sebi:MO/188/MIRSD/02/2006

SEBI · SEBI · 2004-09-16 · Madhukar, 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

Certificate of registration suspended for one month

Provisions invoked

• s. 19
• s. 12

Regulations

• Reg. 13(4)
• Reg. 5(1)
• Reg. 13(2)
• Reg. 16

Parties

• Kailash Narayan Bhangdia

Holding

The certificate of registration of M/s. Kailash Narayan Bhangdia, Member, NSE bearing SEBI Registration No. INB230909317 is suspended for a period of one month. The order comes into force on expiry of 21 days from the date of the order.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order against Kailash Narayan Bhangdia Feb 02, 2006 | Orders : Orders of Chairman/Members MO/188/MIRSD/02/2006 SECURITIES AND EXCHANGE BOARD OF INDIA

1.0 BACKGROUND 1.1 M/s. Kailash Narayan Bhangdia, (hereinafter referred to as “the broker”) is a member of National Stock Exchange, (“NSE”) registered with SEBI as a stock broker under section 12 of SEBI Act, 1992 with SEBI Registration No. INB230909317. 1.2 Inspection of the books of accounts, documents and other records of the broker was carried out by SEBI for the period 2000-01, 2001-02, 01.04.2002 to 30.09.2002 and certain irregularities found to have been committed by the broker were observed. 2.0 ENQUIRY PROCEEDINGS 2.1 In view of the above, an Enquiry Officer (EO) was appointed vide SEBI Order dated November 5, 2003 under Regulation 5(1) of SEBI (Procedure for Holding Enquiry) Regulations, 2002 (hereinafter referred to as the “said Regulations”) to inquire into the irregularities observed during the inspection of books of accounts of the broker. The EO after conducting the enquiry in terms of the said regulations submitted his report on 07.05.04 recommending for imposition of a minor penalty of suspension of certificate of registration of the broker for a period of one month. 2.2 A copy of the Enquiry Report was sent to the broker on 15.09.04, in terms of Regulation 13(2) of the said Regulations, advising it to show cause as to why appropriate penalty including the penalty as recommended by the Enquiry Officer should not be imposed. 2.3 The broker replied vide letter dated 16.09.04 enclosing the original certificate of registration for cancellation. The broker surrend

broker requested SEBI to dispense with the procedure laid down in Regulation 16 of the SEBI(Procedure for Holding Enquiry by Enquiry Officer and Imposing

Source: SecMarx — sebi:MO/188/MIRSD/02/2006. 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.