sebi:RA/DPS/13/2015
Facts / Headnote
Violation established; penalty of Rs 4,00,000 imposed under Section 15HB of SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations relied on
- SEBI (Stock Brokers) Regulations, 1992 — 6A(1)(c)
- SEBI (Stock Brokers) Regulations, 1992 — 9(c)
Parties
- UKS Forex Private Limited (formerly UKS Stocks Private Limited)
Holding
The Noticee violated Regulation 6A(1)(c) (now 9(c)), Regulation 9(f) read with Clause A(5) of Schedule II Code of Conduct and SEBI Circular CIR/MIRSD/2/2011 dated June 3, 2011 by effecting change in control on October 01, 2011 without prior approval of SEBI. A penalty of Rs 4,00,000 under Section 15HB of the SEBI Act was imposed upon UKS Forex Private Limited.
Full text
Page 2 of 14 of India Act, 1992 (hereinafter referred to as 'SEBI Act') and Regulation 26 (xvii) of Stock Brokers Regulations, to inquire into the aforesaid alleged violations against the Noticee. Subsequently, vide order dated December 09, 2014, the undersigned has been appointed as Adjudicating Officer in the matter.
Page 3 of 14 4. In response to the SCN, the Noticee filed its reply dated February 16, 2015. 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 March 19, 2015 vide notice dated February 24, 2015. Hearing on March 19, 2015 was attended by the authorized representatives (AR) of the Noticee namely - Shri UttamSinghal, Director of UKS and Shri Abhishek Agarwal, Compliance Officer of UKS and reiterated the submissions made vide letter dated February 16, 2015. During the course of hearing, Noticee also submitted additional written submissions and the key submissions of Noticee are as follows:
Page 4 of 14 a. On October 01, 2011 change is shareholding took place which resulted in change in control and confirmed that Noticee had informed the change in shareholding to the Exchange and not to SEBI and it will submit the supporting documents i.e. correspondences with Exchange by March 27, 2015.
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Source: SecMarx — sebi:RA/DPS/13/2015. 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.