sebi:Order/PM/AN/2020-21/9682
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Facts / Headnote
Violations established; Noticee held liable for monetary penalty
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 12
- s. 15J
- s. 28A
- s. 23J
- s. 23
- s. 19H
- s. 23D
- s. 19G
- s. 9(1)
- s. 25(1)
Regulations
- Reg. 17
- Reg. 58
Parties
- Prudent Broking Services Private Limited
Holding
The Adjudicating Officer held Prudent Broking Services Private Limited violated client-fund segregation/mis-utilisation, periodic settlement, enhanced-supervision uploading and depository-process norms and is liable for monetary penalty under Section 23D of the SCRA, Sections 15A(c) and 15HB of the SEBI Act and Section 19G of the Depositories Act.
Full text
Adjudication Order in respect of Prudent Broking Services Private Limited Page 2 of 59 registration no. IN-DP-CDSL-06-2015.The period of inspection was from April 2017 to September 2018 (hereinafter referred to as “IP”).
Adjudication Order in respect of Prudent Broking Services Private Limited Page 3 of 59 h) Clause 2 of SEBI Circular No. MIRSD/Cir-26/2011 dated December 23, 2011 (hereinafter referred to as SEBI Circular dated December 23, 2011) r/w SEBI Circular No. MIRSD/Cir-23/2011 dated December 02, 2011(hereinafter referred to as SEBI Circular dated December 02, 2011) and SEBI Circular MIRSD/Cir- 5/2012 dated April 13, 2012 (hereinafter referred to as SEBI Circular dated April 13, 2012) i) SEBI Circular No. CIR/MRD/DP/01/2014 dated January 7, 2014 (hereinafter referred to as SEBI Circular dated January 07, 2014) j) Clauses 17 and 1.8.5 of SEBI Circular No. SEBI/HO/MRD/DP/CIR/P/2016/134 dated December 15, 2016 (hereinafter referred to as SEBI Circular dated December 15, 2016)
Adjudication Order in respect of Prudent Broking Services Private Limited Page 4 of 59 (Regulation) (Procedure for Holding Inquiry and Imposing Penalties) Rules, 2005 and Depositories (Procedure of Holding Inquiry and Imposing Penalties) Rules, 2005 shall hereinafter be referred to as Adjudication Rules. [# With effect from March 8, 2019, (i) SEBI (Procedure of Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 was amended to SEBI (Procedure of Holding Inquiry and Imposing Penalties) Rules, 1995, (ii) Securities Contracts (Regulation) (Procedure of Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 2005 was amended to Securities Contracts (Regulation) (Procedure of Holding Inquiry and Imposing Penalties) Rules, 2005 and (iii) Depositories (Procedure of Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 2005 was amended to Depositories (Procedure of Holding Inquiry and Imposing Penalties) Rules, 2005]
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