sebi:Settlement_Orders_225_Order_against_M_s._Home_Trade_Ltd
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Facts / Headnote
Cancellation of certificate of registration
Provisions invoked
- s. 19
Regulations
- Reg. 13
- Reg. 16(1)
- Reg. 15(C)
- Reg. 16(3)
- Reg. 16
- Reg. 27
- Reg. 13(1)
- Reg. 15(c)
- Reg. 13(6)
- Reg. 16(5)
Parties
- M/s. Home Trade Ltd.
Holding
The certificates of registration bearing Nos. INB 230624638 and INB 010624639 granted to M/s. Home Trade Ltd. were cancelled with immediate effect.
Full text
SECURITIES AND EXCHANGE BOARD OF INDIA ORDER UNDER REGULATION 16(5) OF SEBI (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY REGULATIONS), 2002 AGAINST M/S.HOME TRADE LTD, ESRTWHILE MEMBER OF NATIONAL STOCK EXCHANGE AND STOCK EXCHANGE, MUMBAI, WITH SEBI REGISTRATION NUMBER INB 230624638 & INB 010624639. 1. M/s.Home Trade Ltd.(hereinafter called as “the broker” was a member of National Stock Exchange and Stock Exchange ,Mumbai (hereinafter called as “NSE” and “BSE”) and registered with the Securities and Exchange Board of India (hereinafter referred to as “SEBI”) having registered office at Tower 4, 5th International Infotech Park, Vashi Station Complex, Navi Mumbai-400703.,under certificate of registration No.INB 230624638 and INB 010624639 respectively .
2. It has been brought to the notice of SEBI that the broker was declared a defaulter by NSE on October 1st, 2002 and BSE on August 13th, 2002 and was not readmitted. An enquiry officer was therefore appointed vide order of the member dated March 16th, 2004 to conduct enquiry against the noticee in terms of Regulation 16(1) read with Regulation 15(C) of chapter III of the SEBI (procedure for holding enquiry by enquiry officer and imposing penalty) Regulations, 2002(hereinafter called as Enquiry Regulation). The enquiry officer submitted his report dated May 20, 2004 under regulation 16(3) of SEBI (Procedure for holding enquiry by the enquiry officer and imposing penalty) recommending the cancellation of the registration of the broker.
3. I have considered the facts of the matter, report of the Enquiry Officer and other material on record. I note that adequate opportunity had been given to the said broker in terms of Regulation 16 of the Enquiry Regulations. I have noted that the show cause notices were issued by the enquiry officer through NSE and BSE. The said show cause notices were sent to NSE and BSE vide letters, dated March 26, 2004 for causing to serve it to the broker. NSE vide letter dated April 8, 2004 returned the show cause notice as it was returned undelivered from the last known address. BSE vide letter dated May 12th 2004, also returned the show cause notice, stating that it could not be served though all efforts were made. Therefore, I am satisfied that the requirements of natural justice have been fulfilled and I proceed further in the matter.
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Source: SecMarx — sebi:Settlement_Orders_225_Order_against_M_s._Home_Trade_Ltd. 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.