sebi:SO/EFD-2/SD/284/APR/2019
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Facts / Headnote
Settled qua the applicant
Provisions invoked
- s. 11B
- s. 12A
- s. 15J
Regulations
- Reg. 25
- Reg. 3(a)
- Reg. 9
- Reg. 34
- Reg. 23
Parties
- Sharekhan Ltd.
Holding
The proceedings under Section 11B of the SEBI Act, 1992 initiated vide Show Cause Notice dated February 09, 2017 and the initiated adjudication proceedings against Sharekhan Ltd. for alleged front-running violations are settled qua the applicant upon payment of Rs. 2,93,25,000 without admitting or denying findings.
Full text
Settlement order with respect to Front Running by Manish Chaturvedi and others Page 1 of 2 SO/EFD-2/SD/284/APR/2019 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA SETTLEMENT ORDER On Application No.3469/2018 and 3800/2018 filed by Sharekhan Ltd. (PAN AAECS5096H) in the matter of Front Running by Manish Chaturvedi and others ______________________________________________________________________________
Settlement order with respect to Front Running by Manish Chaturvedi and others Page 2 of 2 4. The High Powered Advisory Committee (‘HPAC’) in its meeting held on March 04, 2019
1. Sharekhan Ltd. (hereinafter referred to as ‘applicant’) filed two settlement applications in terms of the SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014 which is repealed and replaced with SEBI (Settlement Proceedings) Regulations, 2018 with effect from January 01, 2019 (hereinafter referred to as ‘Settlement Regulations’). The applicant, in its applications, without admitting or denying the findings of fact and conclusions of law, proposed to settle, through a settlement order, the proceedings under Section 11B of the SEBI Act, 1992 which were initiated vide Show Cause Notice dated February 09, 2017 and adjudication proceedings which were initiated, but show cause notice is yet to be issued. Both the proceedings under Section 11B of the SEBI Act, 1992 and adjudication were initiated for the alleged violation of Section 12A(a), (b) and (c) read with Reg. 3(a), (b), (c), (d), 4(1) and 4(2)(q) of SEBI (Prohibition Of Fraudulent And Unfair Trade Practices Relating to Securities Market) Regulations, 2003 and Clause A(3), A(4) and Clause B(3) of Code of Conduct under Schedule II read with Regulation 9 of SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992.
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Source: SecMarx — sebi:SO/EFD-2/SD/284/APR/2019. 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.