sebi:WTM/MSS/MIRSD-2/64/10
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Facts / Headnote
Directions contained in Para 5 of the ad interim ex-parte Order dated December 21, 2009 confirmed
Provisions invoked
- s. 19
Regulations
- Reg. 35
Holding
The Whole Time Member confirmed the directions contained in Para 5 of the ad interim ex-parte Order dated December 21, 2009 against the noticee, finding the allegations of non-cooperation with inspection teams, off-market trades, non-prescribed contract notes, misleading sign board, unauthorized IML terminal operation, and dealing with another broker without permission substantiated.
Full text
2 of 2 4. The SCN alleged that the noticee: a) did not co-operate with the inspection team of NSE and BSE; b) executed trades outside the stock exchanges; c) issued contract notes in a format different from that prescribed by the exchanges and without signature of trading member / authorised signatory; d) displayed misleading sign board and did not display the SEBI registration certificate; e) operated IML terminal of BSE without having the required certification; and f) dealt with another broker for his own trades without prior permission of the exchange.
5. At the hearing, the noticee denied all the above allegations against him. However, he did not produce any documents or advance any defence argument to refute the allegations. As regards the allegation at 5 (e) above, he stated that he had BSE certification at the relevant time, though he was not authorized to operate the IML terminal.
6. The noticee has merely denied the allegations. I, however, find that the allegations are substantiated by the report of the joint inspection of NSE and BSE. In view of this, I, in exercise of the powers conferred upon me under Section 19, read with Sections 11(4) and 11B of the SEBI Act, 1992 and Regulation 35 of the SEBI (Intermediaries) Regulations, 2008, I hereby confirm the
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Source: SecMarx — sebi:WTM/MSS/MIRSD-2/64/10. 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.