Broker breached duty by permitting synchronized and self-trades, violating Code of Conduct clause A(2); penalty under s.15HB upheld, appeal dismissed SC upheld the Tribunal's finding that the broker breached duty by failing to exercise due skill, care and diligence, permitting synchronized and ...
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Broker breached duty by permitting synchronized and self-trades, violating Code of Conduct clause A(2); penalty under s.15HB upheld, appeal dismissed
SC upheld the Tribunal's finding that the broker breached duty by failing to exercise due skill, care and diligence, permitting synchronized and self-trades that disturbed market equilibrium and violated clause A(2) of the Code of Conduct under the Brokers Regulations. The Court found no error in law or fact, agreed that self-trading warranted penalty under s.15HB, and held the appeal raised no question of law under s.15Z of the SEBI Act. The appeal was dismissed.
The Securities Appellate Tribunal's decision is affirmed: the Tribunal "has not committed any error in law or fact." The appeal was evaluated under the statutory standard for appeals from SEBI-related orders and found not to raise a legal question within the meaning of Section 15Z of the Securities and Exchange Board of India Act, 1992. Because the matter does not involve any such question of law, the Court held that there is no jurisdictional basis to interfere with the SAT's determination, and accordingly the Civil Appeal "is dismissed."
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
