sebi:SD/AO/05/2010
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Facts / Headnote
Proceedings abated without going into the merits of the case
Provisions invoked
- s. 15H
- s. 15
Regulations
- Reg. 7
- Reg. 4
Parties
- M/s. Vijay Bhagwandas & Co.
Holding
The adjudication proceedings against M/s. Vijay Bhagwandas & Co., a proprietary concern, are liable to be abated due to the death of the sole proprietor, Vijay Bhagwandas Shah, without going into the merits of the case.
Full text
Page 2 of 5 and (n) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) and clauses A(1), A(2), A(3), A(4) and A(5) of the Code of conduct as specified in the schedule II under Regulation 7 of the SEBI(Stock Brokers and Sub–Brokers) Regulations,1992 (hereinafter referred to as “Broker Regulations”) and therefore, liable for monetary penalty under section 15HA and 15HB of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 5 7. It is noted that no detailed reply has been received from the Noticee. On considering the facts of the case, it was decided to conduct an inquiry in the matter and the Noticee was granted an opportunity of personal hearing and accordingly was advised to attend the hearing on October 16, 2008. However, vide letter dated October 14, 2008 on the letterhead of the Noticee it was submitted by the son of the former proprietor of the Noticee that he needs an extension of one month to submit a reply as the business was handled by his late father who expired on June 10, 2006.
Page 4 of 5 11. It is also relevant to refer to the decision of Hon’ble Securities Appellate Tribunal (SAT) in Chandravadan J Dalal vs. SEBI (Appeal No. 35/2004 decided on June 15, 2005). The facts of the case are similar to the facts in the present case inasmuch as M/s. Chandravadan J Dalal, member of BSE, was a proprietary concern under the sole proprietorship of Mr. Chandravadan J Dalal and they were also alleged to have indulged into fraudulent and unfair trade practices and violated the provisions of Code of Conduct for Brokers. The Hon’ble SAT in this case held that:
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Source: SecMarx — sebi:SD/AO/05/2010. 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.