sebi:MO/199/IVD/02/2006
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Abhijat Trading Company Pvt. Ltd. restrained from accessing the securities market and prohibited from buying, selling and dealing in securities for a period of one year.
Provisions invoked
- s. 19
Regulations
- Reg. 11
- Reg. 4
Parties
- Abhijat Trading Company Pvt. Ltd.
Holding
Abhijat Trading Company Pvt. Ltd., acting in concert with its sub-broker Hacienda, was found guilty of price manipulation in the scrip of SGRL in violation of Regulation 4(a), (b), (c) and (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995, and was restrained from accessing the securities market for one year.
Full text
2 acted in concert and had traded in the scrip of SGRL in substantial quantities during the period of investigation by placing sell orders through one broker and simultaneously by orders being placed through another broker. It was seen that the repetitive nature of the orders placed at higher prices were meant to ensure that the prices got jacked up.
3 day weekly accounting period and settlements of delivery were in physical form. The price-volume data of the scrip during the period was found to be as follows:
4 Settlement No. Date Open (Rs.) High (Rs.) Low (Rs.) Close (Rs.) No. of Shares No. of Trades 17 January 2000 103.75 103.75 101.75 103.75 3700 14 18 January 2000 104.75 104.75 104.75 104.75 3100 10 19 January 2000 105.75 105.75 105.75 105.75 1400 6 20 January 2000 106.75 106.75 106.75 106.75 1900 4 1999044 21 January 2000 106.75 107.80 106.75 107.75 3700 16 24 January 2000 107.75 108.00 107.75 107.75 1100 6 25 January 2000 107.65 108.80 107.00 108.80 2800 9 27 January 2000 108.00 109.85 108.00 109.85 2000 11 1999045 28 January 2000 110.90 110.90 110.90 110.90 2800 10
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Source: SecMarx — sebi:MO/199/IVD/02/2006. 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.