SEBI settles case against A R J Shares and Stock Brokers for Rs 15 lakh

Market regulator SEBI today settled and passed a consent order in a case against A R J Shares and Stock Brokers on payment of Rs 1500000 for the firm's alleged role in irregularities relating to initial public offerings of some companies.The case relates to allegations about Pratik Stock Vision Private Limited , which subsequently merged with A R J Shares and Stock Brokers, facilitation opening of several demat accounts having common address without complying with KYC norms during 2003-05."The applicant (A R J Shares and Stock Brokers) has without admitting or denying the charges, remitted a sum of Rs 1500000...," the Securities and Exchange Board of India (SEBI) said while passing the consent order.It added that the consent order disposes of the show-cause notice issued against the firm in 2010.In a consent order, the company or person pays the settlement fee without denying or admitting the charges.In 2006, SEBI directed Pratik not to open new dematerialised accounts till the submission of verification report and obtaining a no-objection from it. In another order it was directed not to carry on the business of depository participant ( DP ) till the completion of enquiry and passing of final order.Later, the ban imposed on Pratik was lifted in an interim order.