sebi:MO/17/MIRSD/06/06

SEBI · SEBI · 2002-01-15 · T.C. Nair, Whole Time Member

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Facts / Headnote

Suspension of certificate of registration for 15 days

Provisions invoked

• s. 19
• s. 12

Regulations

• Reg. 7
• Reg. 13(4)
• Reg. 5(1)
• Reg. 13(2)
• Reg. 6
• Reg. 5
• Reg. 17(1)
• Reg. 10(1)

Parties

• Limra Securities Ltd.

Holding

The Whole Time Member suspended the certificate of registration of Limra Securities Ltd. for a period of 15 days for violations relating to maintenance of books of accounts, contract notes, margin collection, segregation of clients' monies and securities, client registration forms, unique client codes, and dealing with unregistered sub-brokers.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order against Limra Securities Limited Jun 16, 2006 | Orders : Orders of Chairman/Members MO/17/MIRSD/06/06 SECURITIES AND EXCHANGE BOARD OF INDIA

1.1 Limra Securities Ltd. (hereinafter referred to as the ‘broker’) is a member of the National Stock Exchange (hereinafter referred to as ‘NSE’) 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 INB230782430. 1.2 An Inspection of the Books of Accounts, Documents and other records maintained by the broker for the period 2000-01, 2001-02 and April 2002 till date of inspection i.e. 16.9.02 was carried out by SEBI. During the inspection, certain irregularities found to have been committed by the broker were observed. 2.0 APPOINTMENT OF ENQUIRY OFFICER 2.1 On completion of inspection, the Report was forwarded to the broker vide letter dated December 31, 2002. After considering its reply dated 15.1.2002, an Enquiry Officer (hereinafter referred to as “EO”) was appointed vide order dated December 1, 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 which were observed during the inspection. 2.2 A Show Cause Notice dated January 12, 2004 was issued to the broker under Regulation 6 (1) of the said regulations. The broker did not reply to the said notice. The EO conducted the enquiry in terms of the said Regulations and the broker was given an opportunity of personal he

5.2 In the facts and circumstances of the case, I am of the view that a minor penalty of suspension of certificate of registration of the broker for a period of 15 days would be adequ appropriate. 6.0 ORDER 6.1  Now, therefore, in exercise of powers delegated to me in terms of Section 19 of SEBI Act, 1992 read with Regulation 13(4) of the said Regulations, I hereby suspend the certi registration of M/s.Limra Securities Ltd., Member, National Stock Exchange, with Registration Number INB230782430 for a period of 15 days. 6.2 This order shall come into force ­on the expiry of 21 days from the date of this order. Place: Mumbai T.C. NAIR Date:  16.6.06 WHOLE TIME MEMBER

Source: SecMarx — sebi:MO/17/MIRSD/06/06. 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.