SEBI settles case against Guiness Securities for Rs 15 lakh

Market regulator SEBI today settled charges of violation of rules against Guiness Securities on payment of Rs 1500000 by the company."The Noticee (Guiness Securities) has remitted a sum of Rs 1500000 ... this consent order disposes of the said proceedings," the Securities and Exchange Board of India (SEBI) said while passing the consent order.The case relates to incidences of Guiness Securities' involvement in allegedly charging higher rates from clients towards purchase and sale of shares, dealing with unregistered sub-brokers, mis-utilising clients' funds and failure to redress the investors' complaints within a reasonable time, among others.In a consent order, the company or person pays the settlement fee without denying or admitting the guilt.SEBI had in 2009 appointed an adjudication order to look into the alleged violations.Even as the proceedings were in progress Guiness Securities had in January 2010 made an application for settlement of proceedings through a consent order without admitting or denying the guilt.