sebi:MO/1/MRD/08/2003
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Facts / Headnote
Warning issued to the Governing Board of Directors of the Bangalore Stock Exchange Ltd.; supercession under Section 11 of SCRA not imposed
Provisions invoked
- s. 11
- s. 19
Parties
- Bangalore Stock Exchange Ltd. (BgSE) - Council of Management / Governing Board
Holding
The allegations against the Governing Board of BgSE were not serious enough to warrant supercession under Section 11 of SCRA, and SEBI issued only a warning to the Governing Board of Directors of the Bangalore Stock Exchange Ltd. to be more vigilant, cautious and careful in future in discharge of its functions as a self regulatory organisation.
Full text
manipulations of the scrip which rose upto Rs.895/- without corporate developments and also did not impose additional margins, etc. to curb and check manipulative trading by its member brokers.
2.1 On the basis of the aforesaid findings a detailed show cause notice dated April 09, 2003 was issued to the Council of Management of BgSE under Section 11 of Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as SCRA). Vide said show cause notice, while referring to the observations made in the investigation report, the Council of Management o f BgSE was called upon to show cause as to why appropriate action including supercession of the Governing Board of BgSE under Section 11 of SCRA should not be taken against it in light of the aforesaid observations made in the investigation report.
November 1999 and March 2000 during which time the price movement in majority of the scrips were similar to that of HTL.
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Source: SecMarx — sebi:MO/1/MRD/08/2003. 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.