sebi:PG/AO-26/2010
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Facts / Headnote
Penalty of Rs.1,00,000 imposed under section 15HB of SEBI Act, 1992
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 199
- Reg. 16
- Reg. 26
- Reg. 18B
- Reg. 12
Parties
- M/s. MPS Securities (proprietor Sh Ajay Jain)
Holding
M/s. MPS Securities was held to have violated Regulation 18B read with Regulation 16, Regulation 26(xiii) and 26(xx) of Brokers Regulations and the cited SEBI circulars for dealing with unregistered sub-broker, non-segregation of funds/securities and failure to use unique client codes, and a monetary penalty of Rs.1,00,000 under section 15HB of SEBI Act, 1992 was imposed.
Full text
Page 2 of 14 2. Based on the communication received from BSE, Securities and Exchange Board of India (hereinafter referred to as “SEBI”) conducted an inspection of books and records of M/s.MPS Securities (hereinafter referred to as ‘MPS/Noticee’) on August 27, 2004 and August 28, 2004 covering period from April 2002 till the date of inspection. MPS was a sub broker affiliated to RSL, broker- BSE and to M/s. Shailesh Hiralal Doshi, member of National Stock Exchange (hereinafter referred to as “NSE”). MPS Securities is a proprietorship concern of Sh Ajay Jain and has its office at c/o 73, Indraprastha Complex, Shastri Circle, Delhigate road, Udaipur- 313001.
Page 3 of 14 5. The office of the Noticee is located at C/o 73, Indraprastha Complex, Shastri Circle, Delhigate Road, Udaipur – 313001.
Page 4 of 14 10. In the interest of natural justice and in order to conduct an inquiry in terms of rule 4(3) of the Rules, the Noticee was granted an opportunity of personal hearing on September 18, 2007, vide notice dated September 07, 2007. However, the same was returned undelivered with remarks “left”. Another opportunity of hearing was granted to the Noticee on April 19, 2010 vide Notice dated April 04,
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Source: SecMarx — sebi:PG/AO-26/2010. 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.