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2019 (11) TMI 1555 - AT - SEBIFraudulent tradings in the shares - Suspension of certificate of registration of the appellant as a stock broker for a period of three months for violation of the provisions of Sections 12A(a), (b) and (c) of the SEBI Act, 1992 read with regulations 3, 4(1), 4(2)(a), (e) and (g) of the SEBI - "PFUTP Regulations" and regulation 7 read with Clauses A and B(2) of Schedule II (Code of Conduct for Stock Brokers) of the SEBI - "Stock Brokers Regulations" - HELD THAT:- In the present case, there are no allegations that the appellant had indulged in proprietary trades. What is alleged is that the entity was grossly negligent and allowed fraudulent transactions to be carried out by Purshottam Khandelwal and two other violations already noted above. Considering all these facts, in our view, the order of the WTM of SEBI directing the suspension of the license of the appellant for a period of three months needs to be set aside and in its place it is hereby directed that the appellant shall not accept any fresh clients for a period of six months from the date of this order.
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