sebi:CO/71/IES/07/2003
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Registration of the member suspended for a period of four months, effective after expiry of three weeks from the date of the order.
Regulations
- Reg. 7
- Reg. 4
- Reg. 13
Parties
- Sri Pramod Kumar Drolia (SEBI Reg No INB0311048310), Member, Calcutta Stock Exchange
Holding
The member was found guilty of violating Rule 4(b) of the Brokers Rules, Rule 8(1)(f) of the SC(R) Rules, and Regulation 7 of the Broker Regulations read with the Code of Conduct in Schedule II, and his registration was suspended for four months.
Full text
(iv) Rule 8 (1) (f) of SC(R) Rules, 1957 2.0 Enquiry Officer submitted his report on 28th March 2003 and found that the member had done off-the-floor transactions in various scrips of Global Telesystems Limited (GTL), Himachal Futuristic Communications Limited (HFCL), Zee Telefilms Ltd and DSQ Software Ltd (DSQ). Following were few such instances where the member indulged in off- the-floor transactions
Name of the scrip: DSQ 2.1 Enquiry Officer found that in the following instances member had made payments \ received funds from Khemani & Sons which were not backed by transactions
the reply. The show cause notice was delivered to the member through CSE on 28th April 2003. 4.0 Member did not respond to the above mentioned show casue notice.
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Source: SecMarx — sebi:CO/71/IES/07/2003. 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.