sebi:PG/AO-09/2010
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Facts / Headnote
Penalty of Rs. 50,000 imposed under section 15HB; allegation under PFUTP Regulations not established
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 3
- Reg. 4(1)
Parties
- M/s Harikishan Hiralal, presently known as M/s. Shreehari Hira Stock Broking (P) Limited
Holding
The Noticee did not violate regulation 4(1) and 4(2)(a) of PFUTP Regulations, but violated clause A(2) of Code of Conduct for Stock Brokers for lack of due diligence, and is liable to a penalty of Rs. 50,000 under section 15HB of SEBI Act.
Full text
Page 2 of 20 2. The shares (face value – Re. 1/- per share) of the Company are listed on Bombay Stock Exchange Ltd. (hereinafter referred to as “BSE”), Ahmedabad Stock Exchange (hereinafter referred to as “ASE”), Saurashtra Kutch Stock Exchange, Rajkot (hereinafter referred to as “SKSE”) and Jaipur Stock Exchange (hereinafter referred to as “JSE”). It was observed that no transaction in the said scrip was reported at ASE, SKSE and JSE during the investigation period. Hence, for the purpose of investigation the trades done at BSE were considered.
Page 3 of 20 allure the investors and create liquidity in the scrip so that the Promoters/ related entities and other entities could off-load shares in the market. Certain brokers, viz., Parklight Investment Pvt. Ltd. and M/s Harikishan Hiralal, presently known as M/s. Shreehari Hira Stock Broking (P) Limited (hereinafter referred to as “Noticee”), also assisted the promoter/ related entities/other entities to offload shares by creating artificial demand in the scrip by placing large buy orders at very low prices and later deleting them.
Page 4 of 20 Jaggusingh 23. SST Sanjay Shankarlal Thakkar Other entity 24. NDT Narendra D Tiwari Other entity 25. RFPL Right Finstock Pvt. Ltd Other entity
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Source: SecMarx — sebi:PG/AO-09/2010. 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.