sebi:Order/MC/DPS/2019-20/5206
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on Noticee
Provisions invoked
- s. 15
- s. 12
- s. 15H
- s. 15I
- s. 15J
- s. 23I
- s. 23J
- s. 23
- s. 23D
Regulations
- Reg. 6
- Reg. 9(f)
- Reg. 9
- Reg. 26
Parties
- M/s Emkay Global Financial Services Limited
Holding
The Noticee was found in violation of SEBI Circular No. SMD/SED/CIR/93/23321 dated November 18, 1993 (for availing overdraft facility on client bank account) and SEBI Circular No. MIRSD/SE/Cir-19/2009 dated December 3, 2009 along with Clause A(2) and A(5) of the Code of Conduct read with Regulation 9(f) of Stock Brokers Regulations (for failure to settle client accounts at least once in a calendar quarter or month), attracting a total penalty of Rs. 3,00,000/-.
Full text
Adjudication Order in the matter of M/s Emkay Global Financial Services Limited Page 2 of 21 Clauses A(2) and A(5) of the code of conduct specified under schedule II read with Regulation 9(f) of the SEBI (Stock Brokers & Sub brokers) Regulations, 1992 (hereinafter referred to as ‘Stock Brokers Regulations’).
Adjudication Order in the matter of M/s Emkay Global Financial Services Limited Page 3 of 21 Member, provided that money so drawn shall not in any case exceed the total of the money so held for the time being for such each client."
Adjudication Order in the matter of M/s Emkay Global Financial Services Limited Page 4 of 21 therefore Noticee was in violation of SEBI Circular SMD/SED/CIR/93/23321 dated November 18, 1993, read with clause A(2) and A(5) of code of conduct prescribed in Schedule II under regulation 9(f) of Stock Brokers Regulations.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/MC/DPS/2019-20/5206. 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.