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January 27, 2006
PR No.
52/2006
Order against M/s. Subecha Securities Pvt. Ltd.
Shri Madhukar, Whole Time Member, SEBI, has passed an order onJanuary 23, 2006 against M/s. Subecha Securities Pvt. Ltd, (SSPL) a Sub-broker of M/s. SVS Securities Pvt. Ltd., with SEBI Registration No. INS 010480536 under Regulation 13(4) of SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, warning the sub-broker to be careful in the future, to desist from carrying out transactions of the nature carried out in the scrip of Soundcraft Industries Ltd.
In the matter of Soundcraft Industries Ltd. SEBI appointed an Enquiry Officer to enquire into the alleged violations of SEBI (Stock Broker and Sub-brokers) Regulations by SSPL. Enquiry officer submitted his report and observed that SSPL has violated Clause A (2) of the Code of Conduct for sub-brokers prescribed in Schedule II of Regulation 15 of SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 and Section 12 (3) of the SEBI Act, 1992. Consequently, SEBI passed the order after considering the submissions made by SSPL.
Mumbai
January 27, 2006
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