sebi:MO/05/MIRSD/05/06

SEBI · SEBI · 2002-08-21 · 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 three months recommended

Provisions invoked

• s. 19
• s. 12

Regulations

• Reg. 4
• Reg. 13(4)
• Reg. 6
• Reg. 5(1)
• Reg. 13(2)
• Reg. 200

Parties

• Archna Khandelwal

Holding

The Whole Time Member of SEBI recommended suspension of the certificate of registration of Archna Khandelwal, member of Calcutta Stock Exchange (INB030033510), for a period of three months for violations of various SEBI circulars including non-maintenance of order book, non-execution of client registration forms, non-segregation of client's money, non-collection of margins, and off-the-floor/cross deals.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER AGAINST ARCHNA KHANDELWAL., MEMBER, CALCUTTA STOCK EXCHANGE, SEBI REGISTRATION NO. INB030033510 UNDER REGULATION 13(4) SEBI (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY) REGULATIONS, 2002

1.0 BACKGROUND 1.1 Archna Khandelwal (hereinafter referred to as the ‘broker’) is a member of the Calcutta Stock Exchange (hereinafter referred to as ‘CSE’) 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 INB030033510. 1.2 An Inspection of the Books of Accounts, Documents and other records maintained by the broker for the period 2001-2002 was carried out by SEBI, during July 01-02, 2002. During the inspection, certain irregularities found to have been committed by the broker were observed. 2.0 APPOINTMENT OF ENQUIRY OFFICER 2.1 Inspection Report was forwarded to the broker on completion of inspection. After considering its reply dated 21.8.2002, an Enquiry Officer (hereinafter referred to as “EO”) was appointed vide order dated December 4, 2003 under Regulation 5(1) of SEBI (Procedure for Holding enquiry by enquiry officer and imposing

2.3 After considering the reply and the submissions made at the time of personal hearing, the Enquiry officer submitted his report dated 22.6.04 recommending suspension of registration of the broker for a period of six months. 3.0 SHOW CAUSE NOTICE AND THE BROKER’S SUBMISSIONS 3.1 A copy of the Enquiry Report was sent to the broker along with a show cause notice dated June 30, 2004, in terms of Regulation 13(2) of the said Regulations calling upon it to show cause as to why appropriate penalty including the penalty as recommended by the Enquiry Officer should not be imposed on it. The broker replied to the SCN vide reply dated 23.8.2004 and gave explanations on the issue of turnover fees. With regard to the other findings of the EO, the broker did not furnish any reply and therefore, the broker’s reply dated 21.8.02 is taken into account. 4.0 CONSIDERATION OF THE ENQUIRY REPORT 4.1 I have carefully considered the findings of the Inspection, Enquiry and the

Source: SecMarx — sebi:MO/05/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.