sebi:Order/AS/RM/2024-25/31201
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Facts / Headnote
Violations established; monetary penalty imposed on the Noticee as effective deterrence
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 15H
- s. 15F
- s. 28A
- s. 151
Regulations
- Reg. 199
- Reg. 7(1)
- Reg. 52
Parties
- Finvasia Securities Private Limited
Holding
The Noticee was found to have violated the regulatory requirements relating to BCP-DR setup, DR drills/live trading from DRS, and connecting critical systems to LAMA as mandated by SEBI and NSE circulars. A monetary penalty was imposed on the Noticee as effective deterrence, with the Noticee's efforts and circumstances considered as mitigating factors.
Full text
Adjudication Order in the matter of Finvasia Securities Private Limited Page 2 of 75 c) Clause 61.7.1 of SEBI Master Circular SEBI/HO/MIRSD/MIRSD-PoD- 1/P/CIR/2023/71 dated May 17, 2023 r/w Clause 7.1 of SEBI Circular SEBI/HO/MIRSD/TPD-1/P/CIR/2022/160 dated November 25, 2022. d) Clause 61.6.1 of SEBI Master Circular SEBI/HO/MIRSD/MIRSD-PoD- 1/P/CIR/2023/71 dated May 17, 2023 r/w Clause 6.1 of SEBI Circular SEBI/HO/MIRSD/TPD-1/P/CIR/2022/160 dated November 25, 2022, Para 5.i of NSE circular NSE/COMP/54876 dated December 16, 2022 r/w Clause A (5) of the Code of Conduct as specified at Schedule II of SEBI Stock Brokers Regulation 1992. APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in the matter of Finvasia Securities Private Limited Page 3 of 75 4. The allegations in respect of the Noticee inter alia brought out in the SCN are as under: ‘…….. A. BCP, DR site and DR drill
Adjudication Order in the matter of Finvasia Securities Private Limited Page 4 of 75 Reply of Noticee: 12. With regard to above observations, Noticee inter alia submitted that : a. as we have know that drill ensure that the systems can seamlessly switch to the backup site in case of an outage at the primary location for which we will be taking active actions to conduct the same on upcoming mock session of exchange and make sure that all operations from DRS will be fully operational. b. As it’s completed, we will test it in the upcoming mock session on 1st week of April and will confirm about the same.
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Source: SecMarx — sebi:Order/AS/RM/2024-25/31201. 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.