SEBI imposes Rs 2 lakh penalty on PMJ Properties Pvt Ltd

Market regulator SEBI today imposed a penalty of Rs 200000 on PMJ Properties Private Limited for allegedly trading in securities market as an un-registered sub-broker on behalf of various clients.Securities and Exchange Board of India (SEBI) penalised PMJ Properties for violating norms for stock brokers According to the norms on stock broker regulations, no sub-broker shall buy, sell or deal in securities unless he holds a certificate granted by SEBI.In an order, SEBI said it was imposing a "penalty of Rs two00000 only, on the noticee (PMJ Properties)..."SEBI found that PMJ Properties acted as an un-registered sub-broker of two stock brokers -- Dynamic Equities Private Limited and CD Equisearch Private Limited The case came to light when Sebi was probing alleged irregularity in the matter of Pioneer TCP Stock Brokers Limited (ATN International Limited Eonour Technologies Limited Bhuvan Ind Limited Hotline Glass Limited and Alka Spinners Limited during the period from April 1, 2003 to January 31, 2003.PMJ Properties admitted that it has traded in the scrip of ATN International by purchasing the scrip off market and selling the same to two Sebi registered brokers.PMJ Properties submitted that it was not aware of the SEBI rules and regulations.However, the regulator observed that it was not inclined to accept the contention of PMJ properties."If any individual should infringe the law of the country through ignorance or carelessness, he must abide by the consequences of his error..." SEBI said.