sebi:Order/MC/RM/2021-22/13282-13285
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Facts / Headnote
Penalty of Rs.50,000 each imposed on Noticee 1 (Baba Nanak Financial Services) and Noticee 3 (Meghna Srivastava) under Section 23H SCRA for violation of Sections 13, 16, 18 SCRA; violation not established against Noticee 2 and Noticee 4; violation of Regulation 4(1) PFUTP Regulations not established against any Noticee.
Provisions invoked
- s. 15H
- s. 13
- s. 16
- s. 12
- s. 15J
- s. 23
- s. 23H
- s. 29A
- s. 23J
- s. 18(1)
- s. 18
- s. 28
Regulations
- Reg. 2(c)
- Reg. 3
- Reg. 4(1)
- Reg. 58
Parties
- Baba Nanak Financial Services Limited
- Goodpoint Impex Private Limited
- Meghna Srivastava
- Shivsathi Mercantile Private Limited
Holding
Noticees 1 and 3 violated Sections 13, 16, 18 SCRA read with SEBI Notifications by settling off-market sales after 63-94 days and 467 days, and were each penalized Rs.50,000 under Section 23H SCRA, while the cases against Noticees 2 and 4 and the Regulation 4(1) PFUTP charge failed.
Full text
Adjudication Order in the matter of Delta Leasing & Finance Ltd. Page 2 of 25 October 3, 2013, and Regulation 4(1) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’). Noticees 1 to 4 are collectively referred to as ‘Noticees’.
Adjudication Order in the matter of Delta Leasing & Finance Ltd. Page 3 of 25 Table 1 Registered Office Address 55, F.I.E, Patparganj Industrial Area, New Delhi– 110092 Corporate Office Address 104, Mukund House, Azadpur, New Delhi-110033
Adjudication Order in the matter of Delta Leasing & Finance Ltd. Page 4 of 25 9. A “spot delivery contract” is defined in SCRA to mean a contract which provides for actual delivery of securities and the payment of a price therefor either on the same day as the date of the contract or on the next day, the actual period taken for the despatch of the securities or the remittance of money therefor through the post being excluded from the computation of the period aforesaid if the parties to the contract do not reside in the same town or locality. An off-market transaction is in the nature of a spot delivery contract in terms of Section 13, 16, 18 of SC(R)A read with SEBI Notification G.S.R. 219(E) dated March 2, 2000 and SEBI Notification No. LAD-NRO/GN/2013-14/26/6667 dated October 3, 2013.
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Source: SecMarx — sebi:Order/MC/RM/2021-22/13282-13285. 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.