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February 06, 2006
PR No.
78/2006
Order against M/s. M.S.Consultancy Services
Shri Madhukar, Whole Time Member, SEBI, has passed an order against M/s. M.S.Consultancy Services, (MSCS) sub broker to M/s. Acme Share and Stock Broker Private Ltd., member, The Stock Exchange, Mumbai under Regulation 13(4) of SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 warning MSCS to be careful not to carry on activities of the nature executed in the scrip of M/s. Sawaca Communications Limited.
In the matter of M/s. Sawaca Communications Ltd., SEBI appointed an Enquiry Officer to enquire into the alleged into the violation of the Code of Conduct for Stock Brokers prescribed in Schedule II of Regulation 15 of SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 for failure to exercise due care and skill in its dealing in the scrip of SCL and Regulation 4 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995, by MSCS. Enquiry officer submitted his report and observed that MSCS has failed to exercise due skill, care and diligence and has therefore violated the Code of Conduct for Stock Brokers prescribed in Schedule II of Regulation 15 of SEBI (Stock Brokers and Sub-brokers) Regulations, 1992. Consequently, SEBI passed the order after giving MSCS sufficient opportunity to present its reply, in satisfaction of the principles of natural justice.
The order has been passed on January 31, 2006.
Mumbai
February 06, 2006
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