sebi:Order/BD/AB/2020-21/10311
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Facts / Headnote
Show Cause Notice dated April 20, 2017 disposed of without imposition of any penalty
Provisions invoked
- s. 15H
- s. 15J
Regulations
- Reg. 7
Parties
- M/s Rikhav Securities Ltd.
Holding
The charge that M/s Rikhav Securities Ltd. violated Clause A(2) of the Code of Conduct for Stock Brokers read with Regulation 7 of the Broker Regulations was not established, and the Show Cause Notice dated April 20, 2017 was disposed of without imposition of any penalty under Section 15HB of the SEBI Act.
Full text
Page 2 of 5 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 4. A Show Cause Notice dated April 20, 2017 (hereinafter be referred to as the “SCN”) was issued to the Noticee under Rule 4 of the AO Rules to show cause as to why an inquiry should not be initiated and penalty be not imposed under Section 15HB of the SEBI Act for the allegations as detailed in the said SCN.
Page 3 of 5 d. The Noticee submitted that mere occurrence of self trades is not per-se manipulative or fraudulent. The insignificant volume of trading of the Noticee could not have impacted the price or the volume of the BPML scrip. e. The Notice relied on the judgments of the Hon’ble SAT in the matter of SPJ Stock Brokers Pvt. Ltd., Kapil Chaturabhij Bhuptni, BP Fintrade Pvt. Ltd. and Krupa Sanjay Soni in support of its submissions. The Noticee also cited SEBI AO orders in the matters of Ajay Desai and Indira Securities Pvt. Ltd., JMP Securities Pvt. Ltd. and various other orders in support of its submissions.
Page 4 of 5 11. Upon perusal of the reply of the Noticee and documents available on record, I find that it is not in dispute that 74 self-trades for 10,483 shares were executed by the Client of the Noticee in the scrip of BPML at BSE on five days.
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Source: SecMarx — sebi:Order/BD/AB/2020-21/10311. 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.