sebi:WTM/KMA/IVD/300/09/2010
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Facts / Headnote
Enquiry proceedings disposed of without any penalty - stock broker afforded benefit of doubt
Provisions invoked
- s. 19
Regulations
- Reg. 4
- Reg. 4(a)
- Reg. 5
- Reg. 28(2)
- Reg. 5(1)
Parties
- RRB Master Securities Delhi Limited
Holding
The enquiry proceedings initiated against RRB Master Securities Delhi Limited in respect of its dealings in the shares of Alps Industries Limited during the period between December 6, 2000 and March 13, 2001 were disposed of without any penalty, the stock broker being afforded benefit of doubt.
Full text
Page 2 of 7 Regulations, 1995 (hereinafter referred to as the PFUTP Regulations). Accordingly, SEBI, vide order dated March 3, 2004 read with subsequent orders, initiated an enquiry against the stock broker in terms of the provisions of the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (since repealed) to enquire into the alleged violations committed by it. The Enquiry Officer, vide report dated October 31, 2006 while recommending the
Page 3 of 7 stock broker, it should appear to the Chairman/member that an intermediary has contravened any of the provisions of a regulation referred to in Regulation 4 of the aforesaid Regulations. The submission of the stock broker is liable to be rejected. Regulation 5(1) of the aforesaid Regulations, which is reproduced hereinbelow, empowers the Chairman/member, SEBI to appoint an Enquiry Officer for the purpose of holding an enquiry into the matter.
Page 4 of 7 concluded that RRB violated the provisions of Regulation 4(a), (b),(c) and (d) of the SEBI(Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995.” (emphasis supplied)
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Source: SecMarx — sebi:WTM/KMA/IVD/300/09/2010. 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.