sebi:VSS/AO-05/2009
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Facts / Headnote
Penalty of Rs.15,000 imposed under section 15HB of SEBI Act
Provisions invoked
- s. 15
- s. 12
- s. 15H
- s. 15J
Regulations
- Reg. 11
Parties
- Bharat H Bhavsar
Holding
The Noticee violated regulation 11 of Brokers Regulations and section 12 of SEBI Act by acting as an unregistered sub-broker and is liable for monetary penalty under section 15HB of SEBI Act. A penalty of Rs.15,000 was imposed on the Noticee.
Full text
Page 2 of 7 3. It was alleged that the Noticee acted as an unregistered which is in violation of regulation 11 of SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 (hereinafter referred to as “Brokers Regulations”) and section 12 of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 7 vide notice dated November 18, 2008. The same was returned undelivered with the remark “refused to receive”. Thereafter, a fresh notice dated December 2, 2008 was sent to the Noticee through ASE, scheduling the inquiry on December 18, 2008. Mr. Bharat H Bhavsar appeared and made the following submissions: -
Page 4 of 7 “Registration as sub-broker 11. (1) No sub-broker shall act as such unless he holds a certificate granted by the Board under these regulations. (2) No fresh certificate needs to be obtained under sub-regulation (1) where a sub-broker merely changes his affiliation from one stock broker to another stock broker, being a member of the same stock exchange.”
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Source: SecMarx — sebi:VSS/AO-05/2009. 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.