Capital markets regulator Sebi has imposed a penalty of Rs 6 lakh on Multi Commodity Exchange (MCX) for flouting norms in a case pertaining to data entries of Sikkim-based clients.
The matter relates to incorrect input of State code and City code as Sikkim by seven trading members of MCX in the UCC (Unique Client Code) database.
In its order, Sebi found that MCX imposed a penalty of Rs 10,000 per client on these trading members for wrong entries in June 2022.
“The instant case pertains to incorrect input of State code and City code as Sikkim which does not cover under Material Discrepancies. Hence as per the ToR Member & Core SGF Committee (MCSGFC) is the authority to formulate policies for regulatory actions,” Sebi said in its 58-page order on Tuesday.
It means MCX was required to take it to the committee which is empowered to frame policy without imposing a penalty under material discrepancy.
In its order, Sebi noted that MCX has not complied with certain clauses Term of …
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Sebi imposes Rs 6 lakh penalty on MCX in data entry norms case (01-03-2023)
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Adani Enterprises stock jumped 14.70 per cent to settle at Rs 1,564.55 on the BSE. In intra-day trade, it rallied 15.83 per cent to Rs 1,580.
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The individual, Shubro Sankha Das Sarma, was the Head of Operations at Bank of India Investment Managers (formerly known as BOI AXA Investment Managers).
The order came after Sebi conducted an thematic inspection of BOI AXA Mutual Fund for the period August 2018 to February 2019. It was done to verify the books of accounts, records and other documents pertaining to the mutual fund with respect to Inter Scheme Transfer (IST) and valuation of downgraded debt securities.
Post inspection, the regulator initiated adjudication proceedings against Bank of India Investment Managers, Rajesh Chawathe, Sandeep Dasgupta, Jayati Dasgupta, Anurupa Dasgupta, Sarma and Alok Singh for the alleged violation of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms.
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Sebi has barred Anugrah Stock & Broking and five other entities from the securities market for up to seven years in a case pertaining to providing unregulated portfolio management services (PMS).
The others banned by the regulator are the brokerage house’s directors — Paresh Mulji Kariya and Sadhana Paresh Kariya — Teji Mandi Analytics, its director Anil Gopal Gandhi and Om Sri Sai Investments, an associate entity of Anugrah Stock, as per its order.
In addition, Sebi has levied a penalty totalling Rs 8 crore on Anugrah Stock, its directors and the associate entity and the fine needs to be paid within 45 days.
These four entities were engaged in providing Derivative Advisor Services (DAS) which was in the nature of portfolio management services (PMS) while promising assured returns to the prospective clients. These activities were being carried out without seeking requisite registration under the PMS rules, Sebi said in its 60-page order on Tuesday.
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