sebi:PG/AO-28/2010
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Facts / Headnote
Violations established; penalty of Rs. 1,00,000 imposed on Noticee
Provisions invoked
- s. 15H
- s. 15J
- s. 15
Regulations
- Reg. 7
- Reg. 4
- Reg. 4(a)
- Reg. 3
- Reg. 4(1)
- Reg. 4(b)
- Reg. 2
- Reg. 4(c)
- Reg. 4(2)(n)
- Reg. 4(d)
Parties
- M/s Bharati Thakkar India Securities Pvt. Ltd.
Holding
The Noticee violated regulations 4(a)-(d) of PFUTP Regulations, 1995 read with regulation 4(1), 4(2)(a), (b), (g) and (n) of PFUTP Regulations, 2003 and Clauses A(1)-(5) of the Broker Code of Conduct, and is liable to a penalty of Rs. 1,00,000 under Section 15HA of SEBI Act.
Full text
Page 2 of 26 Stock Exchange of India Ltd. (hereinafter referred to as ‘NSE’) and Bombay Stock Exchange Ltd. (hereinafter referred to as ‘BSE’).
Page 3 of 26 volume executed at BSE and NSE was 16.50 lacs and 11.18 lacs shares respectively. 3. It is alleged that M/s Bharati Thakkar India Securities Pvt. Ltd. Broker, Bombay Stock Exchange Ltd., SEBI Registration No. INB 0109964321 (hereinafter referred as ‘Noticee’) executed structured trades and also reversal trades/circular trades resulting in creation of artificial volume in the shares of REL.
Page 4 of 26 SHOW CAUSE NOTICE, HEARING AND REPLY 7. Show Cause Notice dated August 10, 2007 (hereinafter referred to as “SCN”) was issued to the Noticee under rule 4 of the Rules to show cause as to why an inquiry should not be held against the Noticee and penalty be not imposed under section 15HA of SEBI Act for the alleged violations specified in the said SCN. The said SCN was delivered through letter dated August 17, 2007 to BSE of which the Noticee is a broker. Vide letter dated August 20, 2007, BSE informed about the delivery of SCN to the Noticee.
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Source: SecMarx — sebi:PG/AO-28/2010. 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.