sebi:190-210_201
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Facts / Headnote
Show cause notice disposed of; no directions issued against Delhi Stock Exchange Association Ltd.
Provisions invoked
- s. 19
- s. 11B
Parties
- Delhi Stock Exchange Association Ltd.
Holding
The Whole Time Member of SEBI held that no directions under section 11B of the SEBI Act, 1992 were warranted against the Delhi Stock Exchange Association Ltd. in respect of the alleged artificial price rise in the shares of STIL.
Full text
2.5 I also note that, even before the shares of STIL were listed at DSE, the said shares were traded at BSE to the tune of 50, 100 and 50 shares on August 09, 2000, August 1 and August 14, 2000 respectively. The said trades were made immediately prior to August 16, 2000, the day on which the shares of STIL were allowed to trade at DSE. I a that, BSE had already started circuit filter on August 09, 2000 on a price of Rs.70/- . Thus, I, note that the minimal trading in the shares of STIL had existed at BSE, even be shares were allowed to trade on DSE from August 16, 2000. 2.6 Therefore, as the name of the scrip was indicated as Shreejee Yatayat India Ltd. in the daily quotation of BSE at the time of listing of shares of STIL at DSE ( August 11, 20 also in view of the fact that the name of the said scrip was shown as Shonkh Technologies International Ltd. in the daily quotation of BSE only with effect from August 1 (as per the information provided by BSE), it transpires that DSE might be labouring under the impression that STIL was not listed in BSE, while fixing the YCP at 0 and acc benefit of doubt would go to DSE. In view of the above, the allegation that the said action of DSE had created artificial price rise in the shares of STIL may not be sustainab 2.7 In view of the above, I am of the considered view that this is not a case which calls for any directions against the Delhi Stock Exchange Association Ltd.
3.0 ORDER I, therefore, in exercise of the powers delegated to me in terms of section 19 of Securities and Exchange Board of India Act, 1992, do not find this to be a case which calls
directions against the Delhi Stock Exchange Association Ltd. under section 11B of the said Act. Accordingly, I, hereby dispose off the show cause notice dated December 0 issued by Securities and Exchange Board of India to the Delhi Stock Exchange Association Ltd. as above.
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Source: SecMarx — sebi:190-210_201. 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.