sebi:WTM/MPB/EFD-1-DRA-III/191/2021
Facts / Headnote
Established violations found against Noticee for irregularities in contract notes and delayed settlement of trades; Noticee directed to exhibit high degree of care and skill (mitigating factors considered; Enquiry Officer had recommended minor penalty of censure)
Provisions invoked
- s. 11(3)
- s. 12
- s. 11(2)
Regulations relied on
- SEBI (Intermediaries) Regulations, 2008
- SEBI (PFUTP) Regulations, 1995
- SEBI (PIT) Regulations, 1992
- SEBI (Stock Brokers) Regulations, 1992
Parties
- MSS Securities Private Limited (Formerly known as "Malini Sanghvi Securities Pvt. Ltd")
Holding
The Noticee MSS Securities Private Limited was found to have violated SEBI Circular dated September 14, 1999 (failure to execute transactions on the screen of the exchange) and Clause B(2) of the Code of Conduct read with Regulation 7 of Broker Regulations, 1992 and SEBI Circular dated November 18, 1993 (delayed settlement of trades by six months), but was absolved of the allegation of assisting, aiding and abetting insider trading and of issuing fictitious contract notes, as the Hon'ble SAT had determined the transactions occurred in September 2000.
Full text
___________________________________________________________________________________ Order in respect of MSS Securities Private Limited (Formerly known as “Malini Sanghvi Securities Pvt. Ltd”) in the matter of Tata Finance Limited Page 1 of 57
___________________________________________________________________________________ Order in respect of MSS Securities Private Limited (Formerly known as “Malini Sanghvi Securities Pvt. Ltd”) in the matter of Tata Finance Limited Page 2 of 57
___________________________________________________________________________________ Order in respect of MSS Securities Private Limited (Formerly known as “Malini Sanghvi Securities Pvt. Ltd”) in the matter of Tata Finance Limited Page 3 of 57
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Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-III/191/2021. 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.