sebi:MO/71/IVD/3/04
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 the member suspended for a period of one month, to come into force after 3 weeks from the date of the order.
Provisions invoked
- s. 11B
- s. 19
Regulations
- Reg. 7
- Reg. 4
- Reg. 13
- Reg. 13(2)
- Reg. 3
Parties
- M/s Credit Suisse First Boston (India) Securities Pvt. Ltd.
Holding
The member was found to have violated NSE Capital Market Regulation 4.6.2, the Code of Conduct under SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992, and FUTP Regulations by entering into synchronized and circular trades and financing transactions with the Ketan Parekh group in the scrip of Ranbaxy Laboratories Ltd., and its certificate of registration was suspended for one month.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER ORDER UNDER REGULATION 13 (4) OF SEBI (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY) REGULATIONS, 2002 AGAINST M/s CREDIT SUISSE FIRST BOSTON (INDIA) SECURITIES PVT. LTD., MEMBER, BOMBAY STOCK EXCHANGE AND THE NATIONAL STOCK EXCHANGE MO/71/IVD/3/04
issued suspending the member for two years. The member contended that there are no fresh allegations or offences alleged by SEBI in the SCN, and SEBI had already taken punitive action. In view of this, the member stated that, there is no need to issue a separate enquiry process for the same allegations made against it, for which, it had already served suspension and in any event, all the impugned trades relate to the period prior to 1 April 2000, that is, before the period under investigation for which suspension period had been served. The member further contended that it was not SEBI’s case that CSFB India had continued to carry out such transactions even after the emergent order dated 18 April 2001 under Section 11B of the SEBI Act suspending CSFB India’s operations.
(a) enter any order or orders for the purchase of such security with knowledge that an order or orders of substantially the same size, and at substantially the same price, for the sale of any such security, has been or will be entered by or for the same or different parties, or
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Source: SecMarx — sebi:MO/71/IVD/3/04. 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.