sebi:WTM/TCN/MIRSD/80/01/07
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Facts / Headnote
Minor penalty of censure imposed on the sub-broker
Provisions invoked
- s. 19
- s. 12
Regulations
- Reg. 13(4)
- Reg. 13(2)
- Reg. 5
- Reg. 15(1)(c)
- Reg. 6(1)
Parties
- M/s. Akshaya & Co
Holding
The Whole Time Member imposed a minor penalty of censure on M/s. Akshaya & Co for acting as an unregistered sub-broker, failing to maintain client database, and failing to segregate client funds from its own funds.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ In the matter of M/s Akshaya & Co Jan 18, 2007 | Orders : Orders of Chairman/Members BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: Dr.T.C.NAIR, WHOLE TIME MEMBER IN THE MATTER OF M/s. AKSHAYA & CO, SEBI REGISTRATION NO. INS 010799513 SUB BROKER AFFILIATED TO MSE FINANCIAL SERVICES LTD., MEMBER, STOCK EXCHANGE, MUMBAI. WTM/TCN/MIRSD/80/01/07 8061 24 9 1. 2. 3. 4. 5. 6. 7. 1
DATE OF HEARING: 16.05.2006 APPEARANCE : FOR NOTICEE : Mr.M.A.A.Annamalai, Proprietor FOR SEBI : Shri P. K. Kuriachen, General Manager
2.2 A show cause notice dated 29.01.2004 in terms of Regulation 6(1) of the said Regulations was issued to the sub-broker along with a copy of the relevant extract of the inspection report dated 07.06.2002. The sub-broker vide its letter dated 20.02.2004 submitted its written reply. 2.3 As per the request of the sub-broker, an opportunity of personal hearing was given to the sub-broker by the EO on 12.04.2004 which was attended by Mr.M.A.A.Annamalai, proprietor of the sub-broker, who made oral submissions reiterating its written reply. The sub-broker further filed some documentary evidence in support of its contention vide its letter dated 19.04.2004. 2.4 The EO after conducting the enquiry in terms of the said regulations submitted his report on 30.07.2004 recommending a penalty of suspension of the registration of the sub-broker for a period of two months and also issuance of a warning. 3.0 Show cause notice and the sub-broker’s submission 3.1 A copy of the Enquiry Report was sent to the sub-broker along with a show cause notice dated 09.08.2004, in terms of Regulation 13(2) of the said regulations, advising the sub-broker to show cause as to why the appropriate
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Source: SecMarx — sebi:WTM/TCN/MIRSD/80/01/07. 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.