sebi:MO/87/MIRSD/01/06
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Facts / Headnote
Warning issued to the broker
Provisions invoked
- s. 19
- s. 12
- s. 19(1)
Regulations
- Reg. 13(4)
- Reg. 5(1)
- Reg. 13(2)
- Reg. 6
Parties
- M/s Vintage Capital Markets Ltd.
Holding
The Whole Time Member warned M/s Vintage Capital Markets Ltd. for minor and technical lapses observed during inspection, and directed it to be more cautious in future dealings with securities and to adhere to the provisions of the SEBI Act, 1992 and the Rules and Regulations made thereunder.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order against M/S Vintage Capital Markets Ltd Jan 12, 2006 | Orders : Orders of Chairman/Members MO/87/MIRSD/01/06 SECURITIES AND EXCHANGE BOARD OF INDIA
SEBI Act, 1992 and the Rules and Regulations made thereunder. Any future lapse on the part of the broker in complying with the said provisions would invite stringent actio 5.2 This order shall come into force with immediate effect. DATE :12-1-2006 MADHUKAR PLACE : MUMBAI WHOLE TIME MEMBER
3.0 CONSIDERATION OF THE ENQUIRY REPORT 3.1 Based upon the Enquiry report and recommendation of the Enquiry Officer, a Show Cause notice dated 02.9.2004 under regulation 13(2) of the said Regulations was issued to the broker enclosing therewith a copy of the Enquiry Report. The broker submitted its reply vide letter dated 16.9.2004. 3.2 I have carefully considered the findings of the Inspection, Enquiry and the submissions made by the broker, and note significant points, as under: a) As regards the allegation of the inspection team that contract notes do not bear pre-printed serial number and thereby the broker violated the provisions of SEBI Circular No.SMD/MDP/CIR/043/96 dated 5.8.96, the broker submitted that the contract notes issued by it with effect from 1.4.2003 have pre-printed continuous serial number. Prior to this date, the contract notes had computer generated serial numbers. The broker further submitted that the inspection team had verified the same, although it is not included in the report. The broker has admitted the lapse on its part. Since this is a minor technical lapse, a lenient view be taken. b) It has been alleged that the broker did not collect requisite margins from clients. On perusal of SEBI Circular No.SMDRP/Policy/Cir-07/99 dated 4.2.2000, it is clear that the brokers should collect margins from the clients in a settlement if the margin exceeds Rs. 1,00,000/-. The inspection report had brought out 13 instances where the broker did not collect marg
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Source: SecMarx — sebi:MO/87/MIRSD/01/06. 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.