sebi:PKB/AO-137/2010
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Facts / Headnote
Violations established; total monetary penalty of Rs 1,50,000 imposed
Provisions invoked
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 3
- Reg. 4
- Reg. 4(2)
- Reg. 2
- Reg. 4(2)(a)
- Reg. 4(2)(b)
Parties
- N. M. Lohia & Co.
Holding
The Noticee violated Regulations 3, 4(1), 4(2)(a), (b), (e), (g), (n), (o) of PFUTP and Clauses A(1), (2), (3), (4) and B(4)(a) of the Code of Conduct and is liable for a total monetary penalty of Rs 1,50,000 under Sections 15HA and 15HB of the SEBI Act, 1992.
Full text
Adjudication Order in respect of N. M. Lohia & Co. in the matter of Stenly Credit Capital Limited Page 2 of 16 October 28, 2010 had traded 47% of the volumes at CSE during the period. The turnover contribution of the aforesaid four brokers in the shares of the company was as follows: Broker Volume Buy/Sell % to Total Buy & Sell Price range (in Rs) Self Account Trades M/s Rajendra Prasad Shah 34,50,001 23% 190 to 6.50 7,36,701(21%) M/s M. Bhiwaniwala & Co. 12,58,401 9% 189.70 to 6.50 6,75,101(54%) M/s N. M. Lohia & Co. 12,48,220 8% 190 to 6.80 3,60,820(29%) M/s Sikaria Share & Stock Broking Services Pvt. Ltd. 10,21,000 7% 6.50 to 71.20 ---
Adjudication Order in respect of N. M. Lohia & Co. in the matter of Stenly Credit Capital Limited Page 3 of 16 October 28, 2010
Adjudication Order in respect of N. M. Lohia & Co. in the matter of Stenly Credit Capital Limited Page 4 of 16 October 28, 2010 We have carried out transactions on behalf of our various clients from 05.01.2004 to 06.02.2004, where the price of the script was Rs. 190 – Rs. 115.25. But we were not instrumental in the fluctuation of prices during this period. However please note that we have not done any transaction from 07.02.2004 to 09.02.2004, where the price of the scrip had fallen from Rs. 115.25 to Rs. 61.25. In this connection we would like to state that during the above period we can not be blamed for any decreasing price of the said script. However from 10.02.2004 to 23.03.2004 the price of the said script was Rs. 61.25 – Rs. 55.65, where we had executed some transaction. We had executed most of the trades from 07.10.2004 to 18.01.2005 in the price Rs. 6.80 – 14.80. We have not done any transaction from 18.01.2005 to 28.02.2005 where the price of the said script had increased to Rs. 99.85. All the transactions made by us on the online trading system of C.S.E.A on behalf of our various clients. We had placed the order as per client’s instruction in their respective client codes as close to the last traded price. In few cases order were placed for self code due to unintentional error of the operator but these transactions were duly rectified in the back office system of the firm. Thus we would like to state that we have not violated any regulation, Circular, Directives of
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Source: SecMarx — sebi:PKB/AO-137/2010. 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.