sebi:Order/SV/VC/2024-25/30653

SEBI · SEBI · 2023-09-18 · Shashi Kumar Valsakumar, Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Violations established; monetary penalty imposed (amount not specified in provided text)

Provisions invoked

• s. 11B
• s. 11
• s. 15
• s. 19
• s. 12
• s. 15H
• s. 12A
• s. 15F
• s. 28A
• s. 23
• s. 23D

Regulations

• Reg. 3(2)

Parties

• Fast Capital Markets Limited

Holding

The Noticee, Fast Capital Markets Limited, was found to have violated SEBI Regulations, Notifications and Circulars relating to mis-utilisation of clients' funds, settlement of clients' funds & securities, clients' order placement and call recordings, terminal verification and certification, and control system over branches/APs. The allegation of incorrect reporting of weekly data to the exchanges in November 2022 and April 2023 was not established.

Full text

Adjudication Order in the matter of Fast Capital Markets Limited Page 2 of 32 submitted its comments / explanations on the aforesaid findings / observations of the inspection vide its letter dated September 18, 2023.

Adjudication Order in the matter of Fast Capital Markets Limited Page 3 of 32 Sr. No. Alleged violations Regulatory provisions violated E Control System Over Branch/AP Clause 32.7.5 of the of the SEBI Master Circular SEBI/HO/MIRSD/MIRSD-PoD1/CIR/2023/71 dated May 17, 2023 read with Clause 7 (e) of Annexure -1 of SEBI Circular MIRSD/DR-1/Cir-16/09 dated November 06, 2009.

Adjudication Order in the matter of Fast Capital Markets Limited Page 4 of 32 issued to Noticee was duly served upon the Noticee and it was acknowledged by the Noticee.

Source: SecMarx — sebi:Order/SV/VC/2024-25/30653. 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.