sebi:Order/AN/PR/2024-25/31348
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Facts / Headnote
Noticee held liable for monetary penalty under Section 23D of SCRA, 1956 and Sections 15A(c) and 15HB of SEBI Act, 1992; quantum to be adjudged under Section 23J / Section 15J
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 12
- s. 15H
- s. 15I
- s. 15J
- s. 12A
- s. 15F
- s. 28A
- s. 23
- s. 23H
- s. 23J
- s. 23D
Regulations
- Reg. 6
- Reg. 9(f)
- Reg. 17(1)(g)
- Reg. 9
Parties
- Abhipra Capital Ltd.
Holding
The Adjudicating Officer found violations established on misuse of clients' funds, non-segregation, settlement, reconciliation and reporting grounds and held that the Noticee is liable for monetary penalty under Section 23D of SCRA, 1956 and Sections 15A(c) and 15HB of the SEBI Act, 1992.
Full text
Adjudication Order in the matter of Abhipra Capital Ltd. (Stock Broker) |Page 2 of 49 3. Pursuant to the above, SEBI carried out post inspection analysis. In view thereof, SEBI inter alia observed that Noticee had allegedly violated the following: 3.1. Section 23D of Securities Contracts (Regulation) Act, 1956 [‘SCRA’ / ‘SC(R) Act, 1956’], read with Clause 1 of SEBI Circular SMD/SED/CIR/93/ 23321 dated November 18, 1993 and Clause 3 of Annexure of SEBI Circular SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016; Clause 2 read with clause 6.1.1(g), Clause 3 and clause 6.1.1(j) of Annexure to SEBI Circular SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016; Clause 5.3 of SEBI Circular SEBI/HO/MIRSD/DOP/P/CIR/2021/577 Dated June 16, 2021; Clause A1, A2 & A5 as prescribed under Code of conduct r/w Regulation 9 (f) of SEBI (Stock Brokers) Regulations, 1992. 3.2. Section 23D of SC(R) Act, 1956 read with Clause 1 of Annexure of SEBI Circular SMD/SED/CIR/93/23321 dated November 18, 1993 and Clause 2.4.2 of Annexure of SEBI Circular SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016. 3.3. Clause 12 of Annexure A of SEBI Circular SEBI/ MIRSD/SE/Cir- 19/2009 dated December 03, 2009 and Clause 8.1 of Annexure of SEBI Circular SEBI/HO/ MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016; Clause 5.4 of SEBI Circular SEBI/HO/MIRSD/DOP/P/CIR/2021/577 dated June 16, 2021. 3.4. Regulation 17(1)(g) of SEBI (Stock Brokers) Regulations, 1992. 3.5. Clause 6 of SEBI circu
Adjudication Order in the matter of Abhipra Capital Ltd. (Stock Broker) |Page 3 of 49 3.7. Clause 7 and 6.1.1 (j) of Annexure of SEBI Circular SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016; Clause A2 & A5 as prescribed under Code of conduct r/w Regulation 9(f) of SEBI (Stock Brokers) Regulations, 1992. 3.8. Clause 3, 7, 8, 10, 14, 18, 20, 29, 31, 35, 36, 48 and 52 of Annexure 1 of SEBI Circular No. SEBI/HO/MIRSD/CIR/PB/ 2018/147 dated December 03, 2018.
Adjudication Order in the matter of Abhipra Capital Ltd. (Stock Broker) |Page 4 of 49 C. SHOW CAUSE NOTICE, REPLY, AND HEARING:
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