sebi:WTM/GM/SRO/SRO/12329/2021-22
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Facts / Headnote
Proceedings closed without cancellation of registration; post-enquiry show cause notice dated July 03, 2020 and DA report dated March 30, 2020 disposed of
Provisions invoked
- s. 19
- s. 12
Regulations
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 15(1)(b)
- Reg. 200
- Reg. 2
- Reg. 27
Parties
- S.S. Securities
Holding
The Whole Time Member agreed with the Designated Authority that S.S. Securities had committed the alleged violations, but closed the proceedings without directing cancellation because the sub-broker registration was already deemed cancelled/surrendered with effect from March 31, 2019.
Full text
Order in the matter of S.S. Securities Page 1 of 14 WTM/GM/SRO/SRO/12329/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA ORDER
Order in the matter of S.S. Securities Page 2 of 14 a. SEBI Circular CIR/MIRSD/16/2011 dated August 22, 2011 (“Circular”) read with Regulation 2(gc) of SEBI (Stock Broker & Sub-Brokers) Regulations, 1992 (“Broker Regulations”) prescribing scope of activity of a sub-broker read with clause A(1), B(1) and D(1) of the Code of Conduct prescribed for sub-brokers in Schedule II under Regulation 15(1)(b) of Broker Regulations, b. Section 12 of SEBI Act, 1992 read with Rule 8 of Securities Contracts (Regulation) Rules, 1957 (“SCR Rules”/ “SCRR”), and c. Regulation 4(1) read with Regulation 2(1)(c) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations 2003 ("PFUTP Regulations") read with Clause D(4) of the Code of Conduct prescribed for sub-brokers in Schedule II under Regulation 15(1)(b) of Broker Regulations, 1992.
Order in the matter of S.S. Securities Page 3 of 14 Regulations, 2008, to show cause as to why action, as recommended by the DA or any other action as considered appropriate by the Designated Member, should not be taken against the Noticee. A copy of the DA’s Report was also forwarded to the Noticee along with an advice to file reply, if any, within 21 days from the date of receipt of the notice. The Noticee did not file any reply to this notice. Thereafter, an opportunity of personal hearing was granted to the Noticee on February 10, 2021, and details of the same were also published in The Times of India and Supadha (Telegu) on February 3, 2021. The Noticee neither appeared for the hearing, nor did it file any reply in the matter. In view of the same, I am compelled to proceed in the matter, ex-parte.
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Source: SecMarx — sebi:WTM/GM/SRO/SRO/12329/2021-22. 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.