sebi:Settlement_Orders_218_Order_against_M_s._Bijal_Securities_Pvt_Ltd
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Facts / Headnote
Certificate of Registration suspended for six months
Provisions invoked
- s. 19
- s. 11(1)
- s. 12
Regulations
- Reg. 7
- Reg. 13
Parties
- Bijal Securities Pvt. Ltd.
Holding
The Certificate of Registration of Bijal Securities Pvt. Ltd., member of Vadodara Stock Exchange, was suspended for six months for acting as an unregistered sub-broker through Joindre Capital Services Ltd.
Full text
6. The Enquiry Officer, after conducting the enquiry as per the provisions of the SEBI (Procedure for holding Enquiry by Enquiry Officer and Im
12. I find that Bijal had stated that they were under the impression that since they were registered as members of VSE, there is no need to get registered as a sub-broker of Joindre Services Ltd. I have observed that Bijal had dealt with Joindre Capital Services Ltd. from the month of July,1998 to December,2000, a period of two and a half years. Shri N one of the directors of Bijal Securities was past President of VSE. I have also observed that Bijal had given undertaking to Joindre Capital Services Ltd. vide letter da July,1998, wherein it was undertaken by Bijal Securities that it would “ (i) to do business only on my behalf, (ii) not to issue any further contract whatsoever to anybody in to my dealings with you; and (iii) not to deliver you any shares which are not registered in my name or are not purchased through you.” I further find that Bijal also adm they had acted as sub-broker of Joindre Capital Services Ltd., although it had registered with it as a client.
Penalty) Regulations, 2002, submitted a report dated 23.01.2004 and recommended a penalty of cancellation of Certificate of Registration o SHOW-CAUSE NOTICE AND HEARING
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