sebi:WTM/PS/83/IVD/ID-9/MARCH/2011
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Facts / Headnote
Enquiry proceedings disposed of without passing any further order
Provisions invoked
- s. 19
Regulations
- Reg. 4
- Reg. 13(2)
- Reg. 13
- Reg. 28(2)
- Reg. 15
- Reg. 3(2)
- Reg. 5(1)
- Reg. 38(2)
Parties
- Harvic Management Services (India) Limited
Holding
The enquiry proceedings against Harvic Management Services (India) Limited were disposed of without passing any further order, as its certificate of registration had already been cancelled on March 31, 2004 and no useful purpose would be served by issuing further directions.
Full text
Page 2 of 6 3. Based on the findings of the investigation, SEBI initiated enquiry proceedings 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 the Enquiry Regulations. 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 the SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 (hereinafter referred to as ‘Broker Regulations’). The Enquiry Officer submitted his Report dated February 18, 2005, in terms of Regulation 13 (1) of the Enquiry Regulations recommending a penalty of cancellation of the certificate of registration of the noticee as a sub broker for violating the provisions of Regulation 15 read with Schedule II of the Broker Regulations and Regulation 4 of the PFUTP Regulations.
Page 3 of 6 further opportunity of personal hearing was granted to the noticee before me on October 22, 2010. On the date fixed for personal hearing, Mr. Hemang Jangala and Mr. Kantilal Chawala, two of the directors of the noticee appeared and made oral submissions.
Page 4 of 6 PFUTP Regulations and the Code of Conduct for sub-brokers as specified in Schedule II read with Regulation 15 of the Broker Regulations.
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Source: SecMarx — sebi:WTM/PS/83/IVD/ID-9/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.