sebi:1300689878330
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Facts / Headnote
Restrained Shri Nagraj Kundar from dealing in securities for a period of 3 years
Provisions invoked
- s. 11B
Regulations
- Reg. 4
- Reg. 11
- Reg. 12
Parties
- Shri Nagraj Kundar
Holding
The Adjudicating Officer found that Shri Nagraj Kundar violated Regulation 4(a), (b) and (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 1995 by acting as a front entity aiding and abetting the creation of an artificial market in the scrip of SIL, and restrained him from dealing in securities for 3 years.
Full text
The ex-bonus date for the scrip was 21.04.1999 and the record date for the bonus was fixed on 20.05.1999. For the period 22.12.1998 to 31.12.1998 the average traded volume in the scrip at NSE was 6, 171 shares. For the period 01.01.1999 to 09.02.1999 the average traded volume in the scrip was 5, 896 shares. Thereafter, the volumes in the scrip suddenly showed increasing trend and as on 18.02.1999 the traded volumes in the scrip was 12, 100 shares. For the period February 1999 to March 1999, the average traded volume was in the range of 12, 000 shares. The volumes subdued during the 3rd week of March 1999 and for the period 10.03.1999 to 20.04.1999 the average traded volume in the scrip was 6, 165 shares. The volumes once again started increasing from the last week of April 1999 and to the later part of May
Market) Regulations, 1995 (hereinafter referred to as "the Regulations") under S.11B of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "the Act") read with regulations 11 and 12 of the Regulations. He did not reply to the show cause. Once again, the show cause notice was sent to Shri Nagraj Kundar on 08.03.02, which was also not replied by Shri Kundar.
The account statement of Shri Suhas Patil revealed that Shri Suhas Patil had received equivalent payments from the Member prior to issuing these cheques to Keynote Capitals and Subecha securities. Shri Kundar was introduced to M/s Keynote Capitals Ltd. by Shri Rajesh Sharma, an employee of the Member.
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Source: SecMarx — sebi:1300689878330. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.