sebi:Order/BM/JR/2023-24/30083
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Facts / Headnote
Violations established against the Noticee on multiple counts; penalty imposed (amount not specified in the provided text).
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 7
- Reg. 4
- Reg. 6
- Reg. 13
- Reg. 3
- Reg. 199
- Reg. 14
- Reg. 5
- Reg. 2
- Reg. 18(1)
- Reg. 18
- Reg. 16(2)(c)
- Reg. 14(1)(a)
Parties
- Accurate Securities and Registry Private Limited
Holding
The Noticee, Accurate Securities and Registry Private Limited, was found in violation of multiple provisions of the SEBI (Registrars to an Issue and Share Transfer Agents) Regulations 1993, its Code of Conduct, and various SEBI circulars, including failure to display grievance redressal information, failure to ensure continuity in data and record keeping, and violations of the SEBI Circular dated April 20, 2018 regarding PAN/bank details, transaction history retrieval, and sharing of compliance reports with issuers.
Full text
Adjudication Order in the matter of Accurate Securities and Registry Private Limited Page 2 of 28 S. No. Alleged violations Regulatory provisions 1 Quarterly statements of capital adequacy
Adjudication Order in the matter of Accurate Securities and Registry Private Limited Page 3 of 28 7 Implementation of SEBI Circular dated April 20, 2018
Adjudication Order in the matter of Accurate Securities and Registry Private Limited Page 4 of 28 Quarterly statement of capital adequacy No format for statement of capital adequacy has been prescribed under the provisions of the SEBI (Registrars to an Issue and Share Transfer Agents), Regulations, 1993 and amendments thereof. Furthermore, as per the SEBI Circular No. PMID/DSV/CIR/5500/99 dated January 18, 1999, to ensure compliance of the capital adequacy and the networth norms, the Networth Certificate has been introduced. As per the Regulation 7 of the SEBI (Registrars to an Issue and Share Transfer Agents), Regulations, 1993, The capital adequacy requirement referred to in clause (d) of regulation 6 shall not be less than the net worth of the applicant and as per the Regulation, Accurate is required to maintain the Networth of at least Rs. 50 Lakhs, however, we have Networth of beyond Rs. 60 Lakhs at all times. We have submitted necessary Networth Certificates, along with the Audited Balance Sheet and Profit and Loss statement to the honorable Inspecting Authority at the time of inspection to showcase our capital adequacy/ Networth. As there is no specific format or method has been prescribed under the regulations that can be used to determine, if we have adequate capital on a quarterly basis or not, we have been using a simple calculation of income minus expenses to make sure we have enough Networth to run our business.
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Source: SecMarx — sebi:Order/BM/JR/2023-24/30083. 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.