sebi:VSS/AO-21/2008
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Facts / Headnote
Alleged violation not established; matter disposed of without penalty
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 4(2)
Parties
- M/s Globe Stocks and Securities Limited
Holding
The alleged violation of regulations 4(2)(a) and 4(2)(e) of PFUTP by GSSL as specified in the SCN dated January 28, 2008 does not stand established. The matter is accordingly disposed of without penalty under section 15HA of SEBI Act.
Full text
Page 2 of 7 1. GSSL M/s Globe Stocks and Securities Limited 2. ASBPL M/s Ashish Stock Broking Pvt. Ltd. 3. SK M/s Sunil Kedia
Page 3 of 7 APPOINTMENT OF ADJUDICATING OFFICER 5. Mr. Piyoosh Gupta was appointed as Adjudicating Officer vide order dated January 17, 2007 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 regulations 4(2) (a) and 4(2) (e) of PFUTP committed by GSSL.
Page 4 of 7 d. Our shares are dealt by a large number of companies in open market through brokers. Our company is listed with a large number of stock exchanges. It is quite natural that the shares of a listed company will be purchased and sold in the open market through brokers. There is no abnormality in this case. We absolutely do not have any nexus either with the brokers or with any other company. We also never have any intention to create any artificial volume in our scrips. e. We want to perform our business with honesty and integrity and we definitely do not have any evil or unfair intention.
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Source: SecMarx — sebi:VSS/AO-21/2008. 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.