sebi:BS/AO-78/2008
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
No adverse finding recorded; proceedings disposed of with no penalty
Provisions invoked
- s. 15H
Regulations
- Reg. 199
- Reg. 15
- Reg. 27
- Reg. 20
- Reg. 15A
- Reg. 7(A)(2)
- Reg. 15(A)(1)
- Reg. 7A
- Reg. 7A(2)
- Reg. 15(3)(A)
Parties
- Goldman Sachs & Co. (FII Registration No. US-FA-0220-94)
- Goldman Sachs Investment (Mauritius) Ltd. (GSIML/sub-account)
Holding
Violations of Regulations 15, 15(3)(A), 20 and 7A(2) of the SEBI (Foreign Institutional Investors) Regulations, 1995 alleged against Goldman Sachs & Co./GSach for trading on May 17, 2004 are not established, and therefore no penalty is warranted under Section 15HB of the SEBI Act, 1992.
Full text
2 Investor (FII) (Registration No. US-FA-0220-94) dealing through its SEBI registered proprietary Sub-account Goldman Sachs Investment (Mauritius) Ltd. (hereinafter referred to as ‘GSIML/sub account) was in the list of top 10 FIIs which had traded on May 17, 2004.
3 that the trends in taking positions in Index and Stocks future are inverse to each other. 6. It was also observed that there was a short sale in respect of Dredging Corporation of India (hereinafter referred to as DCL). Detailed investigation brought out that there were 2 trades for Dredging – 50 shares and 304 shares which were executed on May 14, 2004.
4 Instruments. It is alleged that inspite of the repeated follow-ups by SEBI, the FII /sub account has not provided the information pertaining to the ultimate clients and other details regarding order placement/execution/order break up etc.
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Source: SecMarx — sebi:BS/AO-78/2008. 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.