Order in the matter of Summary proceedings against brokers who defaulted in payment of registration fees
- Order No.WTM/MSS/MIRSD/24/2009
Ratio decidendi
The rule this decision rests on
Where summary proceedings have been initiated against a stock broker for default in payment of registration fees, and the broker has since paid those fees as required under Schedule III of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992, the proceedings may be dropped on the officers' recommendation. Proceedings initiated 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SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, which have since been repealed and replaced by the SEBI (Intermediaries) Regulations, 2008, may be disposed of under Regulation 33B(5) and (6) of the 2008 Regulations, read with Section 19 of the SEBI Act, 1992.
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 55 stock brokers who had defaulted in the payment of registration fees:
SR. STOCK NO. NAME OF BROKER REGN NO. EXCHANGE 1. Praveen Gupta INB070523511 BgSE 2. DSE Financial Services Ltd. INB011183036 BSE JM Financial Institutional Securities Pvt. 3. Ltd. INB011296630 BSE 4. Apaar Finance & Investment Limited INB011092633 BSE 5. Hari Prasad Todi INB031138515 CSE 6. Mahendra Kumar Chiripal INB030511816 CSE 7. Pramode Kumar Agarwal INB031111215 CSE 8. Parakh Securities Pvt. Ltd. INB031343834 CSE 9. Vijay Shankar Mantri INB160552210 JSE 10. Rakesh Dhawan INB160204815 JSE 11. Rajendra Kumar Shah INB160196617 JSE 12. Raghu Nandan Sharma INB160209712 JSE 13. Pradeep Kumar Goyal INB160840114 JSE 14. Surekha M Parasrampuria INB161052718 JSE 15. Shri Ravi Datt Sharma INB160216911 JSE 16. Rekha Doogar INB160202318 JSE 17. Shri S Mukesh Kumar INB160187812 JSE 18. Shri Sudhir Dhadda INB160194511 JSE
SR. STOCK NO. NAME OF BROKER REGN NO. EXCHANGE 19. Shri Sanjeev Kumar Ranka INB160216216 JSE 20. Deepti Agarwal INB120318311 LSE 21. Keshav Kumar INB121198312 LSE 22. Jaswinder Kaur INB120727018 LSE 23. Citi Securities Pvt. Ltd. INB121053137 LSE 24. I V Share & Stock Broker's Ltd. INB121194634 LSE 25. Himgiri Fincap Ltd. INB120789230 LSE 26. Ashok Makker INB120593218 LSE 27. Alltime Portfolio Private Limited INB121205539 LSE 28. Anil K Gakkhar INB120310015 LSE 29. Way2Wealth Brokers Pvt. Ltd. INB231150237 NSEIL 30. Transcorp Securities Limited INB230713938 NSEIL 31. SFS Infinite Ltd. INB230697630 NSEIL 32. Seh Investments Private Limited INB230886631 NSEIL 33. DPA Capital Pvt. Ltd. INB230987431 NSEIL 34. Rajakrishna Investments Pvt. Ltd. INB200832935 OTCEI Sunidhi Consultancy Services Private 35. Limited INB200676436 OTCEI 36. SRF Finance Limited INB200609331 OTCEI 37. Shri. R. K. Jain INB201187417 OTCEI 38. SSKI Finance Limited INB200502338 OTCEI 39. Sheshanka Securities Pvt. Ltd. INB200766833 OTCEI 40. Saaketa Consultants Ltd. INB200759830 OTCEI 41. RRB Master Holdings Private Limited INB200630134 OTCEI 42. MCS Securities (P) Ltd. INB100830536 UPSE 43. Manmohan Singh INB100586610 UPSE 44. Puneet Tandon INB100693114 UPSE 45. Nirmala Khanna INB100362614 UPSE 46. Chetan Sharma INB100347815 UPSE 47. Ashwany Kumar Sawhney INB100563613 UPSE 48. Ashok Sahni INB100345014 UPSE 49. Archana Rastogi INB100344015 UPSE 50. Anju Jhunjhunwala INB100343613 UPSE 51. Sanjeev Agarwal INB100831214 UPSE 52. Umesh Kantilal Mehta INB100380117 UPSE 53. Umesh Chandra Midha INB100379911 UPSE 54. Vijay Laxmi INB101157817 UPSE 55. Manohar Lal Kohli INB100359715 UPSE
2. The said Officers have submitted their reports in respect of the aforesaid 55 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 55 stock brokers.
6. A copy of the order shall be served on the stock exchanges of which these 55 stock brokers are members.
7. This Order shall come into force with immediate effect.
DATE: October 28, 2009 M. S. SAHOO PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
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