sebi:Settlement_Orders_222_Order_against_Nam_Securities_Limited
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Facts / Headnote
Certificate of registration suspended for a period of six months
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 13
- Reg. 4(a)
Parties
- M/s. Nam Securities Ltd.
Holding
The certificate of Registration No. 230771039 of M/s. Nam Securities Ltd., member, National Stock Exchange of India Ltd., is suspended for a period of six months for manipulation of the shares of EIL in violation of FUTP Regulations and the Stock Brokers Code of Conduct.
Full text
f. During the period April – August 2000, NSL had placed trades of one share at the circuit breaker limit and also done cross deals of one sha the buyer and seller being NSL’s clients, at successively higher rates.
10-Feb-2000 15:27:49 773.35 100 NAM 4821 7710 07710 NAM 4821 7710 11-Feb-2000 11:17:55 725 100 NAM 4821 7710 07710 NAM 4821 7710 15-Feb-2000 13:46:39 699 100 NAM 4821 7710 07710 NAM 4821 7710
17. The following instances illustrate the trades transacted by NSL in the shares of EIL at a price consistently higher than the previous closing or the pre price: o On 03.01.00, the closing price was Rs.217.25 at NSE and on the following day i.e. 04.01.00, only 3 transactions were reported in which NSL wa sell member for the same client (Code 7710) at Rs.234.65. Again on 05.01.00, the first transaction of the day was executed with NSL as the buyer o On 07.01.00, a trade took place at 12:59:08 at Rs.275 for 100 shares when 7,000 shares were pending for sale in the case of Rs.276-295.65. NS
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Source: SecMarx — sebi:Settlement_Orders_222_Order_against_Nam_Securities_Limited. 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.