sebi:WTM/PS/09/IVD/ID-04/May/2010
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Facts / Headnote
Warning issued to the noticee
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 15
- Reg. 28(2)
- Reg. 27
- Reg. 28(1)
- Reg. 38(2)
Parties
- Archi Shares & Stock Broker Pvt. Ltd.
Holding
The noticee, Archi Shares & Stock Broker Pvt. Ltd., was found to have contravened Regulation 7 read with Clause A(2) of the code of conduct for stock brokers and Regulation 15 read with Clause A(2) of the code of conduct for sub-brokers under Schedule II of the Broker Regulations, and was warned to be careful and cautious in the conduct of its business.
Full text
Page 2 of 4 appointed the Enquiry Officer, to enquire into the alleged violation of the provisions of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 (since repealed) read with SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP 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 As the Enquiry Regulations were repealed with effect from the notification of Securities and Exchange Board of India (Intermediaries) Regulations, 2008, the Enquiry Officer/ Designated Authority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 23, 2009, in terms of Regulation 27 of SEBI (Intermediaries) Regulations, 2008 recommending thereby warning to noticee for violating Clause A (2) of Code of Conduct specified under Schedule II of the Broker Regulations.
Page 3 of 4 6. Given the facts and circumstances of the case, I note that the broker has not challenged/ disputed the recommendations made by the Enquiry Officer and has also not requested for any personal hearing before me. In view of this, I find that the principles of natural justice have been duly complied with in the present matter and as no request for personal hearing has been made by the noticee, I find it appropriate to proceed further in the matter.
Page 4 of 4 9. I note that pursuant to the notification of the SEBI (Intermediaries) Regulations, 2008, the Enquiry Regulations have been repealed and in terms of Regulation 38(2) of the SEBI (Intermediaries) Regulations, 2008, notwithstanding such repeal, any enquiry commenced under the Enquiry Regulations, shall be deemed to have been commenced under the corresponding provisions of SEBI (Intermediaries) Regulations, 2008.
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Source: SecMarx — sebi:WTM/PS/09/IVD/ID-04/May/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.