sebi:Order/BD/BM/2019-20/6643
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Facts / Headnote
Penalty imposed on Noticee for violation of SEBI Circular SMD/SED/CIR/93/23321 dated November 18, 1993
Provisions invoked
- s. 12
- s. 28A
- s. 23
- s. 23J
- s. 23D
Parties
- VRise Securities Private Limited
Holding
The Noticee, VRise Securities Private Limited, was found to have violated SEBI Circular SMD/SED/CIR/93/23321 dated November 18, 1993 by misusing clients' funds for debit balance clients and for its own purpose, and a monetary penalty of ₹3,00,000 was imposed under Section 23D of SCRA.
Full text
Page 2 of 16 Adjudication Order against VRise Securities Private Limited having registration nos. INZ000010934 and IN-DP–CDSL-498-2009 respectively.
Page 3 of 16 Adjudication Order against VRise Securities Private Limited January 21, 2020. Vide letter dated January 20, 2020 Mr. Ankit H. Chheda informed that he had resigned as employee director from VRise Securities Limited on November 20, 2019 and accordingly he was not entitled to represent the Noticee.
Page 4 of 16 Adjudication Order against VRise Securities Private Limited B: Aggregate value of collateral deposited with clearing corporations and/or clearing broker (in cases where the trades are settled through clearing broker) in form of Cash and Cash Equivalents (Fixed Deposits (FD), Bank Guarantees (BG), etc.). Only funded portion of the Bank Guarantee considered as part of B.
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Source: SecMarx — sebi:Order/BD/BM/2019-20/6643. 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.