sebi:EAD-7/BJD/NJMR/235/2018-19
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Disposed of without any penalty
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 4
- Reg. 3
Parties
- Satyamitra Stock Consultants Pvt. Ltd.
Holding
The Adjudicating Officer held that the allegation that Satyamitra Stock Consultants Pvt. Ltd. indulged in price manipulation in the scrip of Systematix by trading above LTP was not established. Accordingly, the adjudication proceedings initiated vide SCN dated September 29, 2017 stands disposed of without any penalty.
Full text
Adjudication Order in the matter of Systematix Corporate Services Ltd., Page 2 of 23 Period Opening price ` Closing price ` High Price ` Low Price ` Trading days % change in price of the scrip Average Daily traded volume Total traded Volume Patch 2: 15/11/2010 to 26/05/2011 285 63.4 290 (15/11/10) 61.05 (26/05/2011) 123 77.75% (Decrease) 4252 523021 Patch 3: 30/05/2011 to 17/06/2011 62 107.75 110 (17/06/11) 62 (03/05/2011) 15 73.8% (Increase) 2370
Adjudication Order in the matter of Systematix Corporate Services Ltd., Page 3 of 23 4. A common Show Cause Notice (SCN) bearing ref. no., EAD/BJD/NJMR/23800/2017 dated September 29, 2017 was issued to the Noticee, under Rule 4(1) of the Adjudicating Rules to show cause as to why an inquiry should not be held and penalty be not imposed under Section 15 HA of the SEBI Act, for the violations alleged to have been committed by him.
Adjudication Order in the matter of Systematix Corporate Services Ltd., Page 4 of 23 (i) We would like to state that we have only purchased shares of the Company during investigation period, at BSE anonymous trading system where, it is not known to anybody the counterparties, as this being an order driven system where trades are matched electronically as system finds best price available between the buyer and seller.
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Source: SecMarx — sebi:EAD-7/BJD/NJMR/235/2018-19. 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.