sebi:WTM/AB/EFD/DRA1/15953/2022-23
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Facts / Headnote
Post-enquiry SCN dated August 11, 2021 disposed off without any adverse remarks; no action imposed, agreeing with DA recommendation
Provisions invoked
- s. 11B
- s. 19
- s. 12(3)
- s. 2(27)
- s. 80J
- s. 10(27)
Regulations
- Reg. 9(f)
- Reg. 27
- Reg. 28
- Reg. 26
- Reg. 23
- Reg. 25
- Reg. 27(5)
- Reg. 24(1)
Parties
- SIC Stock and Services Pvt. Ltd.
Holding
The Whole Time Member agreed with the Designated Authority and disposed off the post-enquiry SCN dated August 11, 2021 against SIC Stock and Services Pvt. Ltd. without any adverse remarks or penalty.
Full text
Order in the enquiry proceedings against SIC Stock and Services Pvt. Ltd. Page 2 of 15 of Mefcom, for the period from January 01, 2006 to June 30, 2007. During investigation, amongst other violations, it was observed that as per shareholding details available on BSE website, the Noticee, a SEBI registered stock broker and member of BSE (at the time of alleged violations), was holding 9.99% shares of Mefcom for quarter ending June 2006. During investigation by SEBI, it was prima facie observed by SEBI that the broker had entered into unauthorized trades in the accounts of its client.
Order in the enquiry proceedings against SIC Stock and Services Pvt. Ltd. Page 3 of 15 received by SEBI on May 18, 2018. Subsequently, vide letter dated September 18, 2018, the Noticee filed detailed reply to the SCN issued by DA.
Order in the enquiry proceedings against SIC Stock and Services Pvt. Ltd. Page 4 of 15 7. In its reply dated March 03, 2022, the Noticee has, inter alia submitted as follows. i. The Noticee after providing the background of its foundation and operations has stated that it does not advise its clients in connection with the sale or purchase of securities by them. The Noticee merely executes the orders received as per the instructions of the clients without questioning the prudence of the transactions. The Noticee only earns brokerage on the transactions executed through it and nothing more.
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Source: SecMarx — sebi:WTM/AB/EFD/DRA1/15953/2022-23. 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.