sebi:WTM/SR/SEBI/MIRSD/162/09/2015
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Facts / Headnote
Suspension of certificate of registration of the Noticee for a period of 1 year
Provisions invoked
- s. 19
- s. 12
- s. 15A
- s. 12(3)
Regulations
- Reg. 7
- Reg. 4
- Reg. 13
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 4(2)
- Reg. 30
- Reg. 28
- Reg. 27
- Reg. 13(4)
- Reg. 13(1)
- Reg. 38(2)
Holding
The Noticee, a SEBI-registered NSE broker, was found to have committed multiple violations including aiding unregistered sub-brokers, off-market trading and other regulatory breaches. Its certificate of registration was suspended for a period of 1 year.
Full text
Page 2 of 35 The visiting card and letterhead of the Director of BGSPL, Mr. Puneet Agarwal with his credentials mentioned as "Share Broker and Financial Consultants and Dealer - National Stock Exchange of India Ltd., Delhi Stock Exchange" was obtained from the office of the Noticee, Aiding and abetting BGSPL for doing clientele business without registering itself as a sub-broker, Price of securities mentioned in the manual register maintained at the Marris Road Office of the Noticee, did not match with the trade data of the stock exchange, Carrying out illegal trading outside the stock exchange mechanism, Settlement of transactions in cash.
Page 3 of 35 3.1 The findings of the inspection report was forwarded to the Noticee, vide letter dated July 05, 2005. Since no reply was received from the Noticee, a reminder, vide letter dated September 13, 2005 was sent to the Noticee, granting 10 days time to furnish its reply/comments. The Noticee submitted its reply to the inspection report vide letter dated November 14, 2005.
Page 4 of 35 6. The Noticee was given an opportunity of personal hearing on June 12, 2014, which was rescheduled on request by the Noticee to July 02, 2014. On July 02, 2014, Noticee, represented by their Advocate, Mr. Joby Mathew and Chartered Accountant, Mr. Balveer Singh Choudhary appeared for the hearing and made
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Source: SecMarx — sebi:WTM/SR/SEBI/MIRSD/162/09/2015. 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.