sebi:Settlement_Orders_216_Order_against_M_s_Paark_Securities
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Facts / Headnote
Certificate of registration suspended for a period of six months, effective after three weeks from the date of the order
Regulations
- Reg. 15
- Reg. 4(e)
- Reg. 13(5)
Parties
- M/s. Paark Securities Pvt. Ltd.
Holding
M/s. Paark Securities facilitated violations of Regulation 4(e) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 and failed to exercise due diligence, and its certificate of registration is suspended for six months.
Full text
10. He also said that he never doubted his bonafides in acquiring shares of Moschip (going by his track record) and having been satisfied about his bonafides allowed the de further stated that the debit was allowed not only for acquiring shares of Moschip but also for other shares. Also, he said that the inference of enquiry officer that Paark fac Shri.B.Jaya Prakash to acquire the shares of Moschip by allowing him debit balance is an adverse inference. He said that incidentally there was a debit balance in the month o 2001 and that allowing a debit balance does not under any stretch of imagination amount to collusion with the client as wrongly alleged by the enquiry officer. Further, he reit that neither him nor his family members traded in the shares of Moschip. Therefore, he said, there has not been any monetary gain. Thus, he said, there was no ques collusion with Shri.B.Jayaprakash and allowing debit is a business decision and not a decision on which it could be inferred that one had aided / colluded with Shri.B.Jayaprak manipulating the price of Moschip. He also said that allowing of debit balances does not tantamount to carrying on fund based activities as there were never any fin
which Shri B Jayaprakash has placed his buy order was higher by 4% than the previous day’s closing price i.e., at upper circuit filter level. Out of the 1575 shares Shri.B.Jayaprakash purchased 1000 shares which is 63.5% of the volume traded in the scrip of Moschip in BSE in the day. May 16, 2001: On May 16, 2001, 975 shares of Moschip were traded on BSE. Shri. B Jayaprakash placed two buy orders at Rs. 33.40 for quantities of 7500 shares and 2500 shares. Thes were placed at 10:23:30 A. M. and 10:23:57 A. M. from the trading terminal of Paark, and on the previous day i. e. on May 15, 2001 the closing price was Rs.32.15. This sho the rate at which Shri.B.Jayaprakash has placed his buy order was higher by 4% than the previous day’s closing price. Out of the total 975 shares traded in Shri.B.Jayaprakash purchased 575 shares which is 59% of the total volume traded in scrip on the said day). May 17, 2001: On May 17, 2001 only 300 shares of Moschip were traded on BSE. Shri.B.Jayaprakash placed two buy orders at Rs. 34.70 for quantities of 5000 shares each. These orde placed at 9:55:24 A. M. and 9:55:40 A. M. from the trading terminal of Paark. On the previous day i. e. on May 16, 2001 the closing price was Rs.33.40. This shows that the which Shri.B.Jayaprakash has placed his buy order at upper circuit filter level. Whole volume of 300 shares was in the day was the purchased by Shri.B.Jayaprakash which of the volume traded in the day. May 24, 2001: On May 24, 2001 the volume was 490
Date : January 27, 2005 G N BAJPAI CHAIRMAN Securities and Exchange Board of India
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Source: SecMarx — sebi:Settlement_Orders_216_Order_against_M_s_Paark_Securities. 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.