Sushil Financial Services Pvt. Ltd.

3 matters before the Securities Appellate Tribunal

Penalties and directions recorded

Appeal No. 10 of 2016 partly allowed; penalty reduced from Rs. 30 lakh to Rs. 5 lakh
Appeal No. 29 of 2016 partly allowed; penalty reduced from Rs. 20 lakh to Rs. 10 lakh
Appeal No. 196 of 2016 concerned penalties of Rs. 16 lakh under Section 15HB and Rs. 8 lakh under Section 23D
Anand Rathi: 1993 circular violation set aside; 2003 circular violation upheld; penalty cut Rs 30 lakh to Rs 5 lakh
Greshma: violations upheld jointly; penalty cut Rs 20 lakh to Rs 10 lakh as proportionate

SAT-appeal

Violation of client-fund segregation and prescribed payment modes through transfers or adjustments between securities clients' accounts and associated commodity brokers' accounts, including unauthorized transfers and intermingling of funds.
Appeal No. 10 of 2016 partly allowed; penalty reduced from Rs. 30 lakh to Rs. 5 lakh · Appeal No. 29 of 2016 partly allowed; penalty reduced from Rs. 20 lakh to Rs. 10 lakh
Appeal: Common SAT order deciding Misc. Application No. 18 of 2016 and Appeal Nos. 10, 29 and 196 of 2016; decision dated 6 November 2019.
Intermingling/diversion of securities clients' funds to group commodity entities in breach of client-fund segregation and prescribed payment-mode circulars.
Anand Rathi: 1993 circular violation set aside; 2003 circular violation upheld; penalty cut Rs 30 lakh to Rs 5 lakh · Greshma: violations upheld jointly; penalty cut Rs 20 lakh to Rs 10 lakh as proportionate
Appeal: Appeal Nos 10, 29 and 196 of 2016 heard 05.08.2019, decided 06.11.2019 by common SAT order
Transfer/intermingling of funds between securities brokers' client bank accounts and group commodity firms via journal entries in breach of segregation and prescribed payment-mode circulars.
Anand Rathi: Rs 30 lakh penalty set aside in part, reduced to Rs 5 lakh for Aug 27, 2003 circular only · Greshma: Rs 20 lakh penalty reduced to Rs 10 lakh for joint violation of both circulars
Appeal: Appeal Nos 10, 29 and 196 of 2016 decided by common SAT order dated 06.11.2019 (hearing 05.08.2019); penalties reduced in 10 and 29

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Source: SecMarx — Sushil Financial Services Pvt. Ltd.. 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.