sebi:MO/108/MIRSD/10/04
Facts / Headnote
Application for certificate of registration as Underwriter rejected
Provisions invoked
- s. 19
Regulations relied on
- SEBI (Underwriters) Regulations, 1993
Parties
- Khandwala Securities Limited
Holding
The application dated February 6, 2004 by Khandwala Securities Limited for grant of certificate of registration as an Underwriter was rejected.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order against Khandwala Securities Ltd Oct 11, 2004 | Orders : Orders of Chairman/Members MO/108/MIRSD/10/04 SECURITIES AND EXCHANGE BOARD OF INDIA
business are not the sole factors to be taken into account while considering the application for registration. In the instant case, I have noted that the enquiry and adju proceedings initiated against the applicant/related entities, as mentioned at para 2, are in progress. While I agree with the applicant’s submission that no guilt can be a merely based on initiation of proceedings, I have noted that multiple proceedings are pending against the applicant/related entities, a fact that can not be ignored while dec grant of registration to the applicant. I have also observed that vide their letter dated July 09, 2004, the applicant company submitted that inadvertently certain mistak committed which were taken note of and that they had initiated remedial action to prevent their recurrence.
2004, calling upon the applicant to show cause as to why its application for grant of certificate of registration as an Underwriter should not be rejected. Vide the said notice, the applicant was also advised to indicate if it wished to avail an opportunity of hearing before the competent authority. It was also informed that the applicant’s decision to avail the opportunity of hearing shall be intimated to SEBI within 15 days of receipt of the letter.
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