sebi:MO/142/IVD/01/06
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
SEBI Certificate of Registration No. INB 010849331 of Active Finstock Private Limited suspended for a period of forty-five days
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 4
- Reg. 13(4)
- Reg. 4(a)
Parties
- M/s. Active Finstock Private Limited
Holding
Active Finstock Private Limited was found not guilty of violating Regulation 4(a), (b) and (d) of the SEBI FUTP Regulations, 1995, but guilty of failing to collect initial margins from clients in violation of the Code of Conduct, and its certificate of registration No. INB 010849331 was suspended for forty-five days.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER UNDER REGULATION 13(4) OF SEBI (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY) REGULATIONS, 2002, AGAINST M/S. ACTIVE FINSTOCK PRIVATE LIMITED, MEMBER, THE STOCK EXCHANGE, MUMBAI, (SEBI REGISTRATION NO. INB 010849331) IN THE MATTER OF VISION TECHNOLOGY INDIA LIMITED.
i. The transactions in the scrip of VTIL were negligible in comparison to the total trade done by the member. The omissio would therefore have not resulted in any breach of their obligations towards the Exchange. Also, no investor has suffered any technical infraction. ii. Since the member used to obtain the consent of the client prior to execution of the transactions, clients invariably had credit as they used to maintain running accounts with us. Also, shares of few companies were kept with them by CFSL for sales. In no contravention of any substantive law by virtue of the said infraction. In view of the above, the member has submitted that no penalty be imposed on them. ISSUES FOR CONSIDERATION
2000 on BSE. Active has placed orders on behalf of M/s. Consent Financial Services Pvt. Ltd. (hereinafter referred to as CFSPL). CFSPL, in turn, placed orders on behalf of VFSL. ENQUIRY REPORT AND FINDINGS
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Source: SecMarx — sebi:MO/142/IVD/01/06. 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.