sebi:WTM/MSS/MIRSD/01/2009
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Facts / Headnote
Proceedings disposed of as infructuous
Provisions invoked
- s. 19
Regulations
- Reg. 16(1)
- Reg. 28
Parties
- 244 stock brokers of Hyderabad Stock Exchange, Mangalore Stock Exchange, Saurashtra Kutch Stock Exchange and Magadh Stock Exchange
Holding
The summary proceedings initiated on August 11, 2005 against 244 stock brokers of de-recognized stock exchanges for default in payment of registration fees are disposed of as infructuous. The disposal is without prejudice to SEBI's right to recover the dues from the said brokers.
Full text
IN THE MATTER OF SUMMARY PROCEEDINGS AGAINST THE BROKERS WHO DEFAULTED IN PAYMENT OF REGISTRATION FEES 1. Vide Order dated August 11, 2005 under Regulation 16(1) of the then extant SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, SEBI initiated summary proceedings, inter alia, against 244 stock brokers of Hyderabad Stock Exchange, Mangalore Stock Exchange, Saurashtra Kutch Stock Exchange and Magadh Stock Exchange, as given in the Annexure to this order, who had defaulted in payment of registration fees. These regulations have since been repealed and replaced by the SEBI (Intermediaries) Regulations, 2008.
2. In the meanwhile, the recognition granted to the aforesaid Exchanges have either lapsed or been withdrawn. Consequently, the stock brokers of these Exchanges ceased to be the trading members and their registration with SEBI as stock brokers of these exchanges stand automatically cancelled. In view of this, summary proceedings initiated vide Order dated August 11, 2005 against the said 244 stock brokers have become infructuous. 3. I, therefore, in exercise of the powers conferred upon me under Section 19 of the SEBI Act, 1992 read with Regulation 28 and 29 of the SEBI (Intermediaries) Regulations, 2008, hereby dispose of the proceedings initiated vide Order dated August 11, 2005 against the said 244 stock brokers of aforesaid de- recognized stock exchanges.
4. This Order is being passed, without prejudice to SEBI’s right to recover the dues from the said 244 stock brokers, who shall continue to be liable to pay the dues to SEBI as per Schedule III of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992, till the date of such de-recognition. This Order shall come into force with immediate effect. M. S. SAHOO WHOLE TIME MEMBER
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Source: SecMarx — sebi:WTM/MSS/MIRSD/01/2009. 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.