sebi:WTM/KMA/IVD/180/12/2009
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Facts / Headnote
Enquiry proceedings disposed of without any penalty
Provisions invoked
- s. 19
Regulations
- Reg. 28(2)
Parties
- Hem Securities Limited
Holding
The enquiry proceeding against Hem Securities Limited is disposed of without any penalty, as the Enquiry Officer concluded that Hem Securities Limited had not violated the provisions of the Stock Brokers and Sub-brokers Regulations, 1992 and the Prohibition of Fraudulent and Unfair Trade Practices Regulations, 1995 in dealing in shares of Sri Adhikari Brothers Television Network Limited.
Full text
SECURITIES AND EXCHANGE BOARD OF INDIA ORDER UNDER REGULATION 28(2) AND 38(2) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (INTERMEDIARIES) REGULATIONS, 2008 IN RESPECT OF HEM SECURITIES LIMITED IN THE MATTER OF SRI ADHIKARI BROTHERS TELEVISION LIMITED
1. The Securities and Exchange Board of India (hereinafter referred to as SEBI) had initiated an enquiry vide Orders dated March 12, 2004 and November 8, 2004 against the stock broker namely, Hem Securities Limited [member, Bombay Stock Exchange Limited] under the provisions of the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (since repealed) for the alleged violations inter alia of the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992 and the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995, while dealing in the shares of Sri Adhikari Brothers Television Network Limited. The Enquiry Officer, vide Report dated November 24, 2005 concluded that Hem Securities Limited had not violated the aforesaid provisions and did not recommend any penalty. After having considered the Enquiry Report and other material on record, I agree with the findings of the Enquiry Officer. Therefore, the present enquiry proceeding against the stock broker is disposed of as ordered herein below. As the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 have been repealed by the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, this Order is being issued under the relevant provisions of the Se
2. In view of the foregoing, in exercise of powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Regulations 28(2) and 38(2) of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, hereby dispose of the instant enquiry proceedings initiated against Hem Securities Limited vide Orders dated March 12, 2004 and November 8, 2004, without any penalty.
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Source: SecMarx — sebi:WTM/KMA/IVD/180/12/2009. 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.