sebi:WTM/GA/122/ISD/01/07
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
Full text
Page 2 of 42 Issue Price (Rs.) Close price on day of listing Qty traded on day of listing (in lakh shares) Del qty on day of listing (in lakh shares) Del qty on day listing as % of issue size Trd qty day of lsting as % of issue size % Price variation between issue price and close price on day of listing BSE 128.80 39 NSE 130.90 1310.96 56.58 88.29% 2045.18% 235.64%
Page 3 of 42 and high volumes of the shares of the company than what meets the eye. SEBI had sought clarification from several entities on the same day itself (29/12/2006) to ascertain the factors for the unusual trading in the shares of the company. It was also observed from the trading on the second day of listing viz. January 02, 2007 that the price of the shares reached the upper price band of 20% initially and closed at lower price band amidst large volatility.
Page 4 of 42 10. To ascertain the factors attributed to the unusual trades in the shares of the company, SEBI sought clarification from various entities whose response might be crucial to the SEBI’s ongoing examination. In addition bank statements of suspected entities were also sought from various banks. The exchanges BSE and NSE were advised to conduct a detailed analysis of trade and order log.
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Source: SecMarx — sebi:WTM/GA/122/ISD/01/07. 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.