sebi:MO/21/MIRSD/12/2005
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Facts / Headnote
Suspension of certificate of registration for a period of one month
Provisions invoked
- s. 19
- s. 12
Regulations
- Reg. 13(4)
- Reg. 13(2)
- Reg. 5
- Reg. 17(1)
Parties
- M/s. S. N. Surekha & Co.
Holding
SEBI imposed minor penalty of suspension of the certificate of registration on M/s. S. N. Surekha & Co., member Calcutta Stock Exchange, for a period of one month effective on expiry of 21 days from the order.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order against S.N.Surekha and CO,Member CSE Dec 21, 2005 | Orders : Orders of Chairman/Members SECURITIES AND EXCHANGE BOARD OF INDIA
The reply of the broker is accepted in view of the order of the Hon’ble SAT in Radar Securities Ltd. vs. SEBI (Appeal No. 22/2003 dated 30.05.03) wherein it was held that stock broker had deposited margin money with the Stock Exchange and downloaded the data available on the Exchange’s computer, it was to be held that broker had ma effectively record of its margin deposits and failure to maintain information in book form would not be considered as a grave violation of Regulation 17(1) (k) of the SEB Brokers and Sub Brokers) Regulations, 1992.
10.06.04 and recommended suspension of registration of the broker for a period of one month. 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 14.06.04, in terms of regulation 13(2) of the said Regulations, advising to show cause as to why the penalty as recommended by the Enquiry Officer should not be imposed. The broker replied vide letter dated 15.07.04 and submitted that the violation committed were mostly technical in nature, unintentional and due to ignorance. He further stated that they are left with no business because the volumes in CSE are negligible. He further stated that all necessary precautions would be taken to prevent any further recurrence. 4.0 CONSIDERATION OF ISSUES I have carefully examined the facts and circumstances of the case, the Enquiry Report and the submissions of the broker. I find that adequate opportunity has been given to the broker in accordance with principles of natural justice. The findings in respect of the charges are as under:
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Source: SecMarx — sebi:MO/21/MIRSD/12/2005. 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.