sebi:EAD-12/AO/SM/16-22/2018-19
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Facts / Headnote
Penalties imposed on Noticees for fraudulent and unfair trade practices and violations of Stock Broker Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 199
- Reg. 9
- Reg. 4(1)
- Reg. 3(a)
Parties
- Omaxe Ltd
- Bhudev
- Glamour
- Reliable
- MBL
- Siddhartha
- Elite
- SMC
Holding
Noticees Bhudev, Glamour and Reliable were found to have indulged in synchronized, reversal and self-trades creating artificial volume in the scrip of Omaxe Ltd, constituting fraudulent and unfair trade practices. Noticees MBL and Siddhartha were found to have violated PFUTP Regulations and Broker Regulations, while Elite and SMC were found to have violated Clause A(2) of the Code of Conduct under Broker Regulations.
Full text
In the matter of Omaxe Ltd Page 2 of 28 2. The company operates in two segments Real Estate and Construction. The company is listed on Bombay Stock Exchange (hereinafter referred to as “BSE”) and National Stock Exchange (hereinafter referred to as “NSE”).
In the matter of Omaxe Ltd Page 3 of 28 5.2. Noticee - MBL, Siddhartha have violated Regulations 3(a), (b), (c) and (d) and Regulation 4(1), 4(2)(a) and (g) of PFUTP Regulations and Clause A(3) and A(4) of Code of Conduct specified under Regulation 9 as specified in Schedule II of SEBI (Stock Broker and Sub Broker) Regulations, 1992 (hereinafter referred to as “Broker Regulations”); and
In the matter of Omaxe Ltd Page 4 of 28 10. Connection details: Sl No Notice Name Basis of connection 1 Bhudev As per MCA website, companies directors Shri Rahul Goyal and Shri Puneet Goyal) were common and registered mail id was same (secretarialrecords@yahoo.com) Sl no.2,3 registered office address was same.( 2/55,Jangpura A Bhogal,New Delhi-110016)
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Source: SecMarx — sebi:EAD-12/AO/SM/16-22/2018-19. 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.