sebi:VSS/AO-54/2009
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Facts / Headnote
No monetary penalty imposed; case disposed of
Provisions invoked
- s. 15
Regulations
- Reg. 16
- Reg. 15
- Reg. 26
- Reg. 17(1)
- Reg. 18B
Parties
- RAG
Holding
The Adjudicating Officer held that none of the three charges against RAG was established as a violation and disposed of the case without imposing any monetary penalty under sections 15A(c) and 15HB of the SEBI Act.
Full text
Page 2 of 6 maintenance of cash book, (b) dealing as unregistered sub-broker and (c) indulging in fund based activities. Therefore, it was alleged that RAG had violated the provisions of SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 (hereinafter referred to as ‘Brokers Regulations’) and certain SEBI Circulars and consequently, liable for monetary penalty under sections 15A(c) and 15HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘SEBI Act’).
Page 3 of 6 6. The Noticee replied to the SCN vide letter dated February 18, 2009. 7. In the interest of natural justice and in order to conduct an inquiry in terms of rule 4(3) of the Rules, the Noticee was granted an opportunity of personal hearing on April 2, 2009, vide notice dated March 5, 2009. Mr. Puneet Mohnot, Chartered Accountant, appeared on behalf of the Noticee and made written as well as oral submissions.
Page 4 of 6 c) I have noted the aforesaid submission of the Noticee and find merit in the same. I am of the view that failure to record the narration in about a dozen transactions in a year can not be alleged as improper maintenance of cash book.
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Source: SecMarx — sebi:VSS/AO-54/2009. 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.