sebi:BM/AO-33/2010
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Facts / Headnote
Allegations not established; 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
- Shreehari Hira Stock Broking (P) Ltd. (formerly known as Harikishan Hiralal)
Holding
The Adjudicating Officer found that the allegations of manipulation and violation of PFUTP Regulations and Code of Conduct for Stock Brokers against the Noticee were not established, and concluded the adjudication proceedings without imposing any penalty.
Full text
Page 2 of 13 observed that during this period the price of the shares (face value Re.1/-) opened at Re.0.80 on January 2005 increased to Rs.6.9 on 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 13 Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP”) and A (1), (2), (3), (4) and (5) of Code of Conduct for Stock Brokers as specified in Schedule II under Regulation 7 of SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 (hereinafter referred to as “Brokers Regulation”). Consequently, the Noticee is liable for monetary penalty under sections 15HA and 15HB of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 4 of 13 and 15HB of SEBI Act for the alleged violation specified in the said SCN. 7. The Noticee did not reply to the SCN. The Noticee had applied for consent proceedings. Since the High Powered Committee recommended that the matter may not be settled on the term proposed by the Noticee, adjudication proceedings had been recommenced.
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Source: SecMarx — sebi:BM/AO-33/2010. 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.