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M/s. DSE Financial Services Ltd. Versus Securities and Exchange Board of India

2012 (9) TMI 1114 - SECURITIES APPELLATE TRIBUNAL

Violation of SEBI provisions - deficiencies with regard to manipulation of records and in the functioning of the appellant - investigation - Held that:- The purpose of carrying out inspection is not punitive and the object is to make the intermediary .....

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ieved by pointing out the irregularities/deficiencies to the intermediary at the time of inspection and making it compliant. As per the observations made by the adjudicating officer himself, the violations committed by the appellant are mostly techni .....

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. 153 of 2012 - Dated:- 11-9-2012 - P. K. Malhotra, Member & Presiding Officer (Offg.) S. S. N. Moorthy, Member, JJ. Mr. Shambhu Nath Singh, Advocate for the Appellant. Mr. Prateek Seksaria, Advocate with Mr. Mobin Shaikh, Advocate for the Respon .....

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Bombay Stock Exchange Limited and also as a depository participant of Central Depository Services (India) Limited. 2. The Board carried out inspection of the appellant during February 8-23, 2007 with regard to its activities as a stock broker and al .....

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ge Board of India Act, 1992, the Securities Contracts (Regulation) Act, 1956, The Depositories Act, 1996 and the rules and regulations framed thereunder with regard to maintenance of its records. After affording an opportunity of hearing, the adjudic .....

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r the parties for some time who have taken us through the record. We have specifically looked into the observations made by the adjudicating officer in para 206 of his order which reads as under: In respect of the said submissions of the Noticee, I h .....

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l gains made by the Noticee or the loss suffered by the investors. Further, the available details do not suggest that the Noticee had indulged repetitively in such violations/noncompliances. I have noted that the violations committed by the Noticee a .....

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EBI Appeal no. 23 of 2011 decided on 16.6.2011), we have observed that it must be remembered that the purpose of carrying out inspection is not punitive and the object is to make the intermediary comply with the procedural requirements in regard to t .....

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