Order in the matter of summary proceedings against the Brokers who defaulted in payment of Registration Fees
- Order No.WTM/MSS/16/MIRSD/09/2009
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 subsequently paid the fees as required by Schedule III of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992, the proceedings may be disposed of, on the officers' recommendation, because the default that founded them has been cured. Proceedings commenced under the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, which have since been repealed and replaced, may be disposed of under the powers conferred by Section 19 of the SEBI Act, 1992, read with Regulations 28 and 29 of the SEBI (Intermediaries) Regulations, 2008.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
WTM/MSS/16/MIRSD/09/2009 SECURITIES AND EXCHANGE BOARD OF INDIA, MUMBAI ORDER UNDER REGULATION 28 READ WITH 29 OF THE SEBI (INTERMEDIARIES) REGULATIONS, 2008 IN THE MATTER OF SUMMARY PROCEEDINGS AGAINST THE BROKERS WHO DEFAULTED IN PAYMENT OF REGISTRATION FEES 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, inter alia, against the following 13 stock brokers who had defaulted in the payment of registration fees:
Sl. No. Name of the Stock Broker SEBI Name of the Stock Registration No. Exchange 1 Kailash Chand Rathi INB 130680816 Gauhati 2 Venkataraman & Co. INB200512329 OTCEI 3 Gulab Singh Rathod INB161147211 Jaipur 4 Gurusharan Singh INB160841612 Jaipur 5 Hanwant Raj Mohnot INB160183718 Jaipur 6 Janaradhan Kalia INB160220711 Jaipur 7 Maneesh Kumar Sharma INB161068813 Jaipur 8 Mithilesh Agarwal INB 160193914 Jaipur 9 Moti Chand Pansari INB160183317 Jaipur 10 Bansal Sharevest Services Ltd. INB231064339 NSEIL 11 IFCI Financial Services Ltd. INB231108631 NSEIL 12 Antique Stock Broking INB230760539 NSEIL 13 Suryo Financial Services Pvt. Ltd. INB170877936 Bhubaneshwar
2. The said Officers have submitted their reports in respect of the aforesaid 13 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 28 and 29 of the SEBI (Intermediaries) Regulations, 2008, hereby dispose of the proceedings initiated vide Order dated August 11, 2005 against the said 13 stock brokers.
6. A copy of the order shall be served on the stock exchanges of which these 13 stock brokers are members.
7. This Order shall come into force with immediate effect.
DATE : 15.09.2009 M. S. SAHOO PLACE : MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
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