sebi:WTM/PS/43/IVD/ID-03/FEB/2010
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Facts / Headnote
Enquiry proceedings disposed of; certificate of registration suspension ordered but not enforced due to prior cancellation order and liquidation of noticee.
Provisions invoked
- s. 19
Regulations
- Reg. 13(2)
- Reg. 13
- Reg. 28(2)
- Reg. 5(1)
- Reg. 17
- Reg. 38(2)
Parties
- Dresdner Kleinwort Benson Securities Ltd.
Holding
The noticee, Dresdner Kleinwort Benson Securities Ltd., was held to have violated Clause A (2) and (5) of the Code of Conduct under Schedule II of the Broker Regulations and SEBI Circular dated April 11, 1997 by funding its clients under the guise of DVP trades in the scrip of DSQ Software Ltd. The Enquiry proceedings were disposed of without suspending the certificate of registration because a prior order had already cancelled it and the noticee was under liquidation.
Full text
Page 2 of 13 Regulations’) and SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 (hereinafter referred to as ‘Broker Regulations’) by the persons who had dealt in the scrip during the relevant period.
Page 3 of 13 companies viz. Continental Filaments, Athena Software and Uniforge Steel (all belonging to DSQ Group). Further, two of these companies namely Continental Filaments and Uniforge Steel were bought by the DSQ Group in March, 2000 itself.
Page 4 of 13 5. During the course of investigations, it was inter alia revealed that the broker viz. Dresdner Kleinwort Benson Securities Ltd. (hereinafter referred to as ‘noticee’), registered with SEBI as stock broker, bearing registration no. INB 010706833 and INB 230706837 had dealt in the scrip for its clients at both BSE and NSE.
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Source: SecMarx — sebi:WTM/PS/43/IVD/ID-03/FEB/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.