sebi:MO/35/ISD/12/03
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Certificate of registration of M/s Rama Securities Pvt. Ltd. suspended for a period of 6 months, effective after 3 weeks from the date of the order.
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 199
- Reg. 4
- Reg. 13(2)
- Reg. 13
- Reg. 4(a)
Parties
- M/s Rama Securities Pvt. Ltd.
Holding
The member, M/s Rama Securities Pvt. Ltd., indulged in off-market (off-the-floor) transactions outside the trading system of CSE and received/paid funds to fellow brokers without corresponding transactions in securities, violating SEBI Circular dated 14/09/1999, Regulation 4 of the PFUTP Regulations, 1995, the Code of Conduct under Schedule II read with Regulation 7 of the Broker Regulations, and Rule 8(1)(f) of the SC(R) Rules, 1957. The certificate of registration of the member is suspended for 6 months.
Full text
2 price and order matching mechanism of CSE. By not executing the aforesaid transactions on the trading system of CSE, the member violated SEBI Circular SMDRP/POLICY/CIR-32/99 dated 14th September, 1999 which was notified by CSE to its members vide its notice dated 16th September 1999. Further, it was alleged that such transactions are irregular and are prohibited under Regulation 4 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to securities market) Regulations, 1995 and are also in violation of Clause A(1) (4)&(5) of the Code of Conduct as specified in Schedule II read with Regulation 7 of SEBI (Stock Brokers and Sub-Brokers) Regulations 1992 and Rule 4(b) of SEBI (Stock Brokers and Sub-Brokers) Rules 1992.
3 to intimate along with the reply whether it desired a personal hearing. The member failed to reply to the said show cause notice.
4 Name of the Srip Date of transactions Sett.No. Buy/Sell Quantity Price (Rs.) DSQ Soft 19/1/01 2001143/ F BUY 25000 373.50 DSQ Soft 24/1/01 2001143/ F SELL 15000 441.50 DSQ Soft 24/1/01 2001143/ F SELL 10000 441.00 ZEE 25/1/01 2001143/ F BUY 30000 264.00 ZEE 25/1/01 2001143/ F BUY 20000 264.50 ZEE 25/1/01 2001143/ F BUY 25000 264.70 ZEE 24/1/01 2001143/ F SELL 25000 292.00 ZEE 24/1/01 2001143/ F SELL 25000 292.50 ZEE 24/1/01 2001143/ F SELL 25000 293.00
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Source: SecMarx — sebi:MO/35/ISD/12/03. 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.