sebi:WTM/TCN/29/MIRSD/06/07
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Certificate of registration of the sub-broker suspended for 15 days
Provisions invoked
- s. 19
- s. 12
Regulations
- Reg. 199
- Reg. 13(4)
- Reg. 13(2)
- Reg. 5
- Reg. 15
- Reg. 6(1)
- Reg. 15(b)
Parties
- M/s. Aditya and Co
Holding
The sub-broker M/s. Aditya and Co was held guilty of multiple violations including failure to issue prescribed contract notes, manipulative/off-the-floor transactions, non-segregation of client funds, failure to maintain order books, and failure to redress investor grievances, and its certificate of registration was suspended for 15 days as a minor penalty.
Full text
2 During the inspection, several irregularities/violations were found to have been committed by the sub-broker. 1.3 Upon considering the findings of inspection and the reply of the sub-broker dated September 13, 2002, an Enquiry Officer (hereinafter referred to as EO) was appointed under Regulation 5 of SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (hereinafter referred to as Enquiry Regulations) vide Order dated December 16, 2003.
3 2.3 The sub-broker was given an opportunity of personal hearing on May 15, 2006 before me. The sub-broker sought time for appearing for the personal hearing and hence the sub-broker was granted another opportunity of hearing on June 13, 2006. However, the sub-broker did not appear on the above dates. 3.0 Consideration of Issues 3.1 I have carefully considered the inspection report, enquiry Report and the show cause notice issued to the sub-broker. I have also considered the reply of the sub-broker dated September 13, 2002 which forms part of record. My findings are as under :
4 technical violation and in the absence of any charge that the sub broker had defaulted to the clients by taking advantage of the above irregularities, I am inclined to take a lenient view.
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Source: SecMarx — sebi:WTM/TCN/29/MIRSD/06/07. 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.