sebi:PKK/AO/29/2011
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Facts / Headnote
Penalty of Rs.1,00,000 imposed on the Noticee under Section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 12(1)
- s. 15H
- s. 15J
Regulations
- Reg. 11(1)
Parties
- M/s. HPG Financial Services Pvt. Ltd.
Holding
The Noticee acted as an unregistered sub-broker in the scrip of SCL in violation of Section 12(1) of the SEBI Act and Regulation 11(1) of the Stock Brokers Regulations and is liable for monetary penalty. A penalty of Rs.1,00,000 under Section 15HB of the SEBI Act is imposed on M/s. HPG Financial Services Pvt. Ltd.
Full text
Page 2 of 8 2. SEBI has therefore, initiated adjudication proceedings under the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as”the SEBI Act”) against the Noticee to inquire and adjudge the alleged violations of the provisions of Section 12(1) of SEBI Act and Regulation 11(1) of SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 (hereinafter referred to as ‘the Stock Brokers Regulations’).
Page 3 of 8 related entities. The Noticee met the payment obligations of shares of SCL by taking delivery from the SCL related entities in its demat account. Accord Capital issued the bills and contract notes to the Noticee for the transactions entered into by it. The Noticee in turn issued bills to the SCL related entities. Noticee thus acted as an unregistered sub-broker in the said scrip.
Page 4 of 8 Consideration of Issues, Evidence and Findings 7. I have carefully perused the written, oral submissions of the Noticee and the documents available on record. The issues that arise for consideration in present case are:-
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Source: SecMarx — sebi:PKK/AO/29/2011. 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.