In the matter of summary proceedings against the Brokers who defaulted in payment of Registration Fees
- Order No.WTM/MSS/MIRSD/12/2009
Ratio decidendi
The rule this decision rests on
Where a stock broker has, after initiation, paid the registration fees due under Schedule III of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992, summary proceedings initiated against it for that default may be disposed of and dropped, on the officers' recommendation. Summary proceedings commenced under the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, which have since been repealed and replaced by the SEBI (Intermediaries) Regulations, 2008, may be disposed of by the Whole Time Member under Section 19 of the SEBI Act, 1992, read with Regulation 33B(5) and (6) of the 2008 Regulations.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
1. Vide Order dated August 11, 2005 under Regulation 16(1) of the extant SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, SEBI had appointed officers to conduct summary proceedings, interalia, against the following 38 stock brokers who had defaulted in the payment of registration fees:
Sl. No. Name of the Stock Broker Regn. No. Stock Exchange 1 L. S. Gururaj INB080176419 Bangalore 2 Enrich Stocks Pvt Ltd. INB080809835 Bangalore 3 Hexagon Capital Markets Limited INB081008934 Bangalore 4 Yogendra K Modi INB170924216 Bhubaneswar 5 Shri Bal Krishna Newar INB170254617 Bhubaneswar 6 Gopikishan Rungta INB010007510 Bombay 7 JMP Securities Pvt. Ltd. INB011148237 Bombay 8 Essen Swastik Securities Pvt. Ltd. INB210641532 Coimbatore 9 Anand Jalan INB241098616 Inter-Connected 10 D. K. Daga INB241140814 Inter-Connected 11 Mahendra Chand INB241184317 Inter-Connected 12 On-Line Securities (India) Pvt. Ltd INB241091439 Inter-Connected 13 International Credits Ltd. INB241112631 Inter-Connected 14 Hansplaza Tracon Pvt. Ltd. INB241200238 Inter-Connected 15 Umesh R. Lahoti INB241100610 Inter-Connected 16 Pankaj Nagardas Gandhi INB241084616 Inter-Connected 17 Ignatius Kulirani & Co. INB240292210 Inter-Connected 18 Varsh Fincap Services Pvt. Ltd. INB241095539 Inter-Connected 19 Veer Kumar Jain INB160189712 Jaipur 20 Naresh Kumar Maru INB160848018 Jaipur 21 P Kumar INB160212817 Jaipur 22 Pankaj Swami INB160203610 Jaipur 23 Pawan Kumar Dhyawala INB160189115 Jaipur 24 Pawan Kumar Ginodia INB160810819 Jaipur 25 Rajesh Dewan INB160816911 Jaipur 26 Rajiv Kapoor INB161071114 Jaipur 27 Rajya Shree Rathore INB160844511 Jaipur
Sl. No. Name of the Stock Broker Regn. No. Stock Exchange 28 S. Srinivasan INB040130511 Madras 29 Niche Brokerage Pvt. Ltd. INB231079436 NSEIL 30 Shri Parasram Holdings Private Limited INB200863435 OTCEI 31 Sino Credits & Leasing Limited INB200901231 OTCEI 32 Subuthi Finance Private Limited INB200584434 OTCEI 33 Suryakant Devji Nissar INB200026218 OTCEI 34 Swastik Business Consul Private Limited INB200584531 OTCEI 35 Sugansons Trading Private Limited INB200896931 OTCEI 36 Capt. Sanjay Dewan INB100831312 Uttar Pradesh 37 Deepak Kumar INB100943819 Uttar Pradesh 38 Garg Equity Traders Pvt. Ltd. INB101081439 Uttar Pradesh
2. The said Officers have submitted their reports in respect of the aforesaid 38 stock brokers recommending that the proceedings against them may be dropped as they have subsequently paid the registration fees as per Schedule III of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992.
3. I have considered the recommendations of the Officers and agree with the same.
4. I note that the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 have since been repealed and replaced by the SEBI (Intermediaries) Regulations, 2008.
5. I, therefore, in exercise of the powers conferred upon me under Section 19 of the SEBI Act, 1992 read with Regulation 33B (5) and (6) of the SEBI (Intermediaries) Regulations, 2008, hereby dispose of the proceedings initiated vide Order dated August 11, 2005 against the said 38 stock brokers.
6. A copy of the order shall be served on the stock exchanges of which these 38 stock brokers are members.
7. This Order shall come into force with immediate effect.
DATE: 20.8.2009 M. S. SAHOO PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
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