sebi:VSS/AO-62/2008
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Facts / Headnote
Disposed of - alleged violation not established, no penalty imposed
Provisions invoked
- s. 15
- s. 15J
Regulations
- Reg. 15
Parties
- Shri Ketan Shah
Holding
The alleged violations of Clauses B(2) and C(4) of the Code of Conduct against Shri Ketan Shah were held not established and the matter was accordingly disposed of without penalty.
Full text
Page 2 of 8 “VSE”). Shri Ketan Shah (hereinafter referred to as “Noticee”) is a broker of Baroda Stock Exchange and a sub-broker of SDFC Securities Ltd., {Member – NSE} and also sub-broker of VSE Stock Services Ltd., {Member – BSE}.
Page 3 of 8 6. The Noticee vide letter dated June 20, 2008 replied to the SCN stating, inter alia, the following : • I would like to state I am a sub broker of VSE Stock Services Limited which is 100% subsidiary of Vadodara Stock Exchange Limited. The regulations pertaining to tripartite agreement were implemented by VSE Stock Services Limited from August, 2005. Prior to that the Main broker in my case, VSE Stock Services Limited issued contract notes to the sub broker and sub broker in turn was required to issue confirmation memo to his client. The transactions in respect of which this notice has been issued pertains to the period May, June 2005 i.e. prior to the implementation of tripartite agreement and hence, no question arises of rendering services to the client for obtaining contract note from the stock broker and hence I respectfully submit, that the alleged violation of clause B(2) is without any merit.
Page 4 of 8 possible for him to make travel arrangements for attending the hearing and requested to adjourn the hearing to any date after October 9, 2008.
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Source: SecMarx — sebi:VSS/AO-62/2008. 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.