sebi:WTM/PS/02/IVD/ID-04/APR/2010
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Facts / Headnote
Warning issued to noticee to be careful and cautious and comply with statutory provisions; charge of PFUTP Regulations violation dropped
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 28(2)
- Reg. 27
- Reg. 28(1)
- Reg. 38(2)
Parties
- Jasvantlal Vadilal Shah
Holding
The noticee violated Regulation 7 read with Clause A(2) of the Code of Conduct for stock brokers by failing to exercise due skill, care and diligence, while the PFUTP charge was dropped. The noticee, Jasvantlal Vadilal Shah, was warned to be careful and cautious and to comply with all statutory provisions.
Full text
Page 2 of 4 Regulations’) and the Code of Conduct specified under Schedule II of SEBI (Stock Brokers and Sub-Broker) Regulation, 1992 (hereinafter referred to as ‘Broker Regulations’). As the Enquiry Regulations were repealed with effect from the notification of Securities and Exchange Board of India (Intermediaries) Regulations, 2008, the Enquiry Officer/ Designated Authority (hereinafter referred to as the Enquiry Officer) submitted his Report dated December 30, 2008, in terms of Regulation 27 of SEBI (Intermediaries) Regulations, 2008 recommending thereby warning to noticee for violating Clause A (2) of the Code of Conduct specified under Schedule II of the Broker Regulations.
Page 3 of 4 6. I have carefully considered the Enquiry Report, the SCN issued to the noticee, reply thereto dated February 06, 2010 and letter dated March 25, 2010. I note that the Enquiry Officer has dropped the charge of violation of PFUTP Regulations. However, the Enquiry Officer has found the noticee guilty of violation of Clause A (2) of Code of Conduct specified under Schedule II of the Broker Regulations, as it has failed to exercise due skill, care and diligence in the conduct of business.
Page 4 of 4 who was also active in the subject scrip. I also agree that the noticee can not plead complete ignorance about this fact, as at the relevant point of time the noticee was an active market intermediary. In view of the above discussion, I have no hesitation to conclude that the noticee during the relevant period of time had failed to perform its duties as specified in the code of conduct for stock brokers in the Broker Regulations.
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Source: SecMarx — sebi:WTM/PS/02/IVD/ID-04/APR/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.