Order in the matter of Summary Proceedings against the Brokers who defaulted in Payment of Registration Fees
- Order No.WTM/MSS/MIRSD/27/2009
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 the fees as required by the applicable schedule, the proceedings may be disposed of on the officers' recommendation, the purpose of the proceedings having been served. Proceedings initiated under a regulation since repealed may be disposed of under the power conferred by the successor regulation, Regulation 33B(5) and (6) of the SEBI (Intermediaries) Regulations, 2008, read with Section 19 of the SEBI Act, 1992, notwithstanding the repeal of the earlier regulation.
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 33 stock brokers who had defaulted in the payment of registration fees: SL NAME OF BROKER REGN. NO. STOCK NO. EXCHANGE 1. Trilochana K. Doshi INB010028715 Bombay 2. GNH Global Securities Ltd. INB010982837 Bombay 3. Brij Kishore Sharma INB160848713 Jaipur 4. Bajrang Dass Mittal INB160924110 Jaipur 5. Amit Kumar Bakliwal INB160699115 Jaipur 6. Deoki Nandan Jaju INB160180016 Jaipur 7. Damodar Bhageria INB160634511 Jaipur 8. Anita Khanna INB160841710 Jaipur 9. Annu Agrawal INB161143012 Jaipur 10. Arun Khera INB160926715 Jaipur 11. Arun M. Thanvi INB160845413 Jaipur 12. Bhanwar lal Agarwal INB160473317 Jaipur 13. C. P. Fincap Pvt. Ltd. INB121059233 Ludhiana 14. Incremental Securities Pvt. Ltd. INB121054135 Ludhiana 15. Mutual Financial Services Ltd. INB120941531 Ludhiana 16. Sharn Fincaps Limited INB120829631 Ludhiana 17. Satwinder Sohil INB121135413 Ludhiana 18. Ravi Nandan Gupta INB120309212 Ludhiana 19. Satyawati & Co. INB120971915 Ludhiana 20. GFC Securities & Finance Ltd. INB230706338 NSEIL 21. Pressman Share & Stock Broking Serv. INB200581534 OTCEI 22. Praveg Fin. Consul. Sec. Pvt. Ltd. INB200894238 OTCEI 23. Pranav Financial Services Pvt. Ltd. INB200584336 OTCEI 24. Perfect Capital Ser. (P) Ltd. INB200867636 OTCEI 25. Paterson & Co. INB200582025 OTCEI 26. Pal Credit Securities Limited INB200760535 OTCEI 27. Ortem Securities Limited INB200833532 OTCEI 28. Vishvas Securities Ltd. INB200914238 OTCEI
SL NAME OF BROKER REGN. NO. STOCK NO. EXCHANGE 29. Kusum Kumari Mehrotra INB100356816 Utter Pradesh 30. V. S. M. Securities & Consultants P. Ltd. INB100999234 Utter Pradesh 31. Ramesh Chander Kapoor INB100370215 Utter Pradesh 32. Veena Ojha INB100380616 Utter Pradesh 33. Shri Krishan Saraf INB100383418 Utter Pradesh
2. The said Officers have submitted their reports in respect of the aforesaid 33 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 33 stock brokers.
6. A copy of the order shall be served on the stock exchanges of which these 33 stock brokers are members.
7. This Order shall come into force with immediate effect.
DATE: 13.11.2009 M. S. SAHOO PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
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