TaxTMI 
TaxTMI 
2021 (10) TMI 1463
X X X X Extracts X X X X
X X X X Extracts X X X X
....r. SEBI had carried regular inspection of it's accounts for a period from April 1, 2014 to March 11, 2016. In the inspection, it was found that the appellant has not made settlement of running account and has not carried segregation of the clients and own funds and securities in the cases detailed in the order. Therefore, this was stated to be the violation of SEBI circulars dated December 3, 2009 and dated November 18, 1993 which were detailed in the impugned order. 3. Upon hearing the appellant, the order came to be issued. Hence the present appeal. 4. We have heard Mr. Ashok Singh, the learned counsel for the appellant and Mr. Kumar Desai, the learned counsel along with Mr. Mihir Mody, Mr. Arnav Misra, Mr. Mayur Jaisingh, the lear....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... cannot be termed as mis-utilization. Only the internal credit balance cannot be considered but also the external creditor's balance should have been considered and compared. The learned AO however found that the circular does not make such difference between any internal and external account. The funds were lent by Axis Bank on each count in the amount of Rs. 6 crore each out of which an amount availed is shown in the next column. 7. The learned AO further noted that the circular specifically provided what money is to be paid into client accounts and what money is to be withdrawn from the client accounts. It was further specified that withdrawal of money from client accounts only towards the payment to be made on behalf of clients or ....