GSB Securities settles charges at Rs 28L

The broker proposed settlement under Sebi's consent order mechanism on February 27,2012.

Market regulator Sebi today disposed of a case against GSB Securities after the entity made a payment of Rs 28 lakh to settle charges related to violations of broker regulations.

Sebi in its consent order dated October 31 said that “enquiry proceedings initiated against the applicant (GSB Securities) for the non-compliance of provisions…stand settled and Sebi shall not initiate any enforcement action against the applicant for the same”.

A probe conducted by Sebi had found that GSB Securities had acted as an unregistered portfolio manager on behalf of two individuals Praveen Daga HUF and Chitra Vishwanath.

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Sebi had alleged that the broker could not produce letter of authorisation from the two clients.

The broker proposed settlement under Sebi’s consent order mechanism on February 27,2012.

Thereafter,a High Powered Advisory Committee (HPAC) considered the consent terms and recommended the case for settlement on payment of Rs 28 lakh. The same was approved by a panel of whole time members of Sebi. Sebi noted that enforcement actions,including commencing or reopening of the proceedings,could be initiated if any representation made by GSB Securities is found to be untrue.

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