sebi:PG/AO-50/2010
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Facts / Headnote
Charges proved; Noticee held to have violated PFUTP Regulations and Broker Regulations and held liable for monetary penalty under section 15HA of SEBI Act
Provisions invoked
- s. 15H
- s. 15J
- s. 15
Regulations
- Reg. 4
- Reg. 4(a)
- Reg. 3
- Reg. 4(1)
- Reg. 15
- Reg. 4(b)
- Reg. 199
- Reg. 200
- Reg. 2
- Reg. 4(c)
- Reg. 4(2)(n)
- Reg. 4(d)
Parties
- Aishwarya Avenues Ltd
Holding
The Noticee, sub-broker Aishwarya Avenues Ltd acting through SKSE Securities Ltd for clients Airtel and Nirmit, violated regulations 4(a)-(d) of PFUTP Regulations, 1995 read with regulations 4(1), 4(2)(a),(b),(g),(n) of PFUTP Regulations, 2003 and Code of Conduct A(1),(2), D(1),(4),(5) of Broker Regulations by executing synchronized circular/reversal trades in Rajesh Exports Ltd, and is liable for penalty under section 15HA of SEBI Act.
Full text
Page 2 of 37 to as ‘NSE’) and Bombay Stock Exchange Ltd. (hereinafter referred to as ‘BSE’). 2. Analysis of Price Volume data:
Page 3 of 37 At BSE, the price opened at Rs. 70.50 on June 06, 2003 and closed at Rs. 115.15 on August 29, 2003. During the period, BSE Sensex opened at 3176 in the month of June 2003 and increased to 4244 by the end of August 2003. Average daily volume in the scrip was around 25,000 shares during the said period. Total volume executed at BSE and NSE was 16.50 lacs and 11.18 lacs shares respectively.
Page 4 of 37 the noticee stands cancelled. It was alleged that the noticee along with the aforesaid entities had executed synchronised and circular trades in violation of regulations 4(a), (b), (c) and (d) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Markets) Regulations, 1995 (hereinafter individually referred to as ‘PFUTP Regulations, 1995’) read with regulations 4(1), 4(2) (a), (b), (g) and (n) of SEBI (Prohibition of Fraudulent and Unfair Trade Practice relating to Securities Markets) Regulations, 2003 ( hereinafter individually referred to as ‘PFUTP Regulations, 2003’) [both the above regulations are hereinafter referred to as “PFUTP Regulations”] and clauses A(1), (2) and D (1), (4) and (5) of the Code of Conduct for sub-brokers under Schedule II of regulation 15 of SEBI (Stock Brokers and Sub- brokers) Regulations, 1992 (hereinafter referred to as ‘Broker Regulations’).
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Source: SecMarx — sebi:PG/AO-50/2010. 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.