sebi:WTM/AB/IVD/ID10/20650/2022-23
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Facts / Headnote
Show cause notice dated October 16, 2020 disposed of without any direction
Provisions invoked
- s. 19
- s. 12A
- s. 15T
- s. 15Z
- s. 12(3)
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 9
- Reg. 28
- Reg. 27
- Reg. 28(1)
Parties
- Finquest Securities Pvt. Ltd.
Holding
The show cause notice issued to Finquest Securities Pvt. Ltd. was disposed of without any direction, on the ground that the underlying circular trades of its four clients had been quashed by SAT and the Supreme Court, so the stockbroker could not be held guilty for executing those transactions.
Full text
Order in the matter of enquiry proceedings against Finquest Securities Pvt. Ltd. Page 1 of 12 WTM/AB/IVD/ID10/20650/2022-23 SECURITIES AND EXCHANGE BOARD OF INDIA CORAM: ANANTA BARUA, WHOLE TIME MEMBER
Order in the matter of enquiry proceedings against Finquest Securities Pvt. Ltd. Page 2 of 12 Finquest Securities Private Limited as a stock broker be cancelled in the interest of the securities market. ”
Order in the matter of enquiry proceedings against Finquest Securities Pvt. Ltd. Page 3 of 12 4. It was further observed in the ER that that the stock broker of the aforesaid 4 entities during the said circular trades was Finquest Securities Pvt. Ltd (hereinafter referred to as “Noticee”). It was also observed that Noticee is connected to the group comprising aforesaid entities which indulged in circular trades and thereby facilitated their fraudulent trades and aided in creation of misleading appearance of trading in the scrip of Seshasayee.
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Source: SecMarx — sebi:WTM/AB/IVD/ID10/20650/2022-23. 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.