sebi:PG/AO-29/2010
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Facts / Headnote
Charges held proved; penalty of Rs.1,00,000 imposed under Section 15HA of SEBI Act
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 DPS Shares and Securities Ltd., Broker, Bombay Stock Exchange Ltd., SEBI Registration No. INB 010986539
Holding
The Noticee violated regulations 4(a), (b), (c) and (d) of PFUTP Regulations, 1995 read with regulation 4(1), 4(2)(a), (b) and (g) of PFUTP Regulations, 2003 and clauses A(1)-(5) of the Brokers Code of Conduct by executing synchronized circular/reversal trades in REL shares, 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 period. Total volume executed at BSE and NSE was 16.50 lacs and 11.18 lacs shares respectively. 3. It is alleged that M/s DPS Shares and Securities Ltd., Broker, Bombay Stock Exchange Ltd., SEBI Registration No. INB 010986539 (hereinafter referred as ‘Noticee / Broker’) executed structured trades and also reversal trades/circular trades on behalf of its client Jignesh Shah resulting in creation of artificial volume in the shares of REL.
Page 4 of 26 transfer of Mr. V.S. Sundaresan, the undersigned was appointed as Adjudicating Officer vide order dated November 12, 2009. SHOW CAUSE NOTICE, HEARING AND REPLY
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Source: SecMarx — sebi:PG/AO-29/2010. 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.