sebi:WTM/MSS/ID7/60/2010
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Facts / Headnote
Parsoli Corporation Ltd. restrained from buying, selling or dealing in securities market for six months
Provisions invoked
- s. 11(4)
- s. 19
Parties
- Parsoli Corporation Ltd.
Holding
Parsoli Corporation Ltd. failed to comply with SEBI's direction issued under Section 11(4) and 11B of the SEBI Act, 1992 by not replacing Pinnacle as RTA within the specified time, and is restrained from buying, selling or dealing in the securities market for six months.
Full text
Page 2 of 2 5. I, therefore, find that even though there was a commercial dispute between Pinnacle and Parsoli, Pinnacle issued no objection letter well in time to enable Parsoli to complete changeover to the new RTA by August, 20, 2009. Further, non-resolution of commercial dispute cannot be the ground for non-compliance with SEBI’s direction. In any case, Parsoli finally resolved the commercial dispute which it could have done earlier. Therefore, I conclude that by not replacing Pinnacle by another RTA within the specified time, Parsoli failed to comply with SEBI’s direction issued under Section 11(4) and 11B of the SEBI Act, 1992.
6. SEBI issues directions under the SEBI Act in the interest of investors and orderly development of securities market. Non-compliance of such directions adversely affects the interests of investors and orderly development of securities market. Such non-compliance, particularly by a SEBI registered intermediary, cannot be viewed lightly and warrants regulatory intervention.
7. Therefore, in exercise of the powers conferred upon me under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Sections 11(4) and 11B thereof, I hereby restrain Parsoli Corporation Ltd. (Permanent Account Number: AABCP9030F) from buying, selling or dealing in securities market in any manner whatsoever or accessing the securities market directly or indirectly for a period of six months from the date of this Order.
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Source: SecMarx — sebi:WTM/MSS/ID7/60/2010. 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.