sebi:WTM/PS/58/IVD/ID-01/JAN/2012
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Facts / Headnote
Violation of Clause A(2) found; noticee prohibited from taking up new clients for a period of one month
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 5(1)
- Reg. 13
- Reg. 28(2)
- Reg. 28(1)
- Reg. 38(2)
Parties
- Sanchay Fincom Limited
Holding
The noticee, Sanchay Fincom Limited, was held guilty of violating Clause A(2) of the Code of Conduct for stock brokers under Schedule II read with Regulation 7 of the Broker Regulations and was prohibited from taking up new clients for a period of one month.
Full text
Page 2 of 6 its client V.B. Investments and entered into reversal/ circular/ synchronized trades. 4. Based on the findings of the investigation, SEBI initiated enquiry proceedings as against the noticee in terms of SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (hereinafter referred to as ‘Enquiry Regulations’), by appointing an Enquiry Officer under Regulation 5(1) of Enquiry Regulations vide order dated July 05, 2005. The Enquiry Officer enquired into the alleged violation of the provisions of the Code of Conduct prescribed for the stock brokers under Schedule II read with Regulation 7 of the SEBI (Stock Broker and Sub Brokers) Regulations, 1992 (hereinafter referred to as ‘Broker Regulations’). The Enquiry Officer submitted his Report dated October 27, 2005, in terms of Regulation 13 (1) of the Enquiry Regulations, whereby no penalty was recommended against the noticee.
Page 3 of 6 which was considered and the date was re-scheduled to August 25, 2011. On the date fixed for hearing, Mr. Avinash Tiwari, Manager appeared as authorized representative of the noticee and made oral submissions.
Page 4 of 6 scrip of TSWL as also brought out below and note that during the entire period of investigation, the trading was concentrated among three brokers i.e., the noticee trading on behalf of its client, V.B. Investment, Adolf Pinto trading on behalf of the client, Ketan Investment and Ramaben Samani Finance Pvt. Limited trading on behalf of Mr. Chander Singh: SI. No. Broker Client
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Source: SecMarx — sebi:WTM/PS/58/IVD/ID-01/JAN/2012. 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.