sebi:WTM/PS/36/IVD/ID-04/FEB/10
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Facts / Headnote
Warning issued to the noticee
Provisions invoked
- s. 19
Regulations
- Reg. 13(2)
- Reg. 13
- Reg. 28
- Reg. 38(2)
Parties
- Bharat J. Patel
Holding
SEBI warned the noticee, Bharat J. Patel, a stock broker, for failing to exercise due skill, care and diligence in the conduct of his business in violation of Clause A (2) of the Code of Conduct under Schedule II of the Broker Regulations. The charge of violation of the PFUTP Regulations was dropped by the Enquiry Officer.
Full text
Page 2 of 4 November 08, 2004. SEBI 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 (hereinafter referred to as ‘PFUTP Regulations’) and SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 (hereinafter referred to as ‘Broker Regulations’). The Enquiry Officer submitted his Report dated March 31, 2006 in terms of Regulation 13 (1) of the Enquiry Regulations recommending a minor penalty of warning to the notice 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 noticee has not challenged/ disputed the recommendations made by the Enquiry Officer. As sufficient opportunities of personal hearing has already been given to the noticee, which were not availed by the noticee, I find it appropriate to proceed further in the matter.
Page 4 of 4 10. Taking into the facts and circumstances of the case, I, in exercise of the powers conferred upon me in terms of Section 19 of the Securities and Exchange Board of India Act, 1992 read with Regulation 28 (2) of Securities and Exchange Board of India (Intermediaries) Regulations, 2008, hereby warn the noticee Bharat J. Patel, (SEBI Registration No. INB 010613015) member, Bombay Stock Exchange to be careful and cautious in the conduct of his business and to adhere to and comply with all the statutory provisions while carrying out his activities in the securities market.
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Source: SecMarx — sebi:WTM/PS/36/IVD/ID-04/FEB/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.