sebi:Order/GR/AE/2019-20/6192

SEBI · SEBI · 2019-07-26 · Shri G Ramar, Adjudicating Officer

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Facts / Headnote

Violation established; penalty of Rs. 3,00,000 imposed under Section 15HB of SEBI Act, 1992

Provisions invoked

• s. 15
• s. 19
• s. 15H
• s. 15J
• s. 28A

Regulations

• Reg. 9(f)

Parties

• Finquest Securities Private Limited

Holding

The Noticee violated SEBI Circulars dated December 3, 2009 and May 13, 2011 and Clauses A(2) and A(5) of the Code of Conduct for stock brokers read with Regulation 9(f) of Broker Regulations by failing to settle funds and securities of active and inactive clients. A monetary penalty of Rs. 3,00,000 under Section 15HB of the SEBI Act, 1992 was imposed on Finquest Securities Private Limited.

Full text

Adjudication Order in the matter of Finquest Securities Pvt Ltd. Page 2 of 10 APPOINTMENT OF ADJUDICATING OFFICER 3. The undersigned has been appointed as Adjudicating Officer (hereinafter referred to as ‘AO’) under Section 19 read with Section 15-I of SEBI Act, 1992 and Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as " Rules") vide Order dated July 26, 2019 to inquire into and adjudge the violation committed by the Noticee, under Section 15HB of the SEBI Act, 1992.

Adjudication Order in the matter of Finquest Securities Pvt Ltd. Page 3 of 10 hearing in the following week and requested to grant another date for the personal hearing. Thus, the Noticee was granted another opportunity of personal hearing on December 06, 2019 vide email dated December 03, 2019. Once again, the Noticee failed to appear for the said hearing on December 06, 2019, however vide its reply dated December 05, 2019 the Noticee made submissions in the matter which is reproduced below –

Adjudication Order in the matter of Finquest Securities Pvt Ltd. Page 4 of 10 perusal of the material available on record, I have the following issues for consideration, viz.,

Source: SecMarx — sebi:Order/GR/AE/2019-20/6192. 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.