sebi:WTM/VKC/MIRSD/13/9/06
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty of suspension of registration for a period of one month imposed on the broker
Provisions invoked
- s. 20
- s. 19
- s. 12
- s. 20A
- s. 15T
Regulations
- Reg. 7
- Reg. 13(4)
- Reg. 13(2)
- Reg. 5
- Reg. 15
- Reg. 17(1)
- Reg. 6(1)
- Reg. 18A
Parties
- M/s. Keshav Fincon Limited
Holding
The broker was found guilty of violating multiple SEBI regulations and circulars including failure to maintain Sauda book, document register, order book, dealing as unregistered sub-broker, non-issuance of confirmation notes, and executing off-the-floor transactions, and was imposed a penalty of suspension of registration for one month.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ In the matter of M/s Keshav Fincon Limited Sep 28, 2006 | Orders : Orders of Chairman/Members BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: V.K.CHOPRA, WHOLE TIME MEMBER IN THE MATTER OF M/s. KESHAV FINCON LIMITED MEMBER, UTTAR PRADESH STOCK EXCHANGE SEBI REGISTRATION NO. INB 100955434 WTM/VKC/MIRSD/13/9/06 DATE OF HEARING: 25.07.2006 APPEARANCE : FOR NOTICEE : Mr.Sarvesh Dubey, Authorised Person FOR SEBI : Shri P. K. Kuriachen, General Manager 15114 24 9 1. 2. 3. 4. 5. 6. 7. 1
ORDER (UNDER REGULATION 13(4) OF SEBI (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY) REGULATIONS, 2002) 1.1 M/s. Keshav Fincon Ltd (hereinafter referred to as “the broker”) is a member of the Uttar Pradesh Stock Exchange (“UPSE”) registered with SEBI as a stock broker under section 12 of SEBI Act, 1992 with SEBI Registration No. INB100955434. 1.2 Inspection of the books of accounts, documents and other records maintained by the broker for the period from April, 2001 to March, 2003 was carried out by V. Khanna & Company, Chartered Accountants, on behalf of SEBI. Certain irregularities/contraventions of SEBI Regulations were observed during the said inspection. A copy of the Inspection Report was sent to the broker vide letter dated 08.09.2003 and his comments thereto were received vide reply dated 20.09.2003. 2.0 Enquiry Proceedings 2.1 An Enquiry Officer (EO) was appointed vide SEBI Order dated 31.03.2004 under Regulation 5 of SEBI (Procedure for holding enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (hereinafter referred to as ‘said regulations’) to enquire into the alleged contraventions observed during the inspection of books of accounts of the broker. 2.2 A show cause notice dated 30.04.2004 in terms of Regulation 6(1) of the said Regulations was issued to the broker. The broker vide its letter dated 13.05.2004 requested for personal hearing.
2.3 As per the request of the broker, an opportunity of personal hearing was given to the broker by the EO on 17.09.2004 which was availed by the broker, who made oral submissions reiterating the written submissions. Further, vide letter dated 23.09.2004, the broker submitted copies of few documents in support of his
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Source: SecMarx — sebi:WTM/VKC/MIRSD/13/9/06. 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.