sebi:TCN/47/MIRSD/08/07

SEBI · SEBI · 2003-04-01 · Dr. T.C. Nair, Whole Time Member

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

Facts / Headnote

Suspension of Certificate of Registration for a period of fifteen days, effective on expiry of 21 days from date of order

Regulations relied on

SEBI (Enquiry & Penalty) Regulations, 2002 — 13(4)
SEBI (Stock Brokers) Regulations, 1992 — 15
SEBI (Stock Brokers) Regulations, 1992 — 17

Parties

M/s Modern Security Traders

Holding

The Whole Time Member imposed a penalty of suspension of the Certificate of Registration for fifteen days on M/s Modern Security Traders, sub-broker affiliated to LSE Securities Ltd., INS 231166518. The order was directed to come into force on expiry of 21 days from the date of the order.

Full text

2 Regulations) and the same was carried out by G. Singla & Co., Chartered Accountants on behalf of SEBI. 1.3 Certain irregularities/contraventions of concerned SEBI Regulations were observed during the said inspection. A copy of the findings of the Inspection Report was sent to the sub broker for comments vide letter dated April 1, 2003. However, the sub broker did not reply to the said letter despite several reminders.

3 However, the sub-broker did not appear for the aforesaid hearings. Since enough opportunities had been provided to the sub-broker, the Enquiry Officer proceeded on the basis of material available on record.

4 3.3 The sub broker was granted an opportunity of personal hearing before me on July 14, 2006. However, no one appeared on behalf of the sub-broker. One more opportunity of hearing was given to the sub-broker on February 26, 2007 at Regional Office, New Delhi. Shri Vinod Arora, Proprietor of the sub broker replied vide letter dated February 15, 2007 that he being an aged person is unable to attend the hearing and requested to proceed further on the basis of the record submitted by him.

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Source: SecMarx — sebi:TCN/47/MIRSD/08/07. 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.