https://www.taxtmi.com/caselaws?id=261660 A SEBI circular on monthly or quarterly running settlement of client funds and securities was held binding, because it was issued to promote transparency and discipline in broker-client dealings and could not be diluted by later stock exchange clarifications. The appellant's initial claim of compliance was contradicted by its later admission that quarterly settlement had not been carried out for a substantial period. The proceedings were found fair, with no breach of natural justice, and the penalty was treated as proportionate and within statutory limits. The challenge to the penalty therefore failed. en-us Mon, 23 Jun 2014 00:00:00 +0530 Sat, 18 Jul 2015 08:43:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261660 A SEBI circular on monthly or quarterly running settlement of client funds and securities was held binding, because it was issued to promote transparency and discipline in broker-client dealings and could not be diluted by later stock exchange clarifications. The appellant's initial claim of compliance was contradicted by its later admission that quarterly settlement had not been carried out for a substantial period. The proceedings were found fair, with no breach of natural justice, and the penalty was treated as proportionate and within statutory limits. The challenge to the penalty therefore failed. Case-Laws Companies Law Mon, 23 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261660