sebi:Order/PM/AN/2021-22/11805
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Facts / Headnote
Violation of Clause 1(D) established; penalty of Rs. 5,00,000 imposed under Section 23D
Provisions invoked
- s. 12
- s. 23
- s. 23J
- s. 23D
Parties
- M/s. B. R. Jalan Securities Private Limited
Holding
The Noticee violated Clause 1(D) of SEBI Circular dated November 18, 1993 by failing to segregate and misutilizing credit balance clients' funds for debit balance clients. A monetary penalty of Rs. 5,00,000 under Section 23D of SCRA was imposed.
Full text
Adjudication Order in respect of M/s. B. R. Jalan Securities Private Limited Page2 of 16 period of inspection was from April 01, 2015 to June 30, 2016 (hereinafter referred to as “IP”) and the inspection was conducted during December, 2016.
Adjudication Order in respect of M/s. B. R. Jalan Securities Private Limited Page3 of 16 the broker on client’s and proprietary obligation to exchange during the inspection period was selected for inspection.
Adjudication Order in respect of M/s. B. R. Jalan Securities Private Limited Page4 of 16 Quarter 1 (01-04-2015 to 30-06-2015) there are only 4 days where in as per your observation Funds have been used of credit client with debit balance client. In the Annexure AA we are trying to explain that our own securities that are also deposited/pledged with exchange and after hair cut the total number of days comes to 2.
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