sebi:CO/ISD/206/2009
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Facts / Headnote
Consent order disposing of proceedings under sections 11(4) and 11B of SEBI Act, 1992 and adjudication proceedings under chapter VI A of the SEBI Act, 1992 against the applicants in the matter of Nissan Copper Ltd.
Provisions invoked
- s. 11(4)
Regulations
- Reg. 3
Parties
- Parklight Securities Ltd.
- Rupesh B. Brambhatt
- Sonal U. Vora
- Sonali D. Vora
- Uday H. Vora
- Dhiren H. Vora
- Rajesh B. Brambhatt
- Safal Realty Pvt. Ltd.
- Parklight Investment Pvt. Ltd.
- H. Nyalchand Financial Services Ltd.
Holding
The applicants agreed, without admitting or denying the charges, to transfer Rs.11,78,46,946/- withheld by BSE (together with accrued interest) to SEBI and to pay Rs.3,53,54,084/- as settlement charges, thereby disposing of the pending proceedings under sections 11(4) and 11B and chapter VI A of the SEBI Act, 1992 in the matter of Nissan Copper Ltd.
Full text
Page 2 of 4 Investment Ltd. and H. Nyalchand Financial Services Ltd. (hereinafter referred to as ‘the applicants’) arranged for subscription in the IPO of NCL and then misused the trading mechanism of the stock exchange for providing assured exit to a Qualified Institutional Buyer who had applied in the IPO in violation of Regulations 3 (a) and (c) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003. It also revealed that Parklight Investment Pvt. Ltd. and H. Nyalchand Financial Services Ltd. violated Clauses A (1), (2), (3), and (5) of the Code of Conduct for Stock Brokers as specified under Schedule II of the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992.
Page 3 of 4 Sl. No. Consent Application Details Date of Show Cause Notice Demand Draft No. Drawn on & Date of Demand Draft Amount (Rs.) 1 2 3 4 5 6 1 993 of 2008 Parklight Securities Ltd. June 05, 2008. 009980 Axis Bank Ltd. 02/04/2009 11,64,054 2 994 of 2008 Rupesh B. Brambhatt September 15, 2008 043782 043783 043786 043791 Bank of India 02/04/2009 9,00,000 9,00,000 9,00,000 7,46,899 3 995 of 2008 Sonal U. Vora June 05, 2008 009979 Axis Bank Ltd. 02/04/2009 43,16,205 4 996 of 2008 Sonali D. Vora September 12, 2008 009982 Axis Bank Ltd. 02/04/2009 43,58,543 5 997 of 2008 Uday H. Vora June 05, 2008 009985 Axis Bank Ltd. 02/04/2009 43,80,578 6 998 of 2008 Dhiren H. Vora September 15, 2008 009981 Axis Bank Ltd. 02/04/2009 43,68,623 7 999 of 2008 Rajesh B. Brambhatt September 15, 2008 043787 043789 043790 043793 Bank of India 02/04/2009 9,00,000 9,00,000 9,00,000 7,15,734 8 1000 of 2008 Safal Realty Pvt. Ltd. July 11, 2008 009978 Axis Bank Ltd. 02/04/2009 99,03,451 9 1000 of 2008 Parklight Investment Pvt. Ltd. June 02, 2008 - - - 10 1013 of 2008 H. Nyalchand Financial Services Ltd. June 02, 2008 - - -
Page 4 of 4 7. A copy of this Order shall be served on BSE and NSE which shall transfer Rs.11,78,46,946/- (Rupees eleven crore seventy eight lakh forty six thousand nine hundred forty six only) plus interest accrued thereon to SEBI, within one week on the receipt of this order.
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Source: SecMarx — sebi:CO/ISD/206/2009. 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.