sebi:WTM/VKC/MIRSD/09/09/06
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Facts / Headnote
Direction to desist from repeating the lapses; no monetary penalty imposed
Provisions invoked
- s. 19
- s. 11D
Parties
- Dayco Securities Pvt Limited
Holding
The DP was held to have violated SEBI circular SMDRP/Policy/Cir-36/2000 (identity/address proof), NSDL circular NSDL/PI/2000/2295 (MICR details), and the June 06, 2000 guidelines (time stamping of DIS), and was directed to desist from repeating such lapses.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER (Under Section 11D of Securities and Exchange Board of India Act, 1992)
6.1 With regard to the allegation that DP had opened beneficiary accounts without obtaining proper identity proof of the client, without obta address proof and the photo copies were not compared with the originals thereby DP violated the provisions of SEBI circular SMDRP/Policy/Cir-36/2000 dated 04.08.2000, DP contended that there were some cases wherein proof of identities and proof of addre were present but they were not satisfactory as per the norms. It further admitted that in some cases rubber stamp indicating “verified ag original” was omitted. DP has also stated that it followed up with the clients and collected proper proof of identities and addresses as per down procedure.
observations of inspection. DP vide its letter dated May 6, 2003 furnished their reply to the said observations. 6. I have carefully considered the inspection report, the show cause notice, the reply of DP and the material available on record and my find are as follows. `
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Source: SecMarx — sebi:WTM/VKC/MIRSD/09/09/06. 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.