sebi:WTM/PS/IVD/ID-2/18/NOV/2012
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Facts / Headnote
Interim directions issued vide the ad interim ex-parte Order dated December 28, 2011 revoked against the listed persons/entities; proceedings against Mr. Naveen Taparia and Mr. Champak Pujara disposed off; adjudication proceedings under Chapter VIA of the SEBI Act and proceedings under SEBI (Intermediaries) Regulations, 2008 to be initiated against certain entities.
Provisions invoked
- s. 19
Holding
The interim directions issued against the listed persons/entities vide the ad interim ex-parte Order dated December 28, 2011 in the matter of IPO of Tijaria Polypipes Limited are revoked, and proceedings against Mr. Naveen Taparia and Mr. Champak Pujara are disposed off without further direction. SEBI ordered adjudication proceedings under Chapter VIA of the SEBI Act and proceedings under the SEBI (Intermediaries) Regulations, 2008 to be initiated against the relevant entities.
Full text
Page 2 of 4 into any fresh agreements with new clients in their operations as stock brokers, till further orders. 3. Pursuant to the Interim Order, all the entities/persons mentioned in paragraphs 1 and 2 above, except Mr. Chetan Dave (who did not request for a personal hearing), were afforded opportunities of personal hearing. The directions issued vide the Interim Order against Todi Securities Private Limited were subsequently confirmed.
Page 3 of 4 the matter. SEBI has ordered adjudication proceedings to be initiated under Chapter VIA of the Securities and Exchange Board of India Act, 1992 ("SEBI Act") in respect of the alleged violations committed by the persons/entities mentioned in sr. nos. 2 to 11 in the Table at paragraph 1 above. Further, SEBI has ordered proceedings under the SEBI (Intermediaries) Regulations, 2008 to be initiated against the stock brokers, Parklight Securities Limited, Todi Securities Private Limited, Salasar Stock Broking Limited, Monarch Project and Finmarkets Limited and Monarch Research and Brokerage Private Limited, in respect of the alleged violations/non- compliances committed by them in the matter. The Adjudicating Officers and Designated Authorities, who would be appointed to conduct proceedings against the aforesaid entities/persons in the matter, shall conduct the same in accordance with the SEBI Act and the relevant regulations/rules and shall endeavour to pass appropriate orders on merit at the earliest, uninfluenced by any observation made in this Order. Considering the fact that these entities have already undergone prohibition from dealing in securities, I am of the view that the interim directions against them should be revoked at this stage.
Page 4 of 4 9 Divyadrishti Traders Private Limited AABCD8146J 10 Wheelers Developers Limited AAACW2150N 11 Mr. Chetan Dave AFWPD6568D 12 Salasar Stock Broking Limited AADCS8020Q 13 Monarch Project and Finmarkets Limited AAACM8214F 14 Monarch Research and Brokerage Private Limited AACCK5762C 15 Todi Securities Private Limited AABCT4191R
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Source: SecMarx — sebi:WTM/PS/IVD/ID-2/18/NOV/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.