sebi:EAD-2/DSR/KM/108-115/2014
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Facts / Headnote
Charges not established; matter disposed of
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 9(f)
- Reg. 3
- Reg. 3(a)
Parties
- BP Fintrade Pvt. Ltd.
- Setu Securities Pvt. Ltd.
- Hitesh Shashikant Jhaveri
- J.V. Stock Broking Pvt. Ltd.
- BP Equities Pvt. Ltd.
- SPFL Securities Ltd.
- Mansi Share & Stock Brokers Pvt. Ltd.
- SPS Share Brokers Pvt. Ltd.
Holding
The charges against all eight Noticees of entering into self trades that created artificial volume and a false or misleading appearance of trading in the scrip of GPL were not established, and the matter was disposed of without penalty.
Full text
Page 2 of 15 2. The investigation, inter alia, revealed BP Fintrade Pvt. Ltd. (Noticee 1), Setu Securities Pvt. Ltd. (Noticee 2), Hitesh Shashikant Jhaveri (Noticee 3) and J.V. Stock Broking Pvt. Ltd. (Noticee 4) had entered into self trades on BSE on several occasions and that on all the occasions where self trades were executed, the respective brokers viz., BP Equities Pvt. Ltd. (Noticee 5), Mansi Share & Stock Brokers Pvt. Ltd. (Noticee 7), SPS Share Brokers Pvt. Ltd. (Noticee 8) and SPFL Securities Ltd. (Noticee 6) on both buy side and sell side was the same. Therefore, it is alleged that they had entered into self trades which created artificial volume in the scrip, leading to false and misleading appearance of trading in the scrip in the securities market.
Page 3 of 15 of the Act for Noticees at sr. No. 1 to 4 and Section 15HB of the Act for Noticees at sr. No. 5 to 8 for the alleged violation of the aforesaid provisions of law.
Page 4 of 15 8. The Noticee No. 4 vide letter dated February 15, 2014 requested for further time to file its reply and vide letter dated March 12, 2014, filed its reply to the SCN. The Noticee failed to attend the hearing on March 20, 2014. The Noticee has not sought for an opportunity of hearing and therefore, I proceed to deal with the matter against the Noticee no. 4 on the basis of the material available on record including the reply to the SCN filed by the Noticee.
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Source: SecMarx — sebi:EAD-2/DSR/KM/108-115/2014. 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.