sebi:WTM/KMA/MIRSD/16/11/2008
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Facts / Headnote
Enquiry proceedings disposed of with warning to be more cautious and comply; recommended 5-day suspension not imposed
Provisions invoked
- s. 19
Regulations
- Reg. 28(2)
Parties
- ICAP India Private Limited
Holding
The Whole Time Member declined to impose the Enquiry Officer's recommended suspension of certificate of registration for five working days and disposed of the proceedings by warning ICAP India Private Limited to be more cautious and to adhere to and comply with all statutory provisions/instructions as a stock broker.
Full text
Page 2 of 9 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Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (since repealed) to enquire into the alleged violations committed by the Broker, as stated therein. The Enquiry Officer, vide report dated July 28, 2006 recommended the imposition of penalty of suspension of the certificate of registration of the Broker for a period of five working days. The Enquiry Officer, inter alia, observed that the Broker failed to exercise the necessary due diligence in the ordinary course of business. Pursuant to the submission of the Enquiry Report, a notice dated August 24, 2006 was issued by SEBI to the Broker asking it to show cause as to why the appropriate penalty including the penalty as recommended by the Enquiry Officer should not be imposed on it. A copy of the Enquiry Report was also forwarded to the Broker along with the said show cause notice. The Broker vide letter dated September 12, 2006 submitted its reply to the show cause notice. Thereafter, SEBI granted an opportunity of hearing to the Broker on September 26, 2008. Mr. Somasekharan Sundaresan, Advocate alongwith Mr. Mehul Shah, Advocate and Mr. Digant Bhansali (Vice President of the Broker) appeared before me and made submissions on behalf of the Broker inter alia on the basis of the reply of the Broker dated September 12, 2006.
Page 3 of 9 Securities and Exchange Board of India (Intermediaries) Regulations, 2008. As the Enquiry Officer exonerated or took a lenient view in respect of all the
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Source: SecMarx — sebi:WTM/KMA/MIRSD/16/11/2008. 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.