sebi:IVD-ID5/CT-MEBL/AO/DRK-AKS/EAD3-554/98-2014
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
Parties
- Magnum Equity Broking Ltd.
Holding
Magnum Equity Broking Ltd. violated Clause A (2) of the Code of Conduct for Stock Brokers under Regulation 7 of the Stock Broker Regulations by failing to exercise due skill and care in executing synchronized trades for its clients, and a penalty of Rs. 3,00,000 under Section 15HB of the SEBI Act was imposed.
Full text
Page 2 of 9 Winsome Textile Industries Ltd. Aarey Drugs and Pharmaceuticals Ltd. Pre Investigation Period (1.10.2008 – 31.12.2008) Open (1.10.2008) 23 44.7 High 23.6 (3.10.2012) 44.7 (1.10.2008) Low 10.65 (13.10.2008) 15.15 (5.12.2008) Close (31.12.2008) 21.02 17.6 Average Volume 23,111 7392 Investigation Period (1.1.2009 – 31.8.2009) Open (1.1.2009) 23.8 18.35 High 60 (11.8.2009) 52.3 (18.8.2009) Low 17.7 (1.1.2009) 15 (22.1.2009) Close (31.8.2009) 55.8 45.1 Average Volume 42,249 55174
Page 3 of 9 SHOW CAUSE NOTICE, HEARING AND REPLY 3. A Show Cause Notice No A&E/EAD3/DRK-AKS/20880/2013 dated 19.08.2013 (herein after referred to as ‘SCN’) was served on the noticee by Registered Post Acknowledgement Due in terms of the provisions of Rule 4 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 requiring the noticee to show cause as to why an inquiry should not be held against it and why penalty, if any, should not be imposed on the noticee under Section 15 HB of the SEBI Act.
Page 4 of 9 were cautioned and stopped from executing trades on account of “shifting of portfolio” on an regular / ongoing basis.
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Source: SecMarx — sebi:IVD-ID5/CT-MEBL/AO/DRK-AKS/EAD3-554/98-2014. 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.