https://www.taxtmi.com/caselaws?id=464712 Permitting an unregistered entity to function as a sub-broker was treated as a breach of the stock brokers regulations, because the proviso to rule 3 could not protect a person who was not duly registered and was allowed to trade without registration. The Tribunal upheld the finding of violation under regulation 7 read with clause A(2) of Schedule II. On penalty, the one-month restraint on taking new clients was found excessive in light of comparable matters arising from the same scrip and investigation period, where intermediaries received lighter treatment, and the sanction was reduced to a warning. en-us Wed, 15 Feb 2012 00:00:00 +0530 Tue, 11 Nov 2025 16:55:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464712 Permitting an unregistered entity to function as a sub-broker was treated as a breach of the stock brokers regulations, because the proviso to rule 3 could not protect a person who was not duly registered and was allowed to trade without registration. The Tribunal upheld the finding of violation under regulation 7 read with clause A(2) of Schedule II. On penalty, the one-month restraint on taking new clients was found excessive in light of comparable matters arising from the same scrip and investigation period, where intermediaries received lighter treatment, and the sanction was reduced to a warning. Case-Laws SEBI Wed, 15 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464712