sebi:ORDER/GR/RR/2020-21/10110
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Facts / Headnote
Ex parte adjudication order finding the Noticee in violation of multiple SEBI circulars, Code of Conduct provisions, and SCRA provisions; penalty imposed (amount not specified in extracted text)
Provisions invoked
- s. 15
- s. 12
- s. 15H
- s. 15J
- s. 28A
- s. 23I
- s. 23J
- s. 23
- s. 23D
Regulations
- Reg. 6
- Reg. 9
- Reg. 26
Parties
- Fairwealth Securities Limited
Holding
The Noticee Fairwealth Securities Limited was found to have violated SEBI circulars on client fund/segregation obligations, the Code of Conduct for Stock Brokers, and the November 18, 1993 circular on segregation of client and own funds, and a penalty was imposed commensurate with the violations.
Full text
Adjudication Order w.r.t. Fairwealth Securities Limited. 2 | 34 and Imposing Penalties) Rules, 1995 (hereinafter referred to as “SEBI Adjudication Rules") and under Section 23-I of Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as “SCRA, 1956") and Rule 3 of Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalties) Rules, 2005 (hereinafter referred to as “SCR Adjudication Rules"), to inquire into and adjudge under (i) under Regulation 26(xx) of SEBI (Stock Brokers) Regulations, 1992 read with Section 15HB of the SEBI Act, 1992 for the alleged violations of SEBI circular MIRSD/SE/Cir19/2009 dated December 03, 2009, Clauses 8, 2.4.2, 2.5.5,and 2.6 of SEBI circular SEBI/HO/MIRSD/MIRSD/CIR/P/2016/95 dated September 26, 2016, SEBI Circular SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016, and Clause A(2) and A(5) of Code of Conduct for Stock Brokers specified in Regulation 9 of SEBI (Stock Brokers) Regulations, 1992 and (ii) under Regulation 26(xiii) of SEBI (Stock Brokers) Regulations, 1992 read with Section 23D of SCRA, 1956 for the alleged violations of SEBI circular no. SMD/SED/CIR/93/23321 dated November 18, 1993 committed by Fairwealth Securities Limited.
Adjudication Order w.r.t. Fairwealth Securities Limited. 3 | 34 26(xiii) of SEBI (Stock Brokers) Regulations, 1992, for the alleged violations specified at para-2 above.
Adjudication Order w.r.t. Fairwealth Securities Limited. 4 | 34 a detailed statement of account displaying all receipts/deliveries of funds/securities along with the retention statement to any of the client. It is thus alleged that the Noticee has violated SEBI Circular ref. no. MIRSD/ SE/Cir-19/2009 dated December 3, 2009 and Clause 8 of SEBI Circular SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016.
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Source: SecMarx — sebi:ORDER/GR/RR/2020-21/10110. 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.