sebi:WTM/RKA/ID-6/1/2014
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Facts / Headnote
Certificate of registration suspended for six months; Noticee held liable to pay Rs 3,22,663.58 (Rs 298,762.57 + Rs 23,901.01) being difference between payable and actually paid STT and stamp duty, to be realised from Swan Securities Pvt. Ltd.; order to come into force on expiry of twenty one days from date of order
Provisions invoked
- s. 19
- s. 12(1)
- s. 13
- s. 12(3)
- s. 35
- s. 491
- s. 251
Regulations
- Reg. 7
- Reg. 4
- Reg. 3
- Reg. 6
- Reg. 27
- Reg. 26
- Reg. 25
- Reg. 2
- Reg. 3(a)
- Reg. 30
- Reg. 28
- Reg. 6A
- Reg. 28(1)
- Reg. 27(i)
- Reg. 6A(1)(b)
Parties
- Swan Securities Pvt. Ltd.
Holding
The certificate of registration of Swan Securities Pvt. Ltd. was suspended for six months for fictitious self-trades, synchronised trades, clandestine back-office client-code modification, unregistered portfolio management and other broker violations, and it was held liable to pay Rs 3,22,663.58 to the Government being evaded STT and stamp duty.
Full text
Page 2 of 21 ii. The Noticee had entered into the above self trades (wherein in the Noticee was both buying as well as selling broker and the buying client and selling client was the same entity). Most of the said self-trades were executed through its two terminals having terminal ID 6680 and
Page 3 of 21 issuing contract notes to both the clients and respective credit and debit balances were entered in their respective client ledgers.
Page 4 of 21 x. Thus, the Noticee evaded ` 3,22,663.58 (`298,762.57+`23,901.01) towards STT and stamp duty charges and also defrauded investors by claiming excessive STT and stamp duty for their transactions.
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Source: SecMarx — sebi:WTM/RKA/ID-6/1/2014. 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.