HPAC after deliberation recommended the case for settlement on the consent terms proposed by the Noticee.
- 3 - a. Any representations made by the Noticee in the consent proceedings are subsequently discovered to be untrue. b. The Noticee has breached any of the clauses / conditions of undertakings / waivers filed during the current consent proceedings.
4. In terms of the proposal of the Noticee for the sole purpose of settling the matter on hand and without admission or denial of guilt on the part of the Noticees to the findings of fact or conclusions of law, the Noticee has remitted a sum of Rs.1, 00,000/- (Rupees One Lakh only) favoring SEBI vide Demand Draft No. 513729 dated February 27, 2009 drawn on Axis Bank, payable at Mumbai, towards the terms of consent in the matter.
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Source: SecMarx — sebi:IVD-ID8/WOL/AO/DRK/ASG/EAD-3/03/2009. 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.