sebi:Order/KS/AE/2020-21/9502
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Facts / Headnote
Violations established; monetary penalty imposed on the Noticee under Section 15HB of the SEBI Act and Section 23D of the SCRA
Provisions invoked
- s. 15
- s. 12
- s. 15H
- s. 15J
- s. 28A
- s. 23J
- s. 23
- s. 23D
Parties
- Yuvraj Securities
Holding
The Adjudicating Officer found that Yuvraj Securities violated Section 23D of SCRA read with SEBI Circulars on segregation of client funds, monthly/quarterly settlement, KYC documentation, client order recording, and enhanced supervision data, and imposed a total monetary penalty under Section 15HB of the SEBI Act and Section 23D of the SCRA.
Full text
Page 2 of 36 2. Based on the findings of inspection, SEBI initiated adjudication proceedings against the Noticee under the provisions of Section 15HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) and Section 23D of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as the “SCRA, 1956”) for the alleged violations of the provisions of the below mentioned Acts, SEBI Regulations and Circulars: i. Section 23D of SCRA; ii. SEBI Circular No. SMD/SED/CIR/93/23321 dated November 18, 1993; iii. SEBI Circular No. MIRSD/SE/Cir-19/2009 dated December 03, 2009; iv. SEBI Circular No. SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016 v. SEBI Circular No. CIR/MIRSD/16/2011 dated August 22, 2011. vi. SEBI Circular No. CIR/HO/MIRSD/MIRSD2/CIR/P/2017/4 dated June 22, 2017 and vii. SEBI Circular No. CIR/HO/MIRSD/MIRSD2/CIR/P/2017/108 dated September 26, 2017.
Page 3 of 36 Adjudication Rules”) for the above alleged violations committed by the Noticee. SHOW CAUSE NOTICE, REPLY AND HEARING
Page 4 of 36 fund as the value of G, as specified in the above SEBI Circular dated September 26, 2016, is negative. Further, the amount of mis-utilization of the credit client’s fund was observed to be in the range of the amount of Rs. 0.59 lakh to Rs.1.03 Crore in the said instances.
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Source: SecMarx — sebi:Order/KS/AE/2020-21/9502. 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.