sebi:CO/34/ISD/09/2004
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Facts / Headnote
Order passed under Regulation 13(4) of SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalties) Regulations 2002 and Regulation 11 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations 2003 read with Section 4(3) of the SEBI Act, 1992; findings of the enquiry officer upheld and violations found
Provisions invoked
- s. 4(3)
Regulations
- Reg. 7
- Reg. 4
- Reg. 13(4)
- Reg. 11
- Reg. 13(2)
- Reg. 4(a)
- Reg. 13(1)
- Reg. 199
- Reg. 200
Parties
- S.S. Corporate Securities Ltd
Holding
The order finds that S.S. Corporate Securities Ltd violated Regulation 4(a), (b) and (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Markets) Regulations, 1995 by placing buy orders at increasingly higher rates in the shares of Global Trust Bank on 26.11.1999, 2.12.1999 and 25.1.2000, thereby artificially inflating prices and creating a false appearance of trading.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order against S.S. Corporate Securities Ltd Sep 21, 2004 | Orders : Orders of Chairman/Members CO/34/ISD/09/2004 SECURITIES AND EXCHANGE BOARD OF INDIA
stock broker registered with Securities and Exchange Board of India (hereinafter referred to as SEBI). Global Trust Bank (hereinafter referred to as GTB) is a banking company incorporated in 1993. The Reserve Bank of India (RBI) made a reference to SEBI stating that the price of the share of GTB had shown a rise from Rs.68.70 on 13.10.2000 to Rs.92.65 on 10.11.2000 on The Stock Exchange, Mumbai (BSE) whereas there was no corresponding increase in the index of bank shares of BSE SENSEX. Based on the said reference and also the report of BSE, SEBI conducted an investigation into the trades in the shares of GTB during the period 9.10.2000 to 24.11.2000 both on BSE and NSE. Thereafter, an investigation was also made into the trades done during the period November 1999 to February 2000 on the NSE. The investigations into the trades on the NSE during the period November 1999 to February 2000 revealed that the said broker had indulged in manipulative practices while dealing in the scrip of GTB on 26.11.1999, 2.12.1999 and 25.1.2000. The findings of the investigation are as under : (a) During the period October 1999 to the first week of February 2000, the price of the share of GTB on NSE moved from Rs.34.20 to Rs.109.80. It was observed that the said broker accounted for more than 20% on the gross or net buy or net sale position during the said period. (b) The said broker was one of the brokers having a prominent position during the said period. The dominant promoters of the said bro
Client Name Client Buy Qty. Client Sell Qty. Client Gross Qty. Gross Mkt Qty. % Gross to Mkt Gross. Goel & Company 3000 0 3000 3755204 0.08 New
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Source: SecMarx — sebi:CO/34/ISD/09/2004. 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.