AT held that allegations that the appellant filed a false FIR, obtained clients' trading account details and executed trades on their behalf with improper risk profiling, and accepted cash payments were proved. The appellant's failure to inform the Board under Regulation 13(b) of the material change was thereby established in relation to the false FIR. The AT found the appellant liable under Section 15HA only and, having considered the facts and admissions, reduced the quantum of monetary penalty as sufficient to meet the ends of justice, without imposing additional statutory penalties.
AT held that allegations that the appellant filed a false FIR, obtained clients' trading account details and executed trades on their behalf with improper risk profiling, and accepted cash payments were proved. The appellant's failure to inform the Board under Regulation 13(b) of the material change was thereby established in relation to the false FIR. The AT found the appellant liable under Section 15HA only and, having considered the facts and admissions, reduced the quantum of monetary penalty as sufficient to meet the ends of justice, without imposing additional statutory penalties.
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