sebi:PKK/AO/64/2011
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
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
- Grishma 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)-(5) of the Code of Conduct for Stock Brokers against Grishma Securities Pvt. Ltd. do not stand established and the matter is accordingly disposed of without penalty.
Full text
Page 2 of 11 to Rs.756 during the first period and from Rs.64.35 to Rs.74.20 during the second period. 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. Grishma 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 11 Deore as the AO in the instant matter. SEBI vide Order dated August 17, 2010 appointed the undersigned as AO, consequent to the transfer of Shri Deore to the Enforcement Department.
Page 4 of 11 minute from each other. Further, in case of 17,801 trades for 2,31,84,498 shares the time gap between the buy and sell orders was between 0-10 seconds which also defied the probability of coincidence. Orders from the Noticee’s clients for buying 87,55,722 shares and selling 83,47,532 shares were allegedly synchronized.
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Source: SecMarx — sebi:PKK/AO/64/2011. 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.