sebi:Order/PM/NS/2021-22/15700
Facts / Headnote
Violations established ex-parte; monetary penalty imposed under Section 15A and Section 15HB of the SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations relied on
- SEBI (Stock Brokers) Regulations, 1992 — 12A(1)(e)
- SEBI (Stock Brokers) Regulations, 1992 — 15
- SEBI (Stock Brokers) Regulations, 1992 — 15(1)(b)
- SEBI (Stock Brokers) Regulations, 1992 — 26(ii)
Parties
- M/s. SS Associates - Sub broker of India Infoline Ltd.
Holding
The Noticee violated Clause A(1), A(2) & D(2) read with Regulation 15, Regulation 26(ii) and (xiii), Regulation 6 of Certification of Associate Persons Regulations, and Regulation 12A(1)(e) read with Regulation 15(1)(b) and SEBI Circular dated August 22, 2011, and was held liable for monetary penalty of Rs. 3,00,000 under Section 15A and Rs. 1,00,000 under Section 15HB of the SEBI Act, 1992.
Full text
Adjudication Order in the matter of M/s. SS Associates- Sub broker of India Infoline Ltd. Page 2 of 22 of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”), for the alleged violations of the provisions of the below mentioned Acts, SEBI Regulations and Circulars: a. Clause A(1), A(2) & D(2) of the Code of Conduct for the Sub-brokers as specified in schedule II read with Regulation 15 of the SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 (hereinafter referred to as “Stock Brokers and Sub-brokers Regulations”). b. Regulation 26(ii) and (xiii) of Stock Brokers and Sub-brokers Regulations 1992. c. Regulation 6 of SEBI (Certification of Associate Persons in the Securities Markets) Regulations, 2007 (hereinafter referred to as “Certification of Associate Persons Regulations”) and Clause A(1), A(2) & D(2) of the Code of Conduct for the Sub-brokers as specified in schedule II read with Regulation 15 of Stock Brokers and Sub-brokers Regulations,1992. d. Regulation 12A(1)(e) read with Regulation 15(1)(b) of Stock Brokers and Sub-brokers Regulations and SEBI Circular No. SEBI/MIRSD/16/2011 dated August 22, 2011 (hereinafter referred to as “SEBI Circular dated August 22, 2011”). APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in the matter of M/s. SS Associates- Sub broker of India Infoline Ltd. Page 3 of 22 4. A Show Cause Notice dated March 25, 2021 (hereinafter referred to as ‘SCN’) was issued to the Noticee under Rule 4 of the SEBI Adjudication Rules,to show-cause as to why an inquiry should not be initiated against the Noticee and why penalty should not be imposed upon the Noticee under Section 15A and Section 15HB of the Securities and Exchange Board of India Act, 1992 for the violations alleged to have been committed by the Noticee.
Adjudication Order in the matter of M/s. SS Associates- Sub broker of India Infoline Ltd. Page 4 of 22 broker on December 22-23, 2014. However, the sub-broker again submitted, inter-alia, that information is not available. Multiple instances of transfer of funds to Non-clients
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