Sebi warns JM Morgan Stanley for lapses

Market regulator Securities and Exchange Board of India (Sebi) has come down on a high-profile broking firm for various lapses. Sebi has war...

Market regulator Securities and Exchange Board of India (Sebi) has come down on a high-profile broking firm for various lapses. Sebi has warned BSE broker JM Morgan Stanley Retail Services Pvt Ltd (a joint venture between the JM group and Morgan Stanley of the US) for alleged technical lapses and asked the firm to be more diligent in future regarding their activities in the capital market.

“Based on facts and circumstances, I have thought it fit to reduce the penalty as proposed by the inquiry officer and accordingly, I find that a warning would be adequate,” Sebi board member AK Batra said in his order on June 2.

Sebi had carried out an inspection of the broker’s books of accounts, documents and other records in November 2000 and was also asked to furnish information regarding its market activities in the year 1999-2000 and 2000-2001.

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During inspection, Sebi had observed certain violations and appointed an inquiry officer. The officer issued showcause notice to broker on February 3, 2003 alleging that the broker had committed irregularities relating to the contract notes.

The broking member failed to maintain proper segregation between members own account and clients accounts and in some instances, there was a delay in giving deliveries to the clients, Sebi inquiry officer said.

The inquiry officer recommended suspension of JM Morgan’s certificate of registration for three months. Sebi board member said no prejudice was caused to any investor as a result of the irregularities that have been allegedly committed by JMM. Under circumstances the imposition of a three month penalty would not advance the objects of the Sebi Act, or any of the regulations framed there under.

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