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Companies Law - Highlights / Catch Notes

Home Highlights March 2019 Year 2019 This

Stock brokers - misuse of clients’ funds / securities - In the ...

Companies Law

March 11, 2019

Stock brokers - misuse of clients’ funds / securities - In the absence of any allegation of the violation being repetitive in nature and, in the absence of any finding that the violations had a high impact or that the violations were grave in nature, having serious consequences, we find that the imposition of suspension of trading membership of 5 days was excessive and unwarranted.

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  1. Implementation of circular on upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs) - Circular

  2. Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2002.

  3. Demand on the ground that the additional amount collected by the appellants (stock-broker) from their clients as “transaction charge” is part of service charges - stay granted - AT

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