M/s. Kotak Securities Limited

2 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Impugned AO penalty order modified per approved settlement terms

Settlement

Failure to maintain the clients database, collect upfront margins from clients, and obtain SEBI's prior approval for change in status and constitution.
Appeal disposed of in accordance with the consent terms approved by SEBI and accepted by the Tribunal. · No costs.
Appeal: Appeal No. 51 of 2007 disposed of on 30 June 2009 pursuant to consent terms; Miscellaneous Application No. 42 of 2009 allowed.

SAT-appeal

Beneficiary accounts opened without client agreements; unstamped agreements, missing verifying officer signatures, ID/address proofs and photos stapled not pasted.
Impugned AO penalty order modified per approved settlement terms · Appellant to pay settlement charges and legal expenses
Appeal: Appeal No. 15 of 2009 decided/disposed off on 7.9.2009 per settlement approval

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Source: SecMarx — M/s. Kotak Securities Limited. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (charges, outcomes, appeal chain) is cited to us.