sebi:WTM/TCN/136/IVD1/JAN/09
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Direction issued to the sub broker to be careful in future and exercise due care and diligence; warning that future violations will be dealt with stringently. Proposed enhancement of penalty rejected.
Provisions invoked
- s. 19
Regulations
- Reg. 13(2)
- Reg. 4(a)
- Reg. 15
- Reg. 199
- Reg. 28(2)
- Reg. 9
- Reg. 13(5)
Parties
- Shri Bhavesh Mehta, Proprietor of SKSE Securities Ltd. (sub broker)
Holding
The Whole Time Member declined to enhance the penalty beyond the minor penalty (warning) recommended by the Enquiry Officer, and instead directed Shri Bhavesh Mehta to exercise due care and diligence in future, warning that any future violation would be dealt with stringently.
Full text
2 traded significantly for approximately 75% of the total trades in the scrip on BSE through 14 member broker/sub brokers .
3 4. A copy of the enquiry report along with show cause notice dated January 13, 2006 was forwarded to the sub broker, in terms of Regulation 13(2) and 13(5) of the Enquiry Regulations advising it to show cause as to why higher penalty should not be imposed against it then that recommended by the Enquiry Officer.
4 he has filled up the name of the introducer. As regards absence of signature on the form it is submitted that it is just technical procedure as they know the client personally and the client reference is obtained on telephone from their sources regarding his credibility. Further confirmation regarding client introduction from Shri Prakash Shah and letter confirming from him that he has introduced the client have been obtained.
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Source: SecMarx — sebi:WTM/TCN/136/IVD1/JAN/09. 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.