sebi:MO/47/MIRSD/10/2006
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Facts / Headnote
Minor penalty imposed: suspension of certificate of registration for a period of three months
Regulations
- Reg. 7
- Reg. 13(4)
- Reg. 5(1)
- Reg. 13(2)
- Reg. 17
- Reg. 200
- Reg. 6(1)
- Reg. 13(1)
- Reg. 19
- Reg. 13(1)(a)
- Reg. 17(1)(h)
Parties
- M/s. P. K. Khanna & Co. (INB120592219), member, Ludhiana Stock Exchange
Holding
The Whole Time Member of SEBI imposed a minor penalty of suspension of the certificate of registration of M/s. P. K. Khanna & Co. for a period of three months for contravening multiple provisions of the Stock Broker Regulations, Stock Broker Rules, and SEBI circulars relating to books of accounts, client database, segregation of funds, contract notes, delay in delivery, off-floor transactions, and unique client code, proceeding ex-parte against the broker.
Full text
2 period from 2000 till date of inspection under Regulation 19 of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 (hereinafter referred to as “the Stock Broker Regulations”) and the same was carried out by M/s. Nanda & Bhatia, Chartered Accountants on behalf of SEBI.
3 dated June 14, 2004 sought an adjournment of personal appearance to another date which was granted vide letter dated June 14, 2004 and the personal hearing was re-scheduled to June 22, 2004. However, the broker again failed to appear before the Enquiry Officer.
4 3.2 Since no reply was received, a reminder dated November 17, 2004 was issued to the broker advising him to make its submissions latest by November 24, 2004 failing which it would be presumed that they have no explanation to offer and the Board shall be free to take such action in the matter as it deems fit on the basis of the available information/records. The letter was sent by LSE to the broker on November 22, 2004. However, the broker failed to submit any reply to the said show cause notice and instead requested for granting some time on November 16, 2004 where the broker assured that he would come to Mumbai and explain the matter in person.
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Source: SecMarx — sebi:MO/47/MIRSD/10/2006. 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.