sebi:PB/AO-91/2011
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Facts / Headnote
Noticee found to have violated Brokers Regulations, DP Regulations and SEBI Circulars; penalty proceedings under sections 15F, 15HB of SEBI Act and section 19G of DP Act
Provisions invoked
- s. 15
- s. 15J
- s. 15F
- s. 19H
- s. 19G
Regulations
- Reg. 7
- Reg. 2
- Reg. 20A
- Reg. 54(4)
- Reg. 41
Parties
- ARFSL
Holding
The Noticee (ARFSL) was found to have violated provisions of the Brokers Regulations, DP Regulations and certain SEBI Circulars on multiple counts including non-delivery of contract notes, inadequate system to check third-party cheques, improper account opening/KYC procedures, discrepancies in processing Delivery Instruction Slips, and delay in dispatch of physical documents to Issuer/RTA and rejection of demat requests due to its own mistake.
Full text
Page 2 of 38 referred to as ‘CDSL’) during July 06, 2009 to July 10, 2009 for the period April 01, 2007 to March 31, 2009.
Page 3 of 38 violations of provisions of Brokers Regulations, DP Regulations and certain SEBI Circulars committed by ARFSL.
Page 4 of 38 Noticee on April 20, 2011 vide letter dated April 13, 2011. Mr. Jugal Mantri, Director and Mr. Deepak Kedia, Compliance Officer of the Noticee (hereinafter referred to as “ARs”), appeared on April 20, 2011 and made the submissions. During the course of hearing the following queries were raised to the Noticee:
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Source: SecMarx — sebi:PB/AO-91/2011. 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.