Capital markets regulator Sebi has slapped a fine of Rs 6 lakh on Maheshwari Datamatics for flouting the regulatory norms.Maheshwari Datamatics Pvt Ltd (MDPL) is a Sebi-registered Registrar to an issue and Share Transfer Agent (RTA).The order came after the Securities and Exchange Board of India (Sebi) conducted an inspection of MDPL for the period from April 2021 to November 2022.After the inspection, Sebi initiated the adjudication proceedings against Maheshwari Datamatics for violating the market rules.
In its order passed on December 29, Sebi found Radhey Shyam Jhanwar was an associate person of MDPL during the inspection period and hence was required to possess the National Institute of Securities Markets (NISM) certification.Under the Sebi rules, the markets watchdog has laid down the specific procedural requirements regarding the certification of an associate person, and these requirements must be adhered to.
In a separate order, the markets watchdog imposed a penalty of Rs 6 lakh on Capital Grow Financial Services (Proprietor Prashant Gole) for violating market rules.The order came after the Securities Appellate Tribunal (SAT) in its ruling had set aside Sebi’s order passed in January 2023 and remitted the matter back to the regulator and directed it to pass a fresh order.Capital Grow Financial Services is a Sebi-registered investment adviser.
