sebi:RA/JP/165/2017
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Facts / Headnote
Violations of PFUTP Regulations and Stock Brokers Regulations established; penalty imposed under Sections 15HA and 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 3
- Reg. 4
- Reg. 4(1)
- Reg. 4(2)(g)
Parties
- Crosseas Capital Services Pvt. Ltd.
Holding
The Noticee was held liable for indulging in manipulative self-trades that created a misleading appearance of trading in the securities market without intention to change beneficial ownership, in violation of PFUTP Regulations and the Stock Brokers Regulations, and was made liable for penalty under Sections 15HA and 15HB of the SEBI Act.
Full text
Page 2 of 45 APPOINTMENT OF ADJUDICATING OFFICER 2. SEBI initiated adjudication proceedings and appointed the undersigned as Adjudicating Officer under section 15 I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as 'SEBI Act') read with rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) vide order dated March 30, 2015 to inquire into and adjudge under section 15 HA and 15 HB of the SEBI Act against the Noticee for the alleged violation of aforesaid provisions of the PFUTP Regulations and the Stock Brokers Regulations. The order appointing the undersigned as Adjudicating Officer was communicated to the undersigned vide communiqué dated April 06, 2015.
Page 3 of 45 at BSE and 4,04,07,612 shares at NSE. Details of top 10 buying and selling stock brokers on BSE and NSE during the investigation period has been shown at page 3 of SCN.
Page 4 of 45 without an intention to change the ownership of such securities. It was alleged that the Noticee while trading in its own / proprietary account was the stock broker / counter-party stock broker to its self trades and by indulging into such self trades / adopting such artifice / mechanism which prima facie is fraudulent / unfair in nature, it had allegedly violated regulations 3 (a), (b), (c), (d) and regulations 4(1), 4(2)(a) and 4(2)(g) of the PFUTP Regulations and also violated clauses A(3), A(4) & A(5) of code of conduct in Schedule II of regulation 7 of Stock Brokers Regulations.
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Source: SecMarx — sebi:RA/JP/165/2017. 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.