sebi:WTM/PS/82/IVD/ID-01/MARCH/2011
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Facts / Headnote
Enquiry proceedings disposed of without passing any further directions
Provisions invoked
- s. 19
Regulations
- Reg. 13
- Reg. 7
- Reg. 4(b)
- Reg. 28(2)
- Reg. 38(2)
Parties
- Triumph International Finance India Limited
Holding
The enquiry proceedings against Triumph International Finance India Limited were disposed of without imposing any penalty, as the noticee's registration had already been cancelled and no useful purpose would be served by suspending it.
Full text
Page 2 of 4 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 Broker and Sub Brokers) Regulations, 1992 (hereinafter referred to as ‘Broker Regulations’). The Enquiry Officer submitted his Report dated April 30, 2005, in terms of Regulation 13 (1) of the Enquiry Regulations recommending a penalty of suspension for a period of six months for violating the provisions of Regulation 4(b), (c) and (d) of PFUTP Regulations, Regulation 7 read with Clause A (3) and (4) of the Broker Regulations.
Page 3 of 4 6. I have carefully considered the Enquiry Report, the SCN issued to the noticee and its reply. The main submissions of the noticee, in brief are: - Trade log referred is beyond the period of investigation. - Transactions were done in accordance with the prevailing market prices. - Alleged transactions are genuine trades and were executed on the instructions of their clients, while acting as broker. The trades were done on the order matching mechanism of exchange. - The volumes traded by it were only 93 trades. No harm or prejudice had been caused to the investors. - Negotiated deals vide SEBI Circular dated September 14, 1999 is considered to be valid. - It had exercised proper due diligence and there was effective transfer of beneficial ownership.
Page 4 of 4 on May 16, 2002 holds good, by which the registration of the noticee was cancelled. 9. Considering this, I note that no useful purpose will be served by suspending the noticee. Therefore, I hereby dispose of the present Enquiry proceedings initiated against the noticee without passing any further directions.
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Source: SecMarx — sebi:WTM/PS/82/IVD/ID-01/MARCH/2011. 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.