sebi:Settlement_Orders_212_Order_against_Shri_Mukesh_P._Doshi

SEBI · SEBI · 1993-12-27 · Madhvi Buch, Whole Time Member

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

Facts / Headnote

Warning issued to the sub-broker to be careful in future and diligently adhere to SEBI Act, Regulations and Circulars

Provisions invoked

• s. 19

Regulations relied on

• SEBI (Enquiry & Penalty) Regulations, 2002
• SEBI (Stock Brokers) Regulations, 1992

Parties

• Shri Mukesh P. Doshi

Holding

Shri Mukesh P. Doshi, sub-broker, was warned to be careful in future dealings in the securities market and to diligently adhere to the SEBI Act, 1992, Regulations and Circulars made thereunder.

Full text

SECURITIES AND EXCHANGE BOARD OF INDIA ORDER Under Regulation 13(4) of SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, against Shri Mukesh P. Doshi, sub-broker, SEBI Registration No. INS 010573819, Affiliated to M/s. SKSE Securities Ltd., Member-BSE             Whereas, Securities and Exchange Board of India ( hereinafter referred to as SEBI ) conducted an inspection of the books of accounts and documents of Shri Mukesh P. Doshi, a sub broker affiliated to M/s. SKSE Securities Ltd., Member-The Stock Exchange, Mumbai (here referred to as “sub-broker”) into the alleged violations of the provisions of Securities and Exchange Board of India Act, 1992 (hereinafter refe as SEBI Act), Rules, Regulations and Circulars made there under. The inspection revealed various irregularities and violations including th non maintenance of client agreements and dealing with unregistered sub brokers; and           whereas, an enquiry officer was thus appointed by SEBI under Regulation 5 of SEBI (Procedure for holding enquiry by Enquiry Offic Imposing Penalty) Regulations, 2002 (hereinafter referred to as ‘Enquiry Regulations’) to enquire into the alleged contravention of SEBI Act (Stock Brokers & Sub-Brokers) Regulations, 1992 (hereinafter referred to as Broker Regulations), SEBI (Stock Brokers & Sub-Brokers) 1992 (hereinafter referred to as Broker Rules), SEBI Circulars, and, whereas, the Enquiry Officer after conducting the enquiry in terms of the

whereas, the sub broker replied to the said show cause notice vide its letter dated December 03, 2004 and interalia submitted that he has a submitted the certificate from Chartered Accountant regarding maintenance of sub broker client agreement . Regarding the dealing with Investments, he submitted a certificate of Chartered Accountant and also a letter from Ms. P.M. Doshi, the proprietor of Doshi Investments that they are doing trading of shares on her own behalf and not for others and therefore, the minor penalty of warning recommended enquiry officer may be dropped; and whereas, it is observed that the enquiry officer having considered these submissions, has recommended the minor penalty of warning agai sub broker.

Now therefore, I, having considered the nature and gravity of the charges established, the facts and circumstances of the case, the recommendations Enquiry Officer, the submissions made by the broker thereto, and the mitigating factors as explained above, while agreeing with the findings Enquiry Officer, in exercise of powers conferred under Section 19 of the SEBI Act, read with Regulation 13(4) of SEBI (Procedure for H Enquiry by Enquiry Officer and Imposing Penalty) Regulation 2002, hereby warn Shri Mukesh P. Doshi, a sub-broker bearing registration N 010573819, affiliated to M/s. SKSE Securities Ltd., member-BSE to be careful in future in its dealings in the securities market and diligently a to the provisions of the SEBI Act ,1992, the Regulations and Circulars made there under.

Source: SecMarx — sebi:Settlement_Orders_212_Order_against_Shri_Mukesh_P._Doshi. 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.