sebi:SEBI/WTM/GM/EFD/41/2019-20

SEBI · SEBI · 2013-07-19 · G. Mahalingam, Whole Time Member

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Noticee shall not take on board any new client for a period of 2 months; permitted to continue services to existing clients with website disclosure

Provisions invoked

s. 12

Regulations relied on

SEBI (Intermediaries) Regulations, 2008 — 27
SEBI (Intermediaries) Regulations, 2008 — 28
SEBI (Stock Brokers) Regulations, 1992 — 7
SEBI (Stock Brokers) Regulations, 1992 — 9(f)

Parties

PUG Securities Pvt. Ltd.

Holding

SEBI held PUG Securities liable for failure to maintain segregation of clients' securities and for pledging shares of inactive clients having credit balances, and directed that it shall not onboard any new client for 2 months while continuing services to existing clients.

Full text

______________________________________________________________________________________________ Order in the matter of PUG Securities (P) Ltd. Page 2 of 15

______________________________________________________________________________________________ Order in the matter of PUG Securities (P) Ltd. Page 3 of 15

______________________________________________________________________________________________ Order in the matter of PUG Securities (P) Ltd. Page 4 of 15

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Source: SecMarx — sebi:SEBI/WTM/GM/EFD/41/2019-20. 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.