sebi:Order/MC/HP/2020-21/8336
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Facts / Headnote
Allegations of violations of SEBI circulars and NSE rules established against the Noticee; penalty imposed under Section 15HB of the SEBI Act (amount not specified in the excerpt)
Provisions invoked
- s. 15
- s. 12
- s. 15H
- s. 15J
- s. 23J
- s. 23
- s. 23D
Parties
- M/s Finquest Securities Private Limited
Holding
The Adjudicating Officer found the Noticee liable for violations including misutilization of client funds (non-segregation), incorrect reporting to the exchange under Enhanced Supervision and Risk Based Supervision, non-settlement of client dues within prescribed periods, absence of call recording, and net worth discrepancies. The Noticee was held liable for monetary penalty under Section 15HB of the SEBI Act.
Full text
Adjudication Order in respect of M/s Finquest Securities Private Limited Page 2 of 30 b) SEBI Circular SEBI/HO/MIRSD/MIRSD2/CIR/P/ 2016/95 dated September 26, 2016, SEBI circular CIR/HO/MIRSD/MIRSD2/CIR/P/ 2017/64 dated June 22, 2017 read with NSE circular NSE/INSP/20638dated April 26, 2012 and Rule 32 of Chapter III of the Rules of NSEIL and NSE circular NSE/MEM/4300 dated July 25, 2003.
Adjudication Order in respect of M/s Finquest Securities Private Limited Page 3 of 30 5. SEBI carried out an inspection of the broking operations and depository participant operations of the Noticee during February 11, 2019 to February 18, 2019 for the inspection period from April 01, 2017 to February 18, 2019 (hereinafter referred to as, the “Inspection Period”).
Adjudication Order in respect of M/s Finquest Securities Private Limited Page 4 of 30 15 22/02/18 122294391.3 914246250.0 885236639.0 92240715.3 151304002.3 0 16 23/02/18 12561228.4 774246250.0 832616880.6 86269962.6 -45809402.3 0 17 26/02/18 12603563.2 789246250.0 852622294.2 86210180.7 -50772481.0 0 18 27/02/18 12664819.5 789246250.0 881520863.9 118758919.8 -79609794.4 0 19 28/02/18 12799611.9 839246250.0 882837128.4 120074216.1 -30791266.6 0 20 01/10/18 7798105.2 694246250.0 789329002.2 91662500.8 -87284647.1 0 21 03/10/18 7984937.8 724246250.0 829429849.8 75654237.2 -97198662.0 21544424.8 22 04/10/18 8188077.9 794246250.0 811645090.6 103444503.1 -9210762.7 0 23 05/10/18 18460065.2 829246250.0 859520510.4 29624517.5 -11814195.2 0 24 08/10/18 4198083.2 819246250.0 858707057.4 30971627.6 -35262724.2 4291096.6 25 09/10/18 1909691.7 874246250.0 1448419385.8 31970313.1 -572263444.1 540293131.0 26 10/10/18 2020846.2 964246250.0 1401706152.9 27961048.0 -435439056.8 407478008.8 27 11/10/18 2072494.4 1064246250.0 1393542514.0 27872434.2 -327223769.5 299351335.3 28 12/10/18 2145411.9 1244246250.0 1370700927.5 28596048.5 -124309265.6 95713217.1 29 15/10/18 2364870.6 1244246250.0 1394522403.3 28475481.6 -147911282.8 119435801.2 30 16/10/18 83450135.3 1244246250.0 1332853800.4 28620037.4 -5157415.1 0 31 17/10/18 2289766.4 1243243250.0 1355125226.2 28618499.8 -109592209.8 80973710.0 32 19/10/18 72700796.0 1243243250.0 1172041046.9 28447208.1 143902999.1 0 33 22/10/18 2906452.5 117324325
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