Maverick Share Brokers settles case with Sebi, pays Rs 5 lakh

Maverick Share Brokers has settled a case related to alleged violation of stock broking norms by paying Rs 5 lakh to Sebi.
It was alleged that, among others, Maverick Share Brokers had acted as the stock broker and counterparty stock broker for various self trades of its client Prefer Abasan, in the scrip of The Byke Hospitality and violated Sebi (Stock Brokers and Sub Brokers) Regulations.
According to a Sebi order, the stock broker had submitted an application to settle the adjudication proceedings, which the regulator had initiated against it for the alleged violations.
The settlement terms proposed by Maverick Share Brokers were placed before Sebi's High Powered Advisory Committee (HPAC). Thereafter, the committee recommended the case for settlement on payment of Rs 5 lakh by the stock broker.

Earlier this month, the stock broker paid the settlement amount following which the Securities and Exchange Board of India (Sebi) disposed of the adjudication proceedings.
However, the regulator said if any representation made by Maverick Share Brokers in the settlement proceedings is subsequently discovered to be untrue, it could re-open the case.
Separately, Lokesh Machines and its promoter and director Srinivas Mullapudi have settled a case with Sebi related to alleged disclosure lapses after paying Sebi a little over Rs 4.20 lakh.
OTCO International has also settled a case related to alleged violation of disclosure and investor protection guidelines after paying Rs 2 lakh to Sebi.