IN THE SECURITIES APPELLATE TRIBUNAL MUMBAI
Appeal No. 156 of 2005
Date of Hearing���������� 28/10/2005
Date of Decision��������� 28/10/2005
Appellate
Represented by:
First
Global Stock Broking P. Ltd.������������������������� Mr.
Kedar Dighe, Advocate ����������� �
Versus
Securities
and Exchange Board���������������� Respondent
�
Represented by
of
India ���������������������������������������������������������� Mr.
Dipan Merchant with Ms. Daya
����������������������������������������������������������������������� Gupta,
Advocates
Coram:
����������� Justice
Kumar Rajaratnam, Presiding Officer
C.
Bhattacharya, Member
����������� R.
N. Bhardwaj, Member
Per:
Justice Kumar Rajaratnam, Presiding Officer
- Admit.
- The appeal is taken
up with the consent of parties
3.
A letter was
addressed to the appellant dated 21/03/2005 by the respondent which reads as
under:
Sub.: Your certificate of registration as a portfolio
manager.
�This is with reference to your letter
dated December 15, 2004, pertaining to the captioned subject.
�In this regard, you are advised that
your request to revalidate your registration on a pro-rata basis for the period
that you were debarred from acting as a Portfolio Manager was examined.� However, your request as not been acceded to.
�You are requested to file a fresh
application for registration as portfolio manger in terms of the SEBI
(Portfolio Manager) Regulations, 1993.�
In case you wish to carry on the activity of portfolio manager.�
4.
The appellant
sought to revalidate its registration on a pro-rata basis for the period they
were debarred from acting as Portfolio Manager in view of the fact that this
Tribunal was pleased to set aside the order of debarment by an order dated
03/12/2004.� This was declined on the
ground that there is no provision for re-validating the registration.� However, the appellant was requested to make
a fresh application for registration as Portfolio Manager in terms of SEBI
(Portfolio Manager) Regulations, 1993.
5.
The learned
counsel for the respondent submit that if such an application is made the
respondent will consider the same in accordance with the Regulations and in
accordance with law after taking into account the order dated 03/12/2004 of
this Court in First Global Stockbroking Pvt. Ltd. & Anr.
Vs. SEBI in appeal No. 90 & 90A of 2002.
6.
Therefore there
will be a direction to the appellant to make a fresh application for
registration as Portfolio Manager in terms of the SEBI (Portfolio Manager)
Regulations, 1993 and on such application the respondent shall dispose of the
application within a period of 30 days from the date of receipt of the
application having regard to the earlier order dated 03/12/2004 of the Tribunal
in the case of First Global Stockbroking Pvt. Ltd. & Anr.
Vs SEBI in appeal No. 90 & 90A of 2002 in accordance with the
Regulations.
7.
Appeal disposed
of accordingly.� No order as to costs.
(Dictated & Pronounced in Court)
| (Justice Kumar Rajaratnam)
Presiding Officer |
| (R. N. Bhardwaj)
Member |
(C.
Bhattacharya)
Member |
����������������������������
Place:
Mumbai
Date: 28/10/2005