sebi:VSS/AO-157/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; penalty of Rs.50,000 imposed (Rs.30,000 under Section 15HA and Rs.20,000 under Section 15HB)
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 15
- Reg. 200
Parties
- Amrut Securities Limited
Holding
The Noticee violated Regulations 4(1), 4(2)(e) of PFUTP Regulations, 2003 and Code of Conduct under Regulation 15 Schedule II read with Clauses A(1)(2) and D(1)(4)(5) of Brokers Regulations and was held liable for monetary penalty under Sections 15HA and 15HB of SEBI Act.
Full text
Page 2 of 13 SL.No. Name of the entity Short form 1. Alpha Hi Tech Fuel Limited AHTFL 2. Alpa Haren Shah AHS 3. Bhanuben Jaisukhlal Shah BJS 4. Amrut Securities Limited ASL
Page 3 of 13 4. The undersigned was appointed as Adjudicating Officer vide order dated April 23, 2008 under section 15 I of SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge the alleged violations of PFUTP Regulations and Brokers Regulations committed by Noticee. SHOW CAUSE NOTICE, HEARING AND REPLY
Page 4 of 13 many other scrips during the investigation period. The list of such scrips is submitted for your records. The relationship between the sub-broker and the clients was that of only a business relationship and no link or nexus was there between the entities. The investigation also did not point out any such link or nexus. As far as the volume is concerned it is submitted that the most of the trades of these 2 clients in the scrip of Alpha were in the nature of jobbing and square-off. The transactions were executed based on the instructions received from them and there was no occasion for us to know the alleged manipulative intent of the clients. Amrut has not done any proprietary transaction in the scrip of Alpha. • In view of the above, the charges against Amrut may please be dropped.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:VSS/AO-157/2009. 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.