sebi:WTM/TCN/62/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 suspension of certificate of registration for one week imposed on FIPL
Provisions invoked
- s. 19
Regulations
- Reg. 6
- Reg. 13(2)
- Reg. 13(4)
- Reg. 5
Parties
- Freedom Investco Pvt. Ltd.
Holding
The Whole Time Member imposed a minor penalty of suspension of FIPL's certificate of registration for one week for contraventions including non-maintenance of separate client bank accounts, non-maintenance of order book, discrepancies in contract notes/confirmation memos, delay in pay-out of funds, and incomplete KYC forms. The Enquiry Officer's recommended penalty of three months was held excessive and reduced to one week.
Full text
2 referred to as “Stock Brokers Regulations”) and the same was carried out by M/s Krishan Sindhwani & Co., Chartered Accountants on behalf of SEBI.
3 provisions of law and the of violations alleged to have been committed by FIPL. FIPL vide its letter dated May 29, 2004 replied to the aforesaid show cause notice and also requested for a hearing before the Enquiry Officer.
4 manually to Ludhiana, as no bank in the Border District was online, for sufficing the pay in clients. (ii) FIPL’s business started only in the period when online trading was in place. Every order placed, modified, changed, matured and pending along with time is logged and is available in soft copy. FIPL had maintained data in the form of logs of transactions. Due to online trading, maintenance of physical order meticulously was not possible.
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Source: SecMarx — sebi:WTM/TCN/62/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.