sebi:EAD/KS/MKG/AO/141/2018-19
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Facts / Headnote
Alleged violations not established; no penalty imposed
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 3
- Reg. 3(a)
- Reg. 3(a)(b)(c)
Parties
- Chandarana Intermediaries Brokers Private Limited
Holding
The alleged violations of Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) and (g) of the PFUTP Regulations are not established against the Noticee, Chandarana Intermediaries Brokers Private Limited, and no penalty is imposed.
Full text
Page 2 of 19 Particulars BSE (Rs.) NSE (Rs.) Close Price ( On 31/10/2011) 206.40 205.80 Traded Quantity 2,52,33,620 3,13,38,101
Page 3 of 19 5. It was alleged in the SCN to Noticee that it had entered into self-trades repeatedly, which created artificial volume in the scrip leading to a false and misleading appearance of trading in the scrip of UEL in the securities market. The details of the self-trades entered into by the Noticee on BSE and NSE as per IR are given below:
Page 4 of 19 place by exchanges) that do not appear to be manipulative will not warrant any penal action. In cases that are pending investigation, they would be disposed of accordingly". e) In the fact of the case of UJAAS ENERGY Ltd., the self trades took place between October 20, 2011 to October 31, 2011 has been placed on record at para 3 of the SCN. No adverse observation has been found to have been derived on that count of price manipulation. Therefore it is not the case of manipulation and therefore on account of above stand taken by SEBI this matter needs disposal accordingly. f) The adverse opinion as to the alleged trades is found to have stated at para 4 of the SCN, which stated that "It has been alleged....has indulged in self-trades." This clearly and evidently makes it clear that these observation attracts the substantial cause advanced by SEBI of "Self-Trades of the previous period (before preventive mechanism was put in place by exchanges)" and therefore SCN deserves to be disposed of I dropped accordingly in marked respect of the representation of SEBI before Parliament through Finance Ministry. g) The authenticity and correctness of reference of the above communication referred in newspaper may not be accessible by us. But while having fresh look at the matter, SEBI may have to take into consideration the stand taken and communicated to the Parliament. Therefore we are quite hopeful that present matter is likely to be reconsidered and dropped by SEBI on its h
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Source: SecMarx — sebi:EAD/KS/MKG/AO/141/2018-19. 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.