sebi:Order/AK/BS/2022-23/22038
Facts / Headnote
Adjudication initiated and violations found; penalties imposed under Section 15A(b) and 15HB of SEBI Act and Section 23D of SCRA (specific final disposition text not fully present in excerpt)
Provisions invoked
- s. 15
- s. 11B
- s. 12
- s. 11
- s. 15J
- s. 15F
- s. 23J
- s. 23
- s. 23D
Regulations relied on
- SEBI (Stock Brokers) Regulations, 1992
Parties
- VNS Finance & Capital Services Ltd.
Holding
The Noticee VNS Finance & Capital Services Ltd. was found to have violated multiple provisions relating to segregation of client funds, misuse of client securities, KYC/CKYC uploading, UCC data upload, and submission of incorrect collateral data. Penalties were imposed under Section 15A(b) and 15HB of the SEBI Act and Section 23D of the SCRA.
Full text
Adjudication Order in the matter of VNS Finance & Capital Services Ltd. Page 2 of 40 to the inspection observations. Further, additional findings of inspection were communicated to Noticee, vide letter dated July 07, 2021 and the Noticee, vide email dated July 27, 2021, responded to additional findings of inspection.
Adjudication Order in the matter of VNS Finance & Capital Services Ltd. Page 3 of 40 MIRSD/Cir-23/2011 dated December 2, 2011 and SEBI circular MIRSD/Cir-5/2012 dated April 13, 2012. (w.r.t. KRA) 6 Risk Based Supervision Clause 6.1.1(j) of Annexure of SEBI Circular SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016. 7 Submission of incorrect collateral data to the inspection team Regulation 21 and clause A(2) of the code of conduct, read with Regulation 9(f) of the SEBI (Stock Brokers) Regulations, 1992.
Adjudication Order in the matter of VNS Finance & Capital Services Ltd. Page 4 of 40 terms of the provisions of rule 4(1) of the SEBI Adjudication Rules, 1995 r/w Section 15-I of SEBI Act, and rule 4(1) of the SEBI Adjudication Rules, 2005 r/w Section 23-I of SCRA requiring the Noticee to show cause as to why an inquiry should not be held against it and why penalty, if any, should not be imposed against it under the provisions of Section 15 A(b) and 15 HB of SEBI Act and Section 23D of the SCRA for the alleged violations committed by the Noticee, as given in the SCN. Noticee, vide letter dated October 04, 2022, submitted its reply to the SCN.
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Source: SecMarx — sebi:Order/AK/BS/2022-23/22038. 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.