sebi:RA/JP/72/2017
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Facts / Headnote
Violations upheld and corrigendum issued rectifying penalty figures in numbers to Rs. 2,00,000 under section 15HB and Rs. 2,00,000 under section 23H, totaling Rs. 4,00,000, with penalty in words unchanged.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 23J
- s. 23
- s. 23H
Regulations
- Reg. 9
Parties
- Sugal and Damani Share Brokers Ltd.
Holding
The Noticee mixed client funds with own funds and engaged as principal in financing business other than securities in contravention of the 1993 Circular, Clause A(5) read with regulation 9, and rule 8(3)(f), attracting penalty. By corrigendum the penalty in numbers is rectified to Rs. 2,00,000 under section 15HB and Rs. 2,00,000 under section 23H, totaling Rs. 4,00,000.
Full text
Page 1 of 1 BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA CORRIGENDUM TO ADJUDICATION ORDER NO. RA/JP/72/2017
Page 2 of 16 the course of inspection, prima – facie violations of rule 8(3)(f) of Securities Contracts (Regulation) Rules, 1957 (hereinafter referred to as 'SCRR'), clause A(5) of the code of conduct specified under Schedule II read with regulation 9 of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992(hereinafter referred to as 'Stock Brokers Regulations') and SEBI Circular No. SMD/Policy/Cir-6/97 dated May 07, 1997 were observed to have been committed by the Noticee.
Page 3 of 16 Regulations, SEBI Circular No. SMD/SED/CIR/93/23321 dated November 18, 1993and rule 8(3)(f) of the SCRR. 4. The observations made during the course of inspection and the allegations levelled against the Noticeein the SCN are briefly mentioned hereunder.
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Source: SecMarx — sebi:RA/JP/72/2017. 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.