sebi:UN/AO-01/2010
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Facts / Headnote
Noticee held guilty on three charges and monetary penalty of Rs.50,000 imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15I
Regulations
- Reg. 7
- Reg. 26
- Reg. 11(1)
- Reg. 15(1)(d)
- Reg. 11A
Parties
- ANG
Holding
ANG acted as an unregistered sub-broker, issued an advertisement soliciting business, and violated the Code of Conduct, and a monetary penalty of Rs.50,000 was imposed under Section 15I of the SEBI Act, 1992.
Full text
Page 2 of 7 Pages. The Disciplinary Action Bench of the Exchange, after considering the matter and hearing the trading member, levied a total fine of Rs. 50,000 on MRSB in respect of the violations observed during the inspection. On account of conflicting claims and counter claims between the complainant and MRSB, NSE advised the complainant to file an arbitration application and the complainant has so far not lodged papers for arbitration with the Exchange.
Page 3 of 7 (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Rules’) to inquire into and adjudge under section 15A of the SEBI Act, the violations alleged to have been committed by ANG (hereinafter referred to as “the Noticee”).
Page 4 of 7 broker and that the allegation made is for carrying on activities as an unregistered sub-broker. 10. The Noticee further stated that the allegations arose out of a complaint filed by Shri Parhad Rustomji Postwala who had filed a civil suit and had been sub-judice since October 2004 and that he has lodged counter-claims in respect of the claims made by the complainant. The Noticee further stated that he was not provided with a copy of the complaint.
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Source: SecMarx — sebi:UN/AO-01/2010. 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.