sebi:BM/AO-16/2010
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Facts / Headnote
Adjudication proceedings concluded without imposing any penalty
Provisions invoked
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 4(2)
- Reg. 4(2)(b)
Parties
- Pilot Credit Capital Limited
Holding
The Adjudicating Officer concluded the adjudication proceedings against Pilot Credit Capital Limited without imposing any penalty, finding no material on record to establish that the Noticee played a manipulative role or violated the PFUTP Regulations or the Code of Conduct for Stock Brokers.
Full text
Page 2 of 15 August 14, 2005, touched a high of Rs.3.52 (ex-bonus 3:1) on September 01, 2005 and closed at Rs.1.77 on September 30, 2005. A substantial variation in the daily volumes was also observed with the lowest volume on July 01, 2005, when only one share was traded and highest being on August 26, 2005 when 1,36,70,180 shares were traded.
Page 3 of 15 Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”). APPOINTMENT OF ADJUDICATING OFFICER
Page 4 of 15 could it have distorted market equilibrium in the said scrip. Further the net effect of our clients’ said transactions was that they sold their equity holding in demat form of the said scrip. Hence they could not be regarded as circular trades/reversal of trades. We were not aware that some of our clients, if any, were in connivance with certain other clients/brokers as alleged or otherwise. We had no connection or relationship with counter buying brokers against whom our clients, sales orders got matched. No names of clients of counter buying brokers have been provided in the SCN.
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Source: SecMarx — sebi:BM/AO-16/2010. 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.