2012 (9) TMI 1114

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....ngh, Advocate for the Appellant. Mr. Prateek Seksaria, Advocate with Mr. Mobin Shaikh, Advocate for the Respondent. JUDGMENT P. K. Malhotra (Oral) The appellant before us is a subsidiary of Delhi Stock Exchange Limited and registered with the Securities and Exchange Board of India (the Board) as a stock broker of the National Stock Exchange of India Limited, Bombay Stock Exchange Limit....

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....nalty of ` 4 lacs on the appellant under sections 15F & 15HB of the Act and section 19G of the Depositories Act, 1996. Hence this appeal. 3. We have heard learned counsel for the parties for some time who have taken us through the record. We have specifically looked into the observations made by the adjudicating officer in para 206 of his order which reads as under: "In respect of the ....

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.... no. 23 of 2011 decided on 16.6.2011), we have observed that it must be remembered that the purpose of carrying out inspection is not punitive and the object is to make the intermediary comply with the procedural requirements in regard to the maintenance of records. We have also observed that every minor discrepancy/irregularity found during the course of inspection is not culpable and the object ....