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2015 (10) TMI 1717 - AT - Companies LawPenalty for Violation of SEBI Circular read with Clause A(2) of the Code of Conduct; Regulation 15 of Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992 – Whether 4 terminals, out of terminals granted, at 3 locations were allotted to ultimate clients in contravention to said regulations? – Held That:- Terminals under issue not managed by authorized employee or by sub-broker himself - Appellant found guilty of violating the Circular as well as the Code of Conduct and norms prescribed under Stock Brokers and Sub - Brokers Regulations, 1992 – Penalty imposed is not unjustified – Appeal dismissed.
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