sebi:MO/TCN/MIRSD/69/06
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Facts / Headnote
Minor penalty of suspension of certificate of registration for a period of 15 days
Provisions invoked
- s. 19
- s. 12
Regulations
- Reg. 199
- Reg. 13(4)
- Reg. 6
- Reg. 13(2)
- Reg. 13
- Reg. 5
- Reg. 3
- Reg. 15
- Reg. 17
- Reg. 28
- Reg. 19
- Reg. 13(1)(a)
Parties
- M/s. Super Finvest Services Pvt. Ltd.
Holding
SEBI imposed a minor penalty of suspension of certificate of registration for 15 days on M/s. Super Finvest Services Pvt. Ltd., sub-broker affiliated to LSE Securities Ltd., for multiple regulatory violations. The order shall come into effect on expiry of 21 days from the date of the order.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER (UNDER REGULATION 13(4) OF SEBI (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY) REGULATIONS, 2002 IN RESPECT, TO M/S SUPER FINVEST SERVICES PVT LTD., (INS 230912532), SUB-BROKER AFFILIATED TO LSE SECURITIES LTD, MEMBER OF NATIONAL STOCK EXCHANGE. 1.0 Background
1.1 M/s. Super Finvest Services Pvt. Ltd., (hereinafter referred to as the sub broker) affiliated to LSE Securities Ltd. (hereinafter referred to as LSE), a proprietary concern is a member of the Stock Exchange of India Limited (hereinafter referred to as the “NSE”) and is registered with the Securities and Exchange Board of India (hereinafter referred to as “SEBI”) as a sub brok Section 12 of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “the Act”) with registration number INS230912532. 1.2 SEBI conducted an inspection of the books of accounts, documents and other records maintained by the sub broker under Regulation 19 of the SEBI (Stock Brokers and Sub Brokers) Reg 1992 (hereinafter referred to as the “Stock Broker Regulations”) for the period February 2, 2001 to November 30, 2002 and the same was carried out by M/s. Sharma Bhatia & Co, C Accountant. 1.3 Certain irregularities / contraventions of SEBI Regulations were observed during the said inspection. A copy of the findings of the Inspection Report was sent to the sub-broker for his com April 30, 2003 and the sub-broker furnished his reply vide letter dated October 24, 2003. 2.0 Appointment of Enquiry Officer 2.1 On completion of the inspection and after considering the reply of the sub-broker, an Enquiry Officer was appointed vide Order dated January 03, 2004 under the provisions of Regulation 5( SEBI (Procedure for Ho
4.0 Opportunity of personal hearing 4.1 Vide letter dated June 14, 2006, an opportunity of personal hearing was granted before the Whole Time Member on July 14, 2006 at 11.00 a.m. at the New Delhi, Northern Regional office Shri S. K. Sharma, Director of the sub broker appeared in person and reiterated the submissions made before the Enquiry Officer. In addition to this, Shri Sharma also submitted that it is working as a broker of LSE, but operating as sub-broker on NSE through LSE and its transactions at present are very low. 4.2 Subsequent to aforesaid personal hearing, the sub-broker has also re submitted his earlier reply dated May 14, 2003 and the same has been taken into consideration while recording the finding 5.0 Consideration of Issues
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Source: SecMarx — sebi:MO/TCN/MIRSD/69/06. 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.