IN RE: CENTURY FINVEST PRIVATE LIMITED Vs. STATE

JUDGEMENT

(1.) M /s. Century Finvest Private Limited (hereinafter referred to as the "Noticee") is registered with Securities and Exchange Board of India (hereinafter referred to as "SEBI") as a stock broker (SEBI Registration No. INB230930432) and is a member of National Stock Exchange Ltd. (NSE). SEBI received a complaint against the Noticee in respect of its dealings as a member of NSE.

(2.) In view of this, a joint inspection was conducted by SEBI and NSE into the dealings of the Noticee as a stock broker during the period January and February 2005. As a part of the joint inspection (conducted by SEBI and NSE), the books of accounts, other records and documents pertaining to broking operations at the offices of the Noticee located at Aligarh and its registered office located at Delhi were examined during the periods January 17 to January 18, 2005 and January 31 to February 04, 2005 respectively.

(3.) BASED on the aforesaid irregularities and lapses, it was alleged that the Noticee violated the provisions of the SEBI Act, 1992 (hereinafter referred to as "SEBI Act"), the SEBI (Stock Brokers and Sub -Brokers) Regulations, 1992 (hereinafter referred to as the "Broker Regulations"), various SEBI Circulars and Securities Contract Regulations, Act, 1956 (SCRA) and Securities Contract Regulations, Rules, 1957 (SCRR). The inspection report was submitted on June 20, 2005.