sebi:QJA/GG/MIRSD/MIRSD-SEC-4/25826/2023-24
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Facts / Headnote
Suspension of certificate of registration of Keshav Securities Pvt. Ltd. for a period of two months
Provisions invoked
- s. 19
- s. 12(3)
Regulations
- Reg. 27
- Reg. 26
- Reg. 25(1)
- Reg. 27(1)
- Reg. 24(2)
Parties
- Keshav Securities Pvt. Ltd.
Holding
The certificate of registration of Keshav Securities Pvt. Ltd. was suspended for two months for giving loans to Modispaces Real Estate Pvt. Ltd. and BNE Infraprojects Ltd., held to be engaging in business other than securities in violation of Rule 8(1)(f) and Rule 8(3)(f) of the SCRR, 1957.
Full text
Order in the matter of Keshav Securities Pvt. Ltd. Page 2 of 10 Enquiry in view violation of Rule 8(1)(f) and Rule 8(3)(f) of the Securities Contract (Regulation) Rules 1957 (hereinafter referred to as “SCRR, 1957”).
Order in the matter of Keshav Securities Pvt. Ltd. Page 3 of 10 (f)he engages either as principal or employee in any business other than that of securities or commodity derivatives except as a broker or agent not involving any personal financial liability, provided that— (i) the governing body may, for reasons, to be recorded in writing, permit a member to engage himself as principal or employee in any such business, if the member in question ceases to carry on business on the stock exchange either as an individual or as a partner in a firm, (ii) in the case of those members who were under the rules in force at the time of such application permitted to engage in any such business and were actually so engaged on the date of such application, a period of three years from the date of the grant of recognition shall be allowed for severing their connection with any such business, (iii) nothing herein shall affect members of a recognised stock exchange which are corporations, bodies corporate, companies or institutions referred to in items (a) to (n)of sub-rule (8)
Order in the matter of Keshav Securities Pvt. Ltd. Page 4 of 10 (vi) I note that Noticee gave loans of Rs.15,00,000 to BNE infraprojects Ltd on June 20, 2018 and Rs.22,51,55,417.44 to Modispace Real Estates on September 30,
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Source: SecMarx — sebi:QJA/GG/MIRSD/MIRSD-SEC-4/25826/2023-24. 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.