IN THE SECURITIES APPELLATE TRIBUNAL

MUMBAI

Appeal No.  268 of 2004

Date of Decision  17.8.2006

Present :  Mr.  Gaurav Joshi, Advocate for the appellant

                  Mr. Subhash Jha, Advocate for the respondent

Coram:

          Justice N.K. Sodhi, Presiding Officer

            R. N. Bhardwaj, Member

Per:  Justice N.K. Sodhi, Presiding Officer (oral)

            This order will dispose of two Appeals nos. 268 & 305 of 2004 both of which have been filed by DGP Securities Ltd. against two orders dated 30.9.2004 and 18.10.2004 passed by the Securities and Exchange Board of India holding the appellant guilty of violating Regulations 4(b) & (c) of the Securities and Exchange Board of India (Prohibition of Fraudulent & Unfair Trade Practices relating to Securities Market) Regulations, 1995 and the code of conduct specified for stock brokers.  In one case, the certificate of registration of the appellant as a broker has been suspended for one month from the date of the order whereas in the other the same has been suspended for a period of two months.

   2.            The appellant in both cases is a stock broker and a member of the National Stock Exchange.  It is not necessary for us to state the facts of the case because the learned counsel for the appellant after arguing the two cases for sometime contended that he would not press the appeals if the period of suspension in Appeal no. 305 of 2004 is reduced to one month to run concurrently with the period of suspension as ordered in Appeal no. 268 of 2004.  The learned counsel appearing for the respondent Board has no objection if the period is reduced.  Apart from the consent of the learned counsel for the respondent, we were inclined to reduce the said period after hearing the learned counsel for the parties at some length.  Having regard to the facts of the two cases and the findings recorded by the Board in the impugned orders and taking note of the fact that the appellant has not pressed the appeals, we uphold the impugned orders and reduce the suspension period to one month in Appeal no. 305 of 2004 which shall run concurrently with the period of suspension as ordered in Appeal no. 268 of 2004.  The order of suspension will take effect from 28.8.2006.  We have fixed this date to enable the appellant to make suitable arrangements in the meanwhile.  No costs.

Sd/-

Justice N.K. Sodhi
Presiding Officer

Sd/-

R.N.Bhardwaj
Member

17.8.2006