sebi:VSS/AO-125/2009
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Facts / Headnote
Noticee held guilty and penalty of Rs.1,00,000 imposed
Provisions invoked
- s. 15
- s. 10
- s. 15H
- s. 15J
- s. 30
- s. 20
- s. 132
- s. 108
- s. 238
- s. 50
- s. 439
- s. 70
Regulations
- Reg. 7
- Reg. 3
- Reg. 4
- Reg. 4(1)
- Reg. 4(a)
- Reg. 2
- Reg. 4(2)(a)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
Parties
- P. Suryakant Shares and Stock Brokers P. Ltd.
Holding
The Noticee violated regulations 4(1), 4(2)(a), 4(2)(b) and 4(2)(g) of PFUTP Regulations and Clauses A(1) to A(5) of Code of Conduct for Stock Brokers and is liable for monetary penalty of Rs.75,000 under section 15HA and Rs.25,000 under section 15HB, totalling Rs.1,00,000.
Full text
Page 2 of 24 brokers, sub-brokers and their clients transacted in the shares of ISL in such a manner that led to creation of artificial volumes in the scrip and was designed to create a false market leading to significant price movement in the scrip.
Page 3 of 24 4. It was alleged that one of the entities, viz., P. Suryakant Shares and Stock Brokers P. Ltd. (hereinafter referred to as “Broker/ PSSSBPL /Noticee”) had violated the provisions of regulations 4(1), 4(2)(a), 4(2)(b), 4(2)(g) and 4(2)(n) of SEBI (Prohibition of Fraudulent and Unfair Trade Practice relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) and Clauses A(1), A(2), A(3), A(4) and A(5) of Code of Conduct for Stock Brokers as specified in Schedule II read with regulation 7 of SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 (hereinafter referred to as “Brokers Regulations”) and therefore, liable for monetary penalty under sections 15HA and 15HB of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 4 of 24 (hereinafter referred to as ‘Rules’) to inquire into and adjudge the aforesaid alleged violations committed by the Noticee.
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Source: SecMarx — sebi:VSS/AO-125/2009. 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.