sebi:MO/37/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 Dinesh Kumar Modi & Co suspended for a period of 6 months, to come into force 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 Dinesh Kumar Modi & Co
Holding
The member indulged in off-market deals in violation of SEBI Circular dated 14.09.1999, Regulation 4(a) and (b) of FUTP Regulations, 1995 and Code of Conduct, and violated Rule 8(1)(f) of SC(R) Rules, 1957 by fund transfers without securities transactions; its certificate of registration was suspended for 6 months.
Full text
2 on the trading system of CSE, it was alleged that the same are in violation of 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 5. I have carefully examined the facts and circumstances of the case. I have also carefully considered the Enquiry Report. On appreciating the facts and circumstances of the case the findings are as under:
4 TRADING WITH MR ASHOK PODDAR:- HIMACHAL FUTURISTIC Date of Transacti on Sett. No. Buy Quantity Buy Value Sale Quantity Sale value Amount as per Diff Bill. 18/05/00 2001108 5000 3755000.00 --- ----- Bill raised on 27/05/00 12/02/01- 18/02/01 2001142 8200 8972742.00 8200 9555445.80 581063.80.00
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Source: SecMarx — sebi:MO/37/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.