sebi:Order/MC/DS/2020-2021/9097
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: Rs. 5,00,000 under Section 15HA and Rs. 1,00,000 under Section 15HB of SEBI Act; total Rs. 6,00,000
Provisions invoked
- s. 15H
- s. 15J
- s. 15I(2)
Regulations
- Reg. 3
- Reg. 9
- Reg. 9(f)
- Reg. 4(1)
- Reg. 200
- Reg. 26
- Reg. 3(b)
Parties
- Advent Stock Broking Pvt. Ltd.
Holding
The Noticee was found in violation of Point 2(a) of Chapter V of NSE bye-laws read with Clause A(5) and Clause A(2) of the Code of Conduct under Schedule II read with regulation 9(f) of the Stock Broker Regulations, and Regulation 4(1) of PFUTP Regulations read with Sections 12A(a), 12A(b) and 12A(c) of SEBI Act, but NOT in violation of Regulations 3(b), 3(c) and 3(d) of PFUTP Regulations. A total penalty of Rs. 6,00,000 was imposed.
Full text
Adjudication Order in respect of Advent Stock Broking Pvt. Ltd. in the matter of NSE Co-Location Page 2 of 25 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Advent Stock Broking Pvt. Ltd. in the matter of NSE Co-Location Page 3 of 25 6. Noticee was one of the trading members identified for comprehensive investigation (including forensic audit) for primary and secondary server connects. Ernst & Young LLP, India (hereinafter referred to as ‘EY’) was entrusted with the comprehensive forensic audit of Noticee, which submitted the final report to SEBI, the EY Report in October 2019.
Adjudication Order in respect of Advent Stock Broking Pvt. Ltd. in the matter of NSE Co-Location Page 4 of 25 11. EY made the following findings/ observations w.r.t. Noticee: A. Issues pertaining to connection to the secondary server: Based on review of logs, it was observed that: i. Noticee connected on to the secondary server for 234 trading days in CM and 17 trading days in FO segment during the review period. Noticee did not connect to the secondary server in CD/IRF segment during the review period. Year 2010 2011 2012 2013 2014 Number of trading days connected to the secondary server in CM segment - - - 105 129 Number of trading days connected to the secondary server in FO segment - - - - 17
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/DS/2020-2021/9097. 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.