sebi:VSS/AO-34/2009
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Facts / Headnote
No monetary penalty imposed; matter disposed of as not a fit case for penalty
Provisions invoked
- s. 15
- s. 15I
- s. 15J
- s. 19H
- s. 19G
- s. 19A
Regulations
- Reg. 20A
- Reg. 13(1)(c)
Parties
- Steel City Securities Limited (SCSL)
Holding
The Adjudicating Officer held that certain deficiencies/violations were established including failure to obtain timely authentication on agreement alterations, failure to mark BO accounts and retention of securities in broker account, but held it was not a fit case to levy monetary penalty and disposed of the matter.
Full text
Page 2 of 17 the beneficiary clients. Therefore, it was alleged that SCSL had violated the provisions of SEBI (Depositories and Participants) Regulations, 1996 (hereinafter referred to as ‘DP Regulations’) and certain circulars and consequently, liable for monetary penalty under section 19A, 19B and 19G of Depositories Act, 1996 (hereinafter referred to as the ‘the Act’).
Page 3 of 17 dated November 24, 2008 at SEBI, Southern Regional Office, Chennai. Mr. Satish Kumar Arya, Director (Operations), SCSL, appeared on behalf of the Noticee and made submissions.
Page 4 of 17 also submitted that necessary authentication has been obtained from such clients subsequently for the alterations/corrections made in the agreements. It has submitted copy of such authenticated agreements.
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Source: SecMarx — sebi:VSS/AO-34/2009. 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.