sebi:VSS/AO-45/2008
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Facts / Headnote
Alleged violations of PFUTP and Brokers Regulations not established; matter disposed of.
Provisions invoked
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 4
- Reg. 3
Parties
- Systematix Shares and Stocks (India) Ltd. (formerly known as Southern Shares and Stocks Ltd.)
Holding
The alleged violation of the provisions of PFUTP and Brokers Regulations by the Noticee was not established and the matter was disposed of.
Full text
Page 2 of 16 2. On analysis of the trading data, SEBI conducted an investigation in respect of buying, selling and dealing in the shares of ALL during the period from September 2003 to January 2004. The role of the brokers and their clients who had traded in the scrip of ALL were scrutinized. It was alleged that through collusion with the brokers and other clients, certain entities transacted in the shares of ALL 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 16 around 67% and 77% respectively of the total valid buy orders and total valid sell orders placed during the investigation period.
Page 4 of 16 Noticee under rule 4(1) of the Rules to show cause as to why an inquiry should not be held against the Noticee and penalty be not imposed on the Noticee under sections 15HA and 15HB of SEBI Act for the alleged violation specified in the said SCN.
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Source: SecMarx — sebi:VSS/AO-45/2008. 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.