sebi:WTMN/36/MIRSD/6/04
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Facts / Headnote
Certificate of registration No. INB 060716315 granted to Suresh Soni cancelled with immediate effect.
Provisions invoked
- s. 19
Regulations
- Reg. 15
- Reg. 16(1)
- Reg. 16
- Reg. 27
- Reg. 13(1)
- Reg. 13(6)
- Reg. 25
- Reg. 16(5)
- Reg. 2
Parties
- Suresh Soni
Holding
The certificate of registration No. INB 060716315 granted to Suresh Soni, erstwhile member of Hyderabad Stock Exchange, is cancelled because he ceased to comply with the condition of registration requiring him to hold membership of a recognized stock exchange.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER Order under Regulation 16(5) and 13(1)(b) of the of Securities and Exchange Board of India (Procedure for holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 in the matter of enquiry against Suresh Soni, erstwhile member of Hyderabad Stock Exchange and stock broker registered with SEBI. WTMN/36/MIRSD/6/04 1.0 Suresh Soni (hereinafter referred to as "the said broker") was a member of Hyderabad Stock Exchange (hereinafter referred to as "HSE") and a stock broker registered with the Securities and Exchange Board of India (hereinafter referred to as "SEBI") under certificate of registration No. INB 060716315. 2.0 HSE, vide its letter dated 24.11.03, informed SEBI that the said broker was declared defaulter and was not readmitted to the Stock Exchange. 2.1 In view of the above, SEBI, vide order dated 10.03.04 appointed an Enquiry Officer under the Regulation 16(1) of SEBI (Procedure for holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (hereinafter referred to as "Enquiry Regulations") to hold an enquiry under Chapter III of the Enquiry Regulations. 2.2 The Enquiry Officer, acting in accordance with regulation 16 (2) of the Enquiry Regulations issued show cause notice to the said broker on 18.03.04 advising him to show cause why necessary order under Enquiry Regulations should not be passed against him. The said broker replied to the said show cau
2.0 HSE, vide its letter dated 24.11.03, informed SEBI that the said broker was declared defaulter and was not readmitted to the Stock Exchange. 2.1 In view of the above, SEBI, vide order dated 10.03.04 appointed an Enquiry Officer under the Regulation 16(1) of SEBI (Procedure for holding Enquiry by Enquiry Officer and Imposing
3.1.2 I note that HSE vide its letter dated 24.11.03, informed SEBI that the said broker was declared defaulter on 20.08.97 and was not readmitted to the Stock Exchange. 3.1.3 I note that no reply or communication was received from the said broker. 3.1.4 In view of the above, I agree with the findings of the Enquiry Officer and find that the said broker ceased to comply with one of the conditions subject to which registration has been granted to him viz. being a member of a recognized stock exchange. 3.2 I note that Regulation 25 of the broker regulations provides that : "Liability for contravention of the Act, rules or the regulations.
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Source: SecMarx — sebi:WTMN/36/MIRSD/6/04. 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.