sebi:8087
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Facts / Headnote
Show cause notice disposed of without imposing any penalty or direction on the Broker
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 13(4)
- Reg. 4(a)
- Reg. 6
- Reg. 4(b)
Parties
- M/s Somani Stock Broking Pvt. Ltd.
Holding
The show cause notice issued to M/s Somani Stock Broking Pvt. Ltd. was disposed of without imposing any penalty or direction, notwithstanding a finding that the Broker executed 19 synchronized/matching trades in Ranbaxy shares.
Full text
FOR COMPANIES/ BROKERS: Mr. Somashekhar Sundaresan, Advocate Mr. Rakesh Somani Director of Somani Stock Broking Pvt. Ltd. FOR SEBI Mrs Barnali Mukherjee, DGM, SEBI
Stock Exchange, Mumbai (BSE), National Stock Exchange (NSE), Calcutta Stock Exchange (CSE) and Delhi Stock Exchange (DSE). 1.3 The Board after considering the Investigation Report appointed an Enquiry Officer vide
transactions can not be levelled merely because a purchase order and a sale order happens to be entered at around the same time for the same price and that too in a screen based trading mechanism of the stock exchange. 3.3 The Broker submitted that the Enquiry Officer has failed to show the basis on which prices and quantities have been negotiated outside the system. 3.4 The Broker stated that eight out of a total of nineteen transactions took place prior to September 14, 1999, the date on which SEBI issued its circular prohibiting negotiated deals. Therefore, the Enquiry Officer has acknowledged that the allegation of a violation in respect of gross trades of 1,71,500 shares of Ranbaxy is not sustainable, and that such
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Source: SecMarx — sebi:8087. 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.