sebi:CO/129/ERO/01/2005
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Certificate of Registration of M/s.J.T.Amirthasingh & Co. suspended for a period of six months, effective on expiry of twenty one days from the date of the Order.
Provisions invoked
- s. 4(3)
Regulations
- Reg. 7
- Reg. 4
- Reg. 13(2)
- Reg. 13(4)
- Reg. 4(a)
Parties
- M/s. J.T.Amirthasingh & Co. (SEBI Registration No. INB030528917)
Holding
The Enquiry Officer found that M/s. J.T.Amirthasingh & Co. violated Regulation 7 of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 read with clauses A(1), A(2), A(4), A(5) and B(4)(a) of the Code of Conduct under Schedule II, and Regulation 4(a), (b), (c) and (d) of the PFUTP Regulations, 1995, by engaging in cross deals and synchronized trades in the scrip of BPSL. The Certificate of Registration of the broker was suspended for six months.
Full text
Page 2 of 10 2.0 Enquiry Proceedings : 2.1 On the basis of the above investigation, vide order dated 18th August, 2003, SEBI appointed an Enquiry Officer to enquire into the irregularities / contraventions alleged to have been committed by the said broker while dealing in the scrip of BPSL and for possible violations of the provisions of the SEBI (Stock Brokers and Sub-Brokers) Rules and Regulations,1992 ( hereinafter referred to as “ the said Regulations “ ) and the SEBI ( Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market ) Regulations, 1995 ( hereinafter referred to as “ the PFUTP Regulations “ ).
Page 3 of 10 - That all the transactions were carried through C ‘ STAR Channel of the CSE, and, therefore, denied the knowledge of the identity of the counter party broker.
Page 4 of 10 observe that in settlement no.2002125, orders from the said broker’s terminals were matched with the orders from Swadha Securities Ltd., another member of CSE. The said broker had executed trades for his client viz. Southern Lease Finance Ltd. during the aforesaid period. Shri J.T.Amirthasingh is a director of the said company.
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Source: SecMarx — sebi:CO/129/ERO/01/2005. 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.