Order in the matter of summary proceedings against the brokers who defaulted in Payment of Registration Fees
- Order No.WTM/MSS/MIRSD/36/2010
Ratio decidendi
The rule this decision rests on
Proceedings initiated for default in payment of registration fees are infructuous once the broker's certificate of registration has been cancelled, and may be disposed of on that ground. Proceedings commenced under regulations since repealed may be disposed of under the powers conferred by the successor regulations (Regulation 33B(5) and (6) of the SEBI (Intermediaries) Regulations, 2008, read with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 23 stock brokers who had defaulted in the payment of registration fees:
SR. STOCK NO. NAME OF BROKER REGN NO. EXCHANGE 1. N H Securities Pvt. Ltd. INB010547636 BSE 2. V. G. Gajjar Stock Brokers (P) Ltd. INB230718639 NSE 3. Alba Capital Markets Pvt. Ltd. INB230645133 NSE 4. BSI Securities International Ltd. INB230654036 NSE 5. Vans Information & Investor Services Ltd. INB230676132 NSE 6. Trial Investment & Finance Pvt. Ltd. INB230676739 NSE 7. Swaraj Financial and Investment Pvt. Ltd. INB230778933 NSE 8. Ramakrishna Equity Fund Ltd. INB230824232 NSE 9. Pride Share & Capitals Pvt Ltd. INB230944633 NSE 10. Opart Securities Pvt. Ltd. INB230663439 NSE 11. NH Securities Ltd. INB230643938 NSE 12. NCM Neha Securities Ltd. INB230930637 NSE 13. Lunar Holdings Ltd. INB230653938 NSE 14. R Kesavan INB230661510 NSE 15. PNB Capital Services Limited INB200475237 OTCEI 16. P. A. Financial Services Limited INB200584238 OTCEI 17. Prem Parekh INB200674112 OTCEI 18. Sri Kanyaka Securities Limited INB200925736 OTCEI 19. Stack Securities Limited INB200820535 OTCEI 20. Vibrant Securities & Stocks Pvt. Ltd. INB200820330 OTCEI 21. Vijayanand Investments Pvt. Ltd. INB200820134 OTCEI
22. Wisdom Portfolio Mgmt Serv. P. Ltd. INB200820633 OTCEI 23. Vinco Holdings & Finance Pvt. Ltd. INB200832837 OTCEI
2. The said Officers have submitted their reports in respect of the aforesaid 23 stock brokers recommending that the proceedings have become infructuous as the certificates of registration of these brokers have already been cancelled.
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 23 stock brokers as they have become infructuous on account of cancellation of their certificates of registration.
6. A copy of the order shall be served on the stock exchanges of which these 23 stock brokers are members.
7. This Order shall come into force with immediate effect.
DATE: 10/02/2010 M. S. SAHOO PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
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