sebi:MO/04/MIRSD/05/06

SEBI · SEBI · 2001-05-09 · T.C. Nair, Whole Time Member

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Suspension of certificate of registration for a period of one month

Provisions invoked

• s. 19
• s. 12(1)
• s. 12

Regulations

• Reg. 13(4)
• Reg. 5(1)
• Reg. 13(2)
• Reg. 6
• Reg. 17(1)

Parties

• M/s Right Finstock Pvt. Ltd., Member - Ahmedabad Stock Exchange, SEBI Registration No. INB020916939

Holding

The certificate of registration of M/s Right Finstock Pvt. Ltd., Member-Ahmedabad Stock Exchange bearing SEBI Registration No. INB020916939 is suspended for a period of one month. This order shall come into force on expiry of 21 days from the date of the order and shall be without prejudice to SEBI's right to recover turnover fees.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER AGAINST M/s.RIGHT FINSTOCK PVT. LTD., MEMBER – AHMEDABAD STOCK EXCHANGE, SEBI REGISTRATION NO. INB020916939 UNDER REGULATION 13(4) OF SEBI (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY) REGULATIONS, 2002. 1.0  BACKGROUND 1.1  M/s Right Finstock Pvt. Ltd. (hereinafter referred to as the ‘broker’) is a member of Ahmedabad Stock Exchange, (hereinafter referred to as ‘ASE’) and is registered with the S and Exchange Board of India (hereinafter referred to as ‘SEBI’) as a Stock broker under Section 12 of SEBI Act, 1992 with Registration Number INB020916939. 1.2  An Inspection of the Books of Accounts, Documents and other records maintained by the broker for the financial years 1999-2000 and 2000- 2001, till the date of inspection was out by SEBI during Jan 2001. During the inspection, certain irregularities found to have been committed by the broker were observed. 2.0  ENQUIRY PROCEEDINGS  2.1       On completion of inspection, the Report was forwarded to the broker.  After considering the broker’s reply dated May 9, 2001 an Enquiry Officer (hereinafter referred to as “E appointed vide Order dated July 24, 2003 under Regulation 5(1) of SEBI (Procedure for Holding Enquiry by Enquiry Officer  and Imposing Penalty) Regulations, 2002 (her referred as the ‘said regulations’) to enquire into the alleged irregularities committed by the broker. 2.2 A Notice dated September 25, 2

1.0 BACKGROUND 1.1 M/s Right Finstock Pvt. Ltd. (hereinafter referred to as the ‘broker’) is a member of Ahmedabad Stock Exchange, (hereinafter referred to as ‘ASE’) and is registered with the Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) as a Stock broker under Section 12 of SEBI Act, 1992 with Registration Number INB020916939. 1.2 An Inspection of the Books of Accounts, Documents and other records maintained by the broker for the financial years 1999-2000 and 2000- 2001, till the date of inspection was carried out by SEBI during Jan 2001. During the inspection, certain irregularities found to have been committed by the broker were observed. 2.0 ENQUIRY PROCEEDINGS 2.1 On completion of inspection, the Report was forwarded to the broker. After considering the broker’s reply dated May 9, 2001 an Enquiry Officer (hereinafter referred to as “EO”) was appointed vide Order dated July 24, 2003 under Regulation 5(1) of SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (hereinafter referred as the ‘said regulations’) to enquire into the alleged irregularities committed by the broker. 2.2 A Notice dated September 25, 2003 was issued to the broker under Regulation 6 (1) of the said regulations. The broker replied vide letter dated October 13, 2003 and requested to consider its reply dated 9.5.2001. It further stated that it has taken steps to rectify the irregularities. The Enquiry Officer conducted the Enquiry b

3.2 Since no reply was received, another letter dated September 15, 2004 was issued to the broker stating that it has been given one last opportunity to make its

Source: SecMarx — sebi:MO/04/MIRSD/05/06. 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.