sebi:WTM/TCN/60/MIRSD/09/07
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Minor penalty of Censure imposed on J. Bhattacharjee & Co.
Provisions invoked
- s. 12
Regulations
- Reg. 13(4)
- Reg. 5(1)
- Reg. 13(2)
- Reg. 200
- Reg. 6(1)
Parties
- J. Bhattacharjee & Co.
Holding
J. Bhattacharjee & Co., a member of DSE, was found to have acted as an unregistered sub broker by executing transactions for its clients at NSE through Time Capital Ltd. without obtaining a certificate of registration as a sub broker from SEBI, in violation of Section 12 of the SEBI Act, 1992 read with Rule 3 of the SEBI (Stock Brokers and Sub Brokers) Rules, 1992 and SEBI circulars. A minor penalty of Censure was imposed on JBC.
Full text
2 Exchange of India Ltd. (NSE) regarding illegal and malafide refusal to return the funds and shares aggregating to Rs. 93,52,325.50 placed under ALBM. The complaint was taken up with NSE for redressal. NSE after a joint meeting with TCL and JBC advised for arbitration as the matter could not be administratively resolved.
3 vide its letter dated November 18, 2003 replied to the said show cause notice. 2.3 On completion of the enquiry, the enquiry officer submitted his report recommending a minor penalty of suspension of the certificate of registration for a period of 10 days.
4 4.0 Consideration of Issues 4.1 I have carefully considered the enquiry report, the show cause notice issued JBC and its reply. My findings are as under :
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Source: SecMarx — sebi:WTM/TCN/60/MIRSD/09/07. 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.