sebi:PKB/AO-20/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty of Rs. 1,00,000 imposed on Mithani Securities Private Limited under Section 15HB of the SEBI Act, 1992
Provisions invoked
- s. 15H
- s. 15J
- s. 15
Regulations
- Reg. 15
- Reg. 26
- Reg. 15H
Parties
- Mithani Securities Private Limited
Holding
Mithani Securities Private Limited violated SEBI Circular No. SEBI/SMD/POLICY/CIRCULAR/5-97 dated April 11, 1997 read with Regulation 15 Schedule II A(2) and Regulation 26 (xii), (xv) and (xvi) by failing to execute member-client agreements and maintain complete Know Your Client forms, and a penalty of Rs. 1,00,000 under Section 15HB was imposed.
Full text
Adjudication order against Mithani Securities Private Limited 3/31/2009 Page 2 of 10 Limited (hereinafter refereed to as “GBL”) and NCJ Share & Stock Brokers Limited (hereinafter referred to as “NCJ”) had concentration of 25.88% and 12.16% in gross purchases respectively. GBL & NCJ had concentration of 30.01% and 13.74% in gross sales respectively.
Adjudication order against Mithani Securities Private Limited 3/31/2009 Page 3 of 10 97 dated April 11, 1997 read with Regulation 15 Schedule II A (2) and Regulation 26 (xii), (xv) and (xvi) of SEBI (Stock Brokers and Sub- Brokers), Regulations , 1992.
Adjudication order against Mithani Securities Private Limited 3/31/2009 Page 4 of 10 said SCN came back to us undelivered with a remark “Not Claimed”. Subsequently, upon obtaining a new address of the noticee , fresh SCN dated January 10, 2008 was issued. The noticee vide letter dated January 30, 2008 replied, seeking additional time to file a detailed reply. However, no detailed reply was received. As the noticee had received the SCN, so in terms of basic principals of natural justice, I decided to conduct an inquiry in the matter and grant opportunity of personal hearing to the noticee.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:PKB/AO-20/2009. 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.