sebi:PB/AO-12/2010
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Facts / Headnote
Violation of PFUTP Regulations and Code of Conduct for Stock Brokers established; penalty imposed under sections 15HA and 15HB of SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 446
- s. 19D
Regulations
- Reg. 7
- Reg. 3
- Reg. 4(1)
- Reg. 4(a)
- Reg. 2
- Reg. 4(2)(a)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 4(2)(n)
Parties
- M/s Galaxy Broking Limited
Holding
The Noticee, Galaxy Broking Limited, was found to have violated regulations 4(1), 4(2)(a), 4(2)(b), 4(2)(g) and 4(2)(n) of the PFUTP Regulations and Clauses A(1) to A(5) of the Code of Conduct for Stock Brokers by executing circular, reversal and synchronized trades in the scrip of KRBL Limited, thereby creating artificial volume and price. The Noticee was held liable for penalty under sections 15HA and 15HB of the SEBI Act.
Full text
Page 1 of 36 BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA [ADJUDICATION ORDER NO. PB/AO-12/2010] __________________________________________________ UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES BY ADJUDICATING OFFICER) RULES, 1995 In respect of M/s Galaxy Broking Limited SEBI Regn. No. INB010882739 (PAN. AABCG5457B)
Page 2 of 36 3. The entities found to have been involved in the alleged manipulation and against whom adjudication proceedings were initiated are divided into three groups on the basis of their trading vis-à-vis relationship as under:-
Page 3 of 36 Madhusudan Nair 10. Bharati Thakkar Sayyed Mustafa, Prem Prakash Thanvi
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Source: SecMarx — sebi:PB/AO-12/2010. 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.