sebi:Order/MC/VS/2019-20/5207

SEBI · SEBI · 2011-08-10 · Maninder Cheema, Adjudicating Officer

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Facts / Headnote

Penalty imposed on the Noticee for violations of SEBI Circular No. SMD/SED/CIR/93/23321 dated November 18, 1993 (under Section 23D of SCRA) and SEBI Circular CIR/DNPD/7/2011 dated August 10, 2011 and SEBI Circular MIRSD/SE/Cir-19/2009 dated December 03, 2009 (under Section 15HB of SEBI Act). Allegations under Clauses A(1) and A(5) of the Code of Conduct regarding pledging of shares without consent were not established.

Provisions invoked

s. 15
s. 12
s. 15H
s. 15I
s. 15J
s. 23I
s. 23J
s. 23
s. 23D

Regulations

Reg. 9

Parties

VCK Share and Stock Broking Services Limited

Holding

The Noticee was found to have violated SEBI Circular No. SMD/SED/CIR/93/23321 dated November 18, 1993 read with Section 23D of the SCRA by failing to segregate client funds, and to have violated SEBI Circular CIR/DNPD/7/2011 dated August 10, 2011 and SEBI Circular MIRSD/SE/Cir-19/2009 dated December 03, 2009 by wrong reporting of margins and failure to settle running accounts. A total penalty of Rs. 7,00,000 was imposed. The charge of pledging client shares without consent under Clauses A(1) and A(5) of the Code of Conduct was not established.

Full text

Adjudication Order in respect of VCK Share and Stock Broking Services Limited in the matter of VCK Share and Stock Broking Services Limited

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Source: SecMarx — sebi:Order/MC/VS/2019-20/5207. 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.