sebi:WTM/KMA/ERO/IVD/118/08/2009
Facts / Headnote
Certificate of registration of M/s Basant Kumar Chirimar suspended for a period of one month
Provisions invoked
- s. 19
Regulations relied on
- SEBI (Intermediaries) Regulations, 2008 — 28(2)
- SEBI (PFUTP) Regulations, 1995 — 4(a)
- SEBI (Stock Brokers) Regulations, 1992 — 7
Parties
- M/s Basant Kumar Chirimar
Holding
The stock broker M/s Basant Kumar Chirimar contravened Regulation 4(a) and 4(b) of the PFUTP Regulations, 1995 and Regulation 7 read with Clauses A(1), A(2) and A(4) of the Code of Conduct, and its certificate of registration (INB 030513217) is suspended for one month.
Full text
Page 2 of 11 possible violations of the provisions of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as SEBI Act) and the Regulations framed thereunder.
Page 3 of 11 3. The Enquiry Officer found that the stock broker inter alia contravened the provisions of Regulation 4 (a) and 4(b) of the PFUTP Regulations and Clauses A (1), A(2) and A(4) of the Code of Conduct prescribed for stock brokers under Schedule II of the Stock Brokers Regulations. The Enquiry Officer, further, vide his Enquiry Report dated December 19, 2006 recommended that the certificate of registration of the stock broker be suspended for a period of six months. Thereafter, SEBI, vide notice dated December 28, 2006 furnished a copy of the Enquiry Report to the stock broker and advised it to show cause as to why action as recommended by the Enquiry Officer or as may be deemed appropriate not be taken against it. Though, the said letter was acknowledged by the stock broker on the same day it had failed to file its submission. As no reply was received from the stock broker, another reminder was sent to it on May 02, 2007. Thereafter, SEBI granted an opportunity of hearing to the stock broker on May 23, 2008. The stock broker failed to appear for the hearing. Subsequently, vide letter dated August 4, 2008, the stock broker requested SEBI to provide it with an opportunity of hearing. Thereafter, SEBI, vide letter dated July 25, 2008 advised the stock broker to inform as to whether it required another opportunity of hearing. Subsequently, SEBI granted various opportunities to the Broker, vide letters dated October 1, 2008, November 11, 2008 and January 20, 2009 to fur
Page 4 of 11 and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002. The said Regulation was repealed with effect from the notification of Securities and Exchange Board of India (Intermediaries) Regulations, 2008. Therefore, I dispose of the present proceedings under the provisions of Securities and Exchange Board of India (Intermediaries) Regulations, on the basis of the available material on record and the oral submissions made by Mr. Aditya Chirimar on behalf of the stock broker on August 05, 2009.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/KMA/ERO/IVD/118/08/2009. 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.