Maheswari Datamatics News: Sebi imposes fine of Rs 6 lakh on Maheswari Datamatics for violation of market rules.
The order comes after the Securities and Exchange Board of India (Sebi) conducted a probe into MDPL from April 2021 to November 2022.
After investigation, Sebi initiated adjudication proceedings against Maheshwari Datamatics for violation of market rules.
According to an order passed on December 29, Sebi observed that Radhey Shyam Jhanwar was an official of MDPL during the inspection period and therefore should hold National Institute of Securities Markets (NISM) certification.
As per Sebi rules, the market watchdog has laid down specific procedural requirements for authentication of stakeholders and these requirements must be complied with.
However, MDPL violated RTA rules by failing to ensure that those involved completed the required NISM certification.
Sebi’s adjudicating officer N Hariharan said, “We note that Sebi has earlier imposed penalty in notices for similar violations. These repeated violations by notices show that it did not pay sufficient attention to the deficiencies pointed out in the previous inquiry. “I will give it to you,” he said. order. The regulator also found that there were no records showing that Notifier’s activities resulted in losses to customers or affected the securities markets in any way.
However, the regulator noted that according to Sebi, there cannot be any dispute regarding delay in processing the investor’s request within the stipulated time limit affecting the bona fide rights of the investor.
In a separate order, the market watchdog imposed a fine of Rs 6 lakh on Capital Grow Financial Services (owner Prashant Gole) for violating market rules.
The order comes after the Securities Appellate Tribunal (SAT) set aside Sebi’s order passed in January 2023 and referred the matter back to the regulator and directed it to pass a fresh order.
Capital Grow Financial Services is a Sebi registered investment advisor.
