sebi:Order/SM/PP/2018-19/2206
Facts / Headnote
Adjudication proceedings disposed of; no penalty imposed
Provisions invoked
- s. 15
- s. 15H
Regulations relied on
- SEBI (Stock Brokers) Regulations, 1992 — 7
Parties
- ASE Capital Markets Ltd.
Holding
The allegation that ASE Capital Markets Ltd. violated Clause A(2) of the Code of Conduct for Stock Brokers by failing to exercise due skill, care and diligence in allowing its client Maheshchandra to execute 1509 self-trades in the scrip of STL was held to be without merit and unsustainable. The Noticee was held not liable for imposition of any monetary penalty under section 15HB of the SEBI Act.
Full text
Page 2 of 13 ‘SEBI Act’) was passed against 38 persons/entities wherein, the said persons/entities named in the interim order were, inter alia, restrained from accessing securities market and also prohibited from buying, selling or dealing in the securities market, either directly or indirectly, in any manner whatsoever, till further directions. It was observed that the Company had made a preferential allotment of 3,00,00,000 equity shares of Rs 10 each at a price of Rs 10 per share to its promoters/promoter group and also to 28 other persons/entities mentioned in the aforementioned interim order.
Page 3 of 13 under Schedule II read with Regulation 7 of SEBI (Stock Brokers and Sub- brokers) Regulations, 1992 (hereinafter referred to as ‘Broker Regulations’).
Page 4 of 13 market volume) and eight entities including Maheshchandra C Shah at gross sell (comprising 47.32% of market volume) are part of group entities
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Source: SecMarx — sebi:Order/SM/PP/2018-19/2206. 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.