sebi:PKK/AO/63/2011
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Facts / Headnote
Allegations not established; matter disposed of without penalty
Provisions invoked
- s. 15
Regulations
- Reg. 7
- Reg. 4
- Reg. 3
- Reg. 4(1)
Parties
- S. P. Jain Securities Pvt. Ltd.
Holding
The allegations of violation of Regulations 4(1), 4(2)(a), (b), (e), (g) & (n) of the PFUTP Regulations and Clauses A(1), (2), (3), (4) & (5) of the Code of Conduct for Stock Brokers against S. P. Jain Securities Pvt. Ltd. do not stand established and the matter is accordingly disposed of without penalty.
Full text
Page 2 of 9 2. The role of the main brokers and clients who had traded heavily during the period under investigation in the scrip of AEL was scrutinized. The Investigations revealed that certain entities transacted in the shares of AEL in a fraudulent manner that led to creation of artificial volume and a false market. S. P. Jain Securities Pvt. Ltd. (hereinafter referred to as the ‘Noticee’), a stock broker, is alleged to have aided and facilitated the said manipulation by executing fraudulent trades in the scrip.
Page 3 of 9 2010 appointed the undersigned as AO, consequent to the transfer of Shri Deore to the Enforcement Department.
Page 4 of 9 The Noticee filed a consent application in this matter. In the interest of natural justice and in order to conduct an inquiry as per Rule 4 (3) of the Adjudication Rules, the AO vide letter dated July 23, 2010 granted an opportunity of personal hearing to the Noticee on July 30, 2010. However, the Noticee did not appear for the said personal hearing. Subsequently, the consent application filed by the Noticee was rejected.
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Source: SecMarx — sebi:PKK/AO/63/2011. 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.