sebi:VSS/AO-96/2009
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Facts / Headnote
Noticee held liable for violations and penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 4
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(1)
- Reg. 4(a)
- Reg. 4(2)(a)
- Reg. 4(2)(e)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 4(2)(n)
Parties
- Naman Securities and Finance Private Limited
Holding
The Noticee violated regulations 4(1), 4(2)(a), (b), (e), (g) and (n) of PFUTP Regulations and clauses A(1) to A(5) of Code of Conduct for Stock Brokers read with regulation 7 of Brokers Regulations. A total penalty of Rs.1,50,000 (Rs.1,00,000 under section 15HA and Rs.50,000 under section 15HB of SEBI Act) was imposed on the Noticee.
Full text
Page 2 of 20 investigation that certain entities had indulged in synchronization of deals/reversal trading/fictitious trading in the shares of AEL in such a manner that led to creation of artificial volume and impacted the price of the scrip. The entities found to have been involved in the alleged manipulation and against whom adjudication proceedings were initiated are as under:- Entities traded on BSE Sl. No. Name of Broker Name of Sub-broker Name of Client 1 ASE Capital Markets Ltd. Rajender J Shah V&S Intermediaries 2 ASE Capital Markets Ltd. ESS ESS Intermediaries Pvt. Ltd. Samir P Shah 3 ASE Capital Markets Ltd. Rajesh N Jhaveri Falguni Shah 4 Naman Securities and Finance Pvt. Ltd. --- ESS ESS Intermediaries Pvt. Ltd. 5 Mangal Keshav Securities Ltd. E Stocks Inc Dilip Champalal Jain 6 Vijay Bhagwandas & Co. --- Own/director’s account 7 Sanchay Fincom Ltd. --- Tejas Ghelani
Page 3 of 20 violated the provisions of regulations 4(1), 4(2)(a), 4(2)(b), 4(2)(e), 4(2)(g) and 4(2)(n) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices 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 (hereinafter referred to as “Brokers Regulations”), and therefore, liable for monetary
Page 4 of 20 imposed under sections 15HA and 15HB of SEBI Act for the alleged violation specified in the said SCN. 7. The Noticee in its reply dated June 30, 2006 has denied all the
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Source: SecMarx — sebi:VSS/AO-96/2009. 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.