sebi:Order/AS/VC/2022-23/23912-23919

SEBI · SEBI · 2017-05-16 · Asha Shetty, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings initiated against the Noticees vide SCN 1, 2, 3, 4 and 5 dated November 10, 2017 are disposed of.

Provisions invoked

Regulations

Parties

Holding

The adjudication proceedings initiated against Noticees 2 to 8 for imposition of penalty under Section 15HB of the SEBI Act for transactions carried out prior to the SEBI (Amendment) Act, 2002 are ultra vires, as Section 15HB cannot be applied retrospectively. The adjudication proceedings initiated against all Noticees vide SCNs dated November 10, 2017 are disposed of.

Full text

Adjudication Order in the matter of Sai Televisions Limited Page 2 of 33 4. Sanchay Finvest Limited (PAN:AAHCS7494J) having addresses at a. 806 Dev Plaza, 68 S. V. Road, Andheri (West) Mumbai – 400058 b. 14/A, Bhagwan Bhuvan 31, Israil Mohallam, Masjid Bunder Road, Mumbai- 400009

Adjudication Order in the matter of Sai Televisions Limited Page 3 of 33 to as period 2 (hereinafter collectively referred to as "Investigation Period"). Pursuant to the said investigation, SEBI initiated adjudication proceedings in the matter of Sai Televisions Limited: a. Under Section 15A(a) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act, 1992’) against Mr. Sajjan Kumar Nanwal (hereinafter referred to as ‘Noticee 1’) for the alleged violations of Sections 11C (2), 11C (3) and 11C (5) of SEBI Act, 1992 b. Under Section 15HB of SEBI Act, 1992 against Aryan Shares and Stock Brokers Limited (hereinafter referred to as ‘Noticee 2’), Orbis Securities Private Limited (hereinafter referred to as ‘Noticee 3’), Sanchay Finvest Limited (hereinafter referred to as ‘Noticee 4’), Sunidhi Consultancy Services Limited (hereinafter referred to as ‘Noticee 5’), Ashwin M. Shah (hereinafter referred to as ‘Noticee 6’), and Ajmera & Shah Associates (hereinafter referred to as ‘Noticee 7’) for the alleged violations of Clauses A(1), A(2), A(3), A(4) and A(5) of the code of conduct specified under schedule II read with Regulation 7 of the SEBI (Stock Brokers & Sub-Brokers) Regulations, 1992 (hereinafter referred to as ‘SEBI Stock Broker Regulations’) c. Under Section 15HB of SEBI Act, 1992 against Lagan Fincap Lease Limited (hereinafter referred to as ‘Noticee 8’) for the alleged violations of Clauses A(1), A(2), A(3), A(4) and A(5) of the code of condu

Adjudication Order in the matter of Sai Televisions Limited Page 4 of 33 of SEBI Act, 1992 for the aforesaid alleged violations by the Noticees. Pursuant to the transfer of erstwhile Adjudicating officer Shri Prasanta Mahapatra, the instant matter vide order dated June 06, 2022, was transferred to the undersigned.

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Source: SecMarx — sebi:Order/AS/VC/2022-23/23912-23919. 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.