sebi:WTM/MSS/MIRSD/91/2011
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Certificate of registration of Sterling Credit Capital Limited (SEBI Regn. No.INB200601437) cancelled as a stock broker.
Provisions invoked
- s. 19
Regulations
- Reg. 27
- Reg. 10(1)
- Reg. 33B
Parties
- Sterling Credit Capital Limited
Holding
The certificate of registration of Sterling Credit Capital Limited as a stock broker is cancelled for failure to pay fees as per Schedule III of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992.
Full text
Regulation 10(1) of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 (Regulations) requires a stock broker to pay fees as specified in Schedule III. The Schedule III requires a stock broker to pay the fees computed with reference to annual turnover of the preceding financial year by first day of October. Under Regulation 27(vii), a stock broker is liable for actions, including cancellation of registration, if it has failed to pay fees as per Schedule III. It is clear from the report of the EO and the records of SEBI that Sterling has not paid fees in accordance with the Regulations. It no more fulfils the condition of registration, and is, therefore, liable for cancellation of its registration as a stock broker under with Regulation 27(vii).
5. I note that the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 have since been repealed and replaced by the SEBI (Intermediaries) Regulations, 2008.
6. In the facts and circumstances of the case, I, in exercise of the powers conferred upon me under Section 19 of the SEBI Act, 1992 read with Regulation 33B (5) and (6) of the SEBI (Intermediaries) Regulations, 2008, hereby cancel the certificate of registration of Sterling Credit Capital Limited (SEBI Regn. No.INB200601437). However, this order is without prejudice to SEBI’s right to recover the outstanding fees.
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Source: SecMarx — sebi:WTM/MSS/MIRSD/91/2011. 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.