sebi:JJ/AK/AO-70/2014
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Facts / Headnote
Violations established; total monetary penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 23J
- s. 23
- s. 23H
Regulations
- Reg. 7
Parties
- M/s Svarn Financial Services Private Limited
Holding
The Adjudicating Officer held that M/s Svarn Financial Services Private Limited violated SEBI Circular MIRSD/SE/Cir-19/2009, Broker Regulations Code of Conduct and SCR Rules 8(1)(f) & 8(3)(f), and imposed a total penalty of Rs 15,00,000 - Rs 8,00,000 under Section 15HB of SEBI Act and Rs 7,00,000 under Section 23H of SCR Act.
Full text
Adjudication Order in respect of M/s Svarn Financial Services Private Limited Page 2 of 21 May 29, 2014 19/2009 dated December 03, 2009 read with SEBI Circular no. SMD/SED/CIR/93/23321 dated November 18, 1993 and Clauses A(2) & A(5) of the code of conduct specified under schedule II read with regulation 7 of SEBI (Stock Brokers & Sub Brokers) Regulations, 1992 (hereinafter referred to as “Broker Regulations”) AND rules 8(1)(f) & 8(3)(f) of Securities Contracts (Regulation) Rules, 1957 (hereinafter referred to as "SCR Rules, 1957").
Adjudication Order in respect of M/s Svarn Financial Services Private Limited Page 3 of 21 May 29, 2014 section 23H of SCR Act. The said SCN was sent through speed post with acknowledgment (SPAD) at the last known address of the Noticee, which was returned undelivered with remark "Left". Thereafter, Mr. Vikramendra Prasad Bhalla, Director of the Noticee vide email dated February 13, 2014 had requested to send the scanned copy of SCN on his email id i.e. vikramendra1511@gmail.com and a copy of the SCN on alternate correspondence address i.e. "C 5/39, SDA 2nd Floor, New Delhi 110016". Vide email dated February 13, 2013 a scanned copy of the SCN was emailed at vikramendra1511@gmail.com and vide letter dated February 13, 2014 a copy of SCN was also dispatched through SPAD at the alternate correspondence address of the Noticee and was delivered (proof of delivery is on record).
Adjudication Order in respect of M/s Svarn Financial Services Private Limited Page 4 of 21 May 29, 2014 ISSUES FOR CONSIDERATION
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Source: SecMarx — sebi:JJ/AK/AO-70/2014. 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.