sebi:TCN/108/IVD3/03/2007
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Facts / Headnote
Censure
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 4
- Reg. 13(2)
- Reg. 13
- Reg. 6
- Reg. 13(1)
Parties
- Kantilal Chhaganlal Securities Pvt. Ltd.
Holding
Kantilal Chhaganlal Securities Pvt. Ltd. was censured for violating Clause A(2) of the Code of Conduct by failing to exercise due skill, care and diligence in dealing in GTFL scrip. The charges under Regulation 4(a), (b) and (d) of the PFUTP Regulations, 1995 were held not tenable and the Enquiry Officer's recommended 3-month suspension was held excessive.
Full text
2 April, 1995. The main objective of the company was to carry on and undertake the business as exporters, importers, retailers, merchants and trading operations of various kinds and to act as commission agents etc. The shares of GTFL were listed on The Bombay Stock Exchange Limited (hereinafter referred to as “BSE”).
3 trading in the scrip on January 24, 1996, January 30, 1996 and February 8, 1996. Still, the scrip witnessed upward movement both in respect of price and volume. Although the company declared 1:1 bonus in the month of April 1996, the general fundamentals of the company were not good for investors to make an investment in the scrip of GTFL.
4 BNP Securities, Shri Kiran J. Desai, Niyati Investments, MP Investments, Rajan Bhuchar etc. who had direct connections with the management/ promoters / directors of the company.
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Source: SecMarx — sebi:TCN/108/IVD3/03/2007. 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.