sebi:IVD-ID8/SIL/AO/DRK/MD/EAD-3/223-09/127/10
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Facts / Headnote
Violation found; consolidated penalty of Rs 75,000 imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 4(1)
- Reg. 15
- Reg. 200
- Reg. 31
Parties
- Amrut Securities Limited
Holding
The noticee Amrut Securities Limited violated Regulations 4(1), 4(2)(a) & (e) of the PFUTP Regulations, 2003 and Clauses A(1), (2) and D(1), (4), (5) of the Code of Conduct for sub-brokers, and a consolidated penalty of Rs 75,000 under Sections 15HA and 15HB of the SEBI Act, 1992 was imposed.
Full text
Page 2 of 11 4. The whole investigation period was divided into three patches • First Patch - Initially, during the period 31st December 2004 to 11th February 2005, the scrip was infrequently traded with very few trades (average daily volume was 4,448 shares), where the price of the scrip gradually moved up from Rs. 7.99 as on December 31, 2004 to Rs. 15.61 on 11th February 2005, a 95.37 % rise in 21 trading days.
Page 3 of 11 Regulations 2003’) and Clauses A (1), (2) and D (1),(4),(5) of the Code of Conduct for sub brokers as specified in schedule II under regulation 15 of SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 as alleged to have been committed by Amrut Securities Limited (hereinafter referred to as ‘ noticee’).
Page 4 of 11 same was received on September 17, 2010. In its reply the noticee submitted that:- • We deny that to influence the price and/ or volume of the scrip in question, we on behalf of our client, Shri Bharat K. Patel have placed buy and sell orders which were deleted subsequently. We further deny that we have executed 5 incremental trades in
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Source: SecMarx — sebi:IVD-ID8/SIL/AO/DRK/MD/EAD-3/223-09/127/10. 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.