sebi:MO/54/MIRSD/12/2005

SEBI · SEBI · 2003-03-24 · Madhukar, Whole Time Member

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Warning issued to the broker; directed to be more cautious in future

Provisions invoked

Regulations relied on

Parties

Holding

The Whole Time Member warned M/s Lohia Securities Limited for violations of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 and directed it to be more cautious in future, finding that a warning would meet the ends of justice.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER AGAINST M/s LOHIA SECURITIES LIMITED., MEMBER NATIONAL STOCK EXCHANGE, SEBI REGISTRATION NO.INB230777836 UNDER REGULATION 13(4) SEBI (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY) REGULATIONS, 2002. MO/54/MIRSD/12/2005 1.0  BACK GROUND 1.1 M/s Lohia Securities Limited (hereinafter referred to as the ‘broker’) is a member of the National Stock Exchange (hereinafter referred to as ‘NSE’) and is registered with the S and Exchange Board of India (hereinafter referred to as ‘SEBI’) as a Stock broker under Section 12 of SEBI Act, 1992 with Registration Number INB230777836. 1.2  The broker is having his Registered Office at 6, Lyons Range, First Floor, Kolkata-700 001. SEBI conducted inspection of books of accounts, documents and other records of broker vide Order dated 24.03.2003 under section 19(1) of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 for the period 01.04.2001 to  30.04.2003. 1.3   During the Inspection certain irregularities in maintaining the Books of accounts and records, anomalies in the form and issue of Contract Notes, delay in payment to the improper use of client’s accounts and defects in client registration forms were observed. 2.0 APPOINTMENT OF ENQUIRY OFFICER 2.1 An Enquiry Officer was appointed vide order dated 08.01.2004 under Regulation 5(1) of SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing penalty) Regulation

4.1 Now, therefore, in exercise of powers conferred under upon me in terms of Section 19 of SEBI Act, 1992 read with Regulation 13(4) of the said Regulations, I hereby warn M Securities Limited, member National Stock Exchange and direct it to be more cautious in future in its dealings with securities and to adhere to the provisions of SEBI Act, 1 the Rules and Regulations made thereunder. Any future lapse on their part in complying with the said provisions would invite stringent action. 4.2  This order shall come into force with immediate effect. Place: Mumbai                                                                                                      Madhukar Date: 30.12.05                                                                                                      Whole Time Member                                                                                                                            Securities and Exchange Board of India

2.3 After considering the reply and the submissions made at the time of Personal hearing the Enquiry officer submitted his report dated 22.12.2004 finding that the said broker has committed violations of the SEBI (Stock Brokers and Sub- Brokers) Regulations, 1992 which are as under:

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Source: SecMarx — sebi:MO/54/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.