sebi:WTM/PS/39/IVD/ID-1/SEPT/2010
Facts / Headnote
Enquiry proceedings disposed of without imposing any penalty or direction
Provisions invoked
- s. 19
Regulations relied on
- SEBI (PFUTP) Regulations, 1995 — 4(b)
- SEBI (PFUTP) Regulations, 2003 — 7
Parties
- Milan Mahindra Securities Pvt. Ltd.
Holding
The enquiry proceedings against Milan Mahindra Securities Pvt. Ltd. were disposed of without imposing any penalty or direction, as the record did not contain sufficient evidence to establish violations of Regulation 4(b) of the PFUTP Regulations or Clauses A(3) and (4) of the Code of Conduct under the Brokers Regulations.
Full text
Page 2 of 4 Brokers) Regulations, 1992 (hereinafter referred to as ‘Broker Regulations’). The Enquiry Officer submitted his Report dated February 21, 2006, in terms of Regulation 13 (1) of the Enquiry Regulations recommending a penalty of suspension of certificate of registration for a period of three months for violating the provisions of Regulation 4(b) of PFUTP Regulations and Clause A (3) and (4) of Code of Conduct as specified in Schedule II of Regulation 7 of Broker Regulations.
Page 3 of 4 parte, on the basis of material available on record, having complied with the principles of natural justice.
Page 4 of 4 consider this a fit case to impose the penalty of suspension as recommended by the Enquiry Officer. In the interest of justice and equity, the enquiry proceedings initiated against the noticee is disposed of as ordered herein below.
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