sebi:IVD-ID6/KSERA-VJT/AO/DRK/ASG/EAD3-205-2009/108-2010
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 3
- Reg. 4(1)
- Reg. 15
Parties
- Vijay J. Thakkar
Holding
The noticee Vijay J. Thakkar violated Regulations 4(1) and 4(2)(a), (b), (g) and (n) of the PFUTP Regulations and Clauses A(1), A(2), D(1), (4) and (5) of the Sub-Broker Code of Conduct by executing synchronized/circular trades, and a consolidated penalty of Rs 30,000 under Sections 15HA and 15HB was imposed, while price manipulation was held not established.
Full text
Page 2 of 13 3. SEBI conducted an investigation into the trading in the scrip of KSERA, during the period from May 02, 2005 to July 1, 2005 (hereinafter referred to as ‘Investigation Period’). The Investigation Report (hereinafter referred to as ‘IR’) observed that during the Investigation Period the price of the scrip opened at ` 74.35 on May 2, 2005 reached a high of ` 97.50 on May 24, 2005 and closed at ` 89.25 on July 1, 2005.
Page 3 of 13 Section 15HA and 15 HB of the SEBI Act, the violations of Regulations 4(1) & 4(2) (a), (b), (e), (g) and (n) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as the ‘PFUTP Regulations’) as well as violation of as Clauses A(1) , A (2), D (1), (4) and (5) of the code of conduct prescribed for Stock Brokers in Schedule II under Regulation 15 of SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 (hereinafter referred to as ‘Stock Brokers Regulations’) alleged to have been committed by the noticee.
Page 4 of 13 Stock Brokers in Schedule II under Regulation 7 of SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 be read as Clauses A(1) , A (2), D (1), (4) and (5) of the code of conduct prescribed for Sub- brokers in Schedule II under Regulation 15 of SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992.
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Source: SecMarx — sebi:IVD-ID6/KSERA-VJT/AO/DRK/ASG/EAD3-205-2009/108-2010. 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.