sebi:DSR/AO-18/2008
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 4
- Reg. 199
- Reg. 3
- Reg. 4(1)
- Reg. 200
- Reg. 47
Parties
- NCJ Share & Stock Brokers Limited
Holding
The Adjudicating Officer held the broker, NCJ Share & Stock Brokers Limited, guilty of violating Regulation 4(1), 4(2)(a), (b) and (g) of the FUTP Regulations, 2003 and Clauses A(1)-(5) of the Code of Conduct under Regulation 7 of the Broker Regulations. A monetary penalty of Rs. Two lakhs under Sections 15HA and 15HB read with Section 15-I(2) was imposed.
Full text
Page 2 of 11 3. The personal hearing in the matter took place on January 03, 2008 which was attended by Shri. N. C. Jain, Director of the broker and Shri Prakash shah, advocate. During the hearing, they reiterated the submissions made vide letter dated December 14, 2006 and also requested for lenient view in the matter.
Page 3 of 11 deals the broker placed 112 buy orders and 122 sell orders. It is also observed that all of these cross deals were executed by the broker in its own trading account.
Page 4 of 11 11. The broker also submitted that the trades in the scrip were matched by BOLT system, which is transparent. Matching of orders is a computer driven process and they do not know the identity of counter parties. Further, matching of order in the resultant outcome thrown by the algorithm of centralized trading module of BSE, which had duly accepted the orders and were acted upon by the parties concerned. The broker submitted that BSE has an open electronic consolidated order book wherein their orders were punched.
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Source: SecMarx — sebi:DSR/AO-18/2008. 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.