sebi:EAD-2/DSR/RG/07/2013
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Facts / Headnote
Charges not established; matter disposed of without penalty
Provisions invoked
- s. 15
- s. 12A
- s. 15H
- s. 27
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Crosseas Capital Services Private Limited
Holding
The charges against Crosseas Capital Services Private Limited for alleged self-trades creating artificial volumes in Servalakshmi Papers Limited on listing day do not stand established and the matter is accordingly disposed of.
Full text
Page 2 of 11 Trading in the shares commenced on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) from May 12, 2011 and on that day the price of the scrip opened at `30.00 and `29, went up to a high of `48.75 / `48.70, went down to a low of `17.30 / `17.70, and closed at `19.00 / `19.05, respectively and thus, registering a fall of around 35%.
Page 3 of 11 Notice, Reply & Personal Hearing: 6. A notice dated June 05, 2013 (hereinafter referred to as the ‘SCN’) was issued to the Noticee in terms of Rule 4 of the Adjudication Rules requiring it to show cause as to why an inquiry should not be held against it for the alleged violations. It was alleged in the SCN that the Noticee had dealt in the scrip of SPL and executed 5201 self trades on the listing day of the IPO of SPL and thereby had created artificial / fictitious volumes in the said scrip. The Noticee vide its letter dated June 13, 2013 requested extension of time till June 29, 2013 to file its reply to the SCN. Further, vide its letter dated June 25, 2013 the Noticee submitted its reply to the said SCN.
Page 4 of 11 (ii) Does the violation, if any, on the part of the Noticee attract any penalty under Sections 15HA of the Act?
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Source: SecMarx — sebi:EAD-2/DSR/RG/07/2013. 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.