sebi:Order/SM/AD/2021-22/15214

SEBI · SEBI · 2014-03-12 · Soma Majumder, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings against Noticee disposed of without imposition of any penalty

Provisions invoked

• s. 19
• s. 15H
• s. 15J
• s. 15I(1)

Regulations

• Reg. 7
• Reg. 3
• Reg. 3(a)
• Reg. 4(2)(g)

Parties

• Crosseas Capital Services Private Limited

Holding

The Adjudicating Officer found that Noticee had not violated Regulations 3(a), 3(b), 3(c), 3(d), 4(1), 4(2)(a) and 4(2)(g) of PFUTP Regulations or Clause A(2) of the Code of Conduct for Stock Brokers, and accordingly disposed of the adjudication proceedings without imposing any penalty.

Full text

_________________________________________________________________________ Adjudication Order in the matter of Crosseas Capital Services Private Limited 2 of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’) and Clause A(2) of the Code of Conduct for Stock Brokers as specified under Schedule II read with Regulation 7 of the SEBI (Stock Brokers and Sub Brokers) Regulations,1992 (hereinafter referred to as 'Stock Brokers Regulations') by certain entities including Crosseas Capital Services Private Limited (hereinafter referred to as “Noticee /By Name”).

_________________________________________________________________________ Adjudication Order in the matter of Crosseas Capital Services Private Limited 3 and Clause A(2) of the Code of Conduct for Stock Brokers as specified under Schedule II read with Regulation 7 of the Stock Brokers Regulations and imposed a penalty of Rs. 20,00,000 (Rupees Twenty Lakh only) for violation of Regulations 3(a), 3(b), 3(c), 3(d), 4(1), 4(2)(a) and 4(2)(g) of PFUTP Regulations and Rs. 5,00,000/- (Rupees Five Lakhs only) for failure to comply with Stock Brokers Regulations.

_________________________________________________________________________ Adjudication Order in the matter of Crosseas Capital Services Private Limited 4 of Conduct for Stock Brokers as specified under Schedule II read with Regulation 7 of the Stock Brokers Regulations. Thereafter, SCN was once again sent to Noticee through Speed Post Acknowledgement (hereinafter referred to as “SPAD”) as well as through digitally signed email dated July 20, 2021 and the same was duly served on it. Noticee was given fourteen (14) days’ time to make its submissions in respect of the allegations made in the SCN. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING

Source: SecMarx — sebi:Order/SM/AD/2021-22/15214. 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.