sebi:ORDER/BS/AU/2021-22/12610-12611
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Facts / Headnote
Show Cause Notice proceedings disposed of without any penalty; allegations not established
Provisions invoked
- s. 15
- s. 15I
Regulations
- Reg. 7
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- Promila Lal (Noticee No. 1)
- MBL & Company Ltd. (Noticee No. 2)
Holding
The Adjudicating Officer concluded that the allegations against Noticee No. 1 (Promila Lal) and Noticee No. 2 (MBL & Company Ltd.) do not stand, and disposed of the adjudication proceedings initiated by the SCN dated April 29, 2016 without imposing any penalty.
Full text
Page 2 of 15 investigation period. MBL & Company Ltd. (hereinafter referred to as Noticee No 2) was the broker of Noticee No. 1 in execution of the said transactions.
Page 3 of 15 b. My trades did not match during a fixed time but across the entire period of trading session for the day which becomes all the more difficult for anyone to do synchrosied trading. c. I do not have any personal relationship with Mohd. Rashid. d. The net position at the end of the day is zero which means there is no carry over which could otherwise be a factor for any substantial rise in the price on the next day.
Page 4 of 15 a. Whether Noticee No. 1 violated Regulations 3(a) to (d), 4(1), 4(2)(a) and (g) of PFUTP Regulations? b. Whether Noticee No. 2 violated Regulations 4(1), 4(2) (a) of PFUTP Regulations, 2003 and Clause A (3), (4), (5) of the Code of Conduct prescribed for Stock Brokers specified under Schedule II under Regulation 7 of the Stock Broker Regulations? c. Does the violation, if established, attract monetary penalty under Sections 15HA and 15 HB of SEBI Act, 1992? d. If yes, then what should be the quantum of penalty?
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Source: SecMarx — sebi:ORDER/BS/AU/2021-22/12610-12611. 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.