sebi:WTM/SR/SEBI/MIRSD/201/12/2015
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Restrained from accessing the capital market and prohibited from buying, selling or otherwise dealing in securities for 5 years
Provisions invoked
- s. 11
- s. 19
Regulations
- Reg. 7
- Reg. 4
- Reg. 3
- Reg. 15
Parties
- Mr. Avinash Krishnaji Dixit, proprietor of Max Investments and Financial Services
Holding
The Noticee, a sub-broker, was found to have violated SEBI's circular prohibiting cash acceptance, the PFUTP Regulations, and the Code of Conduct for Sub-brokers by accepting cash deposits of approximately Rs. 1.32 crores, misutilizing demand drafts, and executing unauthorized trades. He was restrained from accessing the capital market for a period of 5 years.
Full text
Page 2 of 10 3. The complaints were forwarded to NSE and BSE for necessary action. As the number of complaints were substantial, SEBI had also taken up these complaints directly with Stock Broker of the Noticee for its early redressal.
Page 3 of 10 Hence, they could not serve the SCN by way of affixation at the said address. Despite the multiple efforts through various modes of service of SCN by SEBI including affixation of the SCN at the premises of the Noticee as well as through publication in newspapers, the Noticee has not responded/replied till date.
Page 4 of 10 (d) engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person in connection with any dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange in contravention of the provisions of the Act or the rules and the regulations made there under." Regulation 4. Prohibition of manipulative, fraudulent and unfair trade practices "(1) Without prejudice to the provisions of regulation 3, no person shall indulge in a fraudulent or an unfair trade practice in securities." (2) Dealing in securities shall be deemed to be a fraudulent or an unfair trade practice if it involves fraud and may include all or any of the following, namely:- ... (m) an intermediary not disclosing to his client transactions entered into on his behalf including taking an option position; (p) an intermediary predating or otherwise falsifying records such as contract notes."
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Source: SecMarx — sebi:WTM/SR/SEBI/MIRSD/201/12/2015. 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.