sebi:Order/PM/SM/2020-21/10810-10811
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Facts / Headnote
Violations established; penalty of Rs. 1,00,000 each imposed on Noticee 1 and Noticee 2 under Section 15HB
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 6
- Reg. 9(f)
- Reg. 15
- Reg. 9
Parties
- Aishwarya Avenues Private Limited
- SKSE Securities Limited
Holding
Noticee 1 violated Clause A(2) of the Code of Conduct read with Regulation 15 and Noticee 2 violated Clause A(2) read with Regulation 9(f) of the Brokers Regulations by failing to exercise due skill, care and diligence. Each Noticee was imposed a monetary penalty of Rs. 1,00,000 under Section 15HB of the SEBI Act, 1992.
Full text
Adjudication Order in the matter of M/s Anukaran Commercial Enterprise Limited Page2 of 21 vide order dated June 06, 2017 to enquire into and adjudge under Section 15HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) for the alleged violations by the Noticees. The appointment of the AO was communicated vide communique dated September 07, 2017.
Adjudication Order in the matter of M/s Anukaran Commercial Enterprise Limited Page3 of 21 “…….that we are the subsidiary company of the erstwhile M/s. Saurashtra Kutch Stock Exchange Ltd. and therefore we are not allowed to trade/ deal with the clients directly. The members of the erstwhile exchange are now the sub-brokers and they actively carry out their business through their affiliation with SKSE Securities Ltd. Accordingly, M/s. Aishwarya Avenues Pvt. Ltd. is our sub-broker. Since, the clients viz. Aanand Balavantrai Boghani and Kaushik Bipinchandra Dhanki have done short selling before a reasonable long period, we are on verge of retrieving the data. Moreover, we have also invited an explanation from the sub-broker as well as the cleints so as top enable us for submitting a proper reply in tis regard.”
Adjudication Order in the matter of M/s Anukaran Commercial Enterprise Limited Page4 of 21 6. It is noted that subsequently, reply dated 15.12.2020 has been received from Noticee
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Source: SecMarx — sebi:Order/PM/SM/2020-21/10810-10811. 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.