sebi:DSR/AO-35/2008
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Facts / Headnote
Penalty imposed on the noticee for fraudulent and unfair trade practices
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 13(2)
- Reg. 4(a)
- Reg. 199
- Reg. 200
Parties
- Wallfort Share & Stock Broker Pvt. Ltd.
Holding
The broker, Wallfort Share & Stock Broker Pvt. Ltd., was found to have indulged in fraudulent and unfair trade practices by punching incremental buy orders at the upper circuit level to artificially raise the price of NBL scrip and then selling its entire position the next day, in violation of Regulation 4(a) and 4(b) of FUTP Regulations, 1995 read with Regulation 13(2) of FUTP Regulations, 2003. A monetary penalty of Rs. 6,00,000/- was imposed under Section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 7 that the draft scheme of amalgamation does not envisage allotment of PNB shares to the shareholders of the NBL.
Page 3 of 7 DATE SETT NO BUY QTY RATE VALUE SELL QTY RATE VALUE 21/01/03 2002206 116505 12.1705 1417924 5 12.3 61.5 22/01/03 2002207
Page 4 of 7 which was a valuable investment. In view of the said opportunities, they decided to acquire as many shares of NBL as possible and accordingly placed order on the BSE. Accordingly, they purchased 1,16,500 shares of NBL on January 21, 2003 at an average price of Rs. 12.17 per share and sold the said shares on the next day i.e. January 22, 2003 at an average price of Rs. 13.85.
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Source: SecMarx — sebi:DSR/AO-35/2008. 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.