sebi:Order/MC/HP/2022-23/18081
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Facts / Headnote
Violations established; penalty imposed on the Noticee (amount not specified in the provided text)
Provisions invoked
- s. 15
- s. 12
- s. 15H
- s. 15J
- s. 23J
- s. 23
- s. 23D
Regulations
- Reg. 58
Parties
- Sunflower Broking Private Limited
Holding
The adjudicating officer found the Noticee in violation of Section 23D of SCRA read with SEBI Circular SMD/SED/CIR/93/23321 dated November 18, 1993 and Clause 3 of Annexure of SEBI Circular SEBI/HO/MIRSD/MIRSD2/CIR/P/2016/95 dated September 26, 2016 (misuse of client funds), and also in violation of Section 23D of SCRA read with the same November 18, 1993 circular and Clause 2.5 of Annexure of the September 26, 2016 circular (pledging of client securities in excess of client obligation and pledging of credit-balance clients' securities). Penalty was imposed under Section 15-I of the SEBI Act and Section 23-I of SCRA read with Rule 5 of the Adjudication Rules.
Full text
Adjudication order in the matter of Sunflower Broking Pvt Ltd Page 2 of 34 b) Clause 2.3 of SEBI Circular MRD/DoP/SE/Cir-11/2008 dated April 17, 2008
Adjudication order in the matter of Sunflower Broking Pvt Ltd Page 3 of 34 (1) of the SCRA Adjudication Rules read with Section 23-I of the SCRA, to show cause as to why an inquiry should not be held and penalty not be imposed against the Noticee in terms of Section 23D of the SCRA and Section 15HB of the SEBI Act, as applicable, for the aforesaid alleged violations.
Adjudication order in the matter of Sunflower Broking Pvt Ltd Page 4 of 34 of misuse was in the range of Rs. 2.43 lacs to Rs. 12.19 crore. Details of such instances are placed as Annexure 2.
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