sebi:WTM/PS/33/IVD-ID8/AUG/2010
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Facts / Headnote
Enquiry proceedings disposed of without imposing any further penalty, as the certificates of registration of the noticees had already been cancelled by SEBI order dated March 08, 2004, which was upheld by SAT.
Provisions invoked
- s. 19
Regulations
- Reg. 4
- Reg. 7
- Reg. 13(2)
- Reg. 4(a)
- Reg. 13(1)
- Reg. 28(2)
- Reg. 4(2)(a)
- Reg. 3(2)
- Reg. 5(1)
- Reg. 38(2)
Parties
- N.H. Securities Ltd. [SEBI Registration No. INB 230643938]
- K.N.P. Securities Ltd. [SEBI Registration No. INB 010991437]
- V.N. Parekh Securities Ltd. [SEBI Registration No. INB 010998635]
- Triumph Securities Ltd. [SEBI Registration No. INB 010980535]
Holding
The enquiry proceedings against the four noticees were disposed of without imposing any further penalty, since their certificates of registration had already been cancelled by SEBI's order dated March 08, 2004, which was upheld on appeal by SAT. The noticees' contentions that they did not act in concert with Ketan Parekh entities were rejected as baseless.
Full text
Page 2 of 5 Securities Ltd. [SEBI Registration No. INB 010991437], V.N. Parekh Securities Ltd. [SEBI Registration No. INB 010998635] and Triumph Securities Ltd. [SEBI Registration No. INB 010980535] (hereinafter collectively referred to as ‘noticees’) all registered with SEBI at the relevant point of time, as stock broker had executed trades in the nature of synchronized deals. Such deals were mainly executed among the Ketan Parekh group entities/ associates.
Page 3 of 5 Officer, should not be imposed. Vide these SCN, the noticees were also asked to explain as to why consequential action under Regulation 3(2) of SEBI (Criteria for fit and Proper Person) Regulations, 2004, should not be taken against them. The noticees were advised to reply to the SCN, together with the documents that they may choose to rely upon in support of their replies within fifteen days of the receipt thereof. It was also informed to the noticees that in case of failure, it would be presumed that they had no explanation to offer and SEBI shall be free to take such action in the manner as it deemed fit. Copy of the Enquiry Reports were also forwarded to the noticees along with the SCN.
Page 4 of 5 - Negotiated deals vide SEBI Circular dated September 14, 1999 is considered to be valid and completely legal transaction. - Had not acted in concert and the transactions were not done in collusion with the group entities of Ketan Parekh. - Their certificate of registration cancelled by SEBI with effect from March 8,
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Source: SecMarx — sebi:WTM/PS/33/IVD-ID8/AUG/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.