sebi:WTM/GA/136/ISD/2/07
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Major penalty imposed: suspension of certificate of registration for four months
Regulations
- Reg. 4
- Reg. 13(4)
- Reg. 5(1)
- Reg. 13(2)
- Reg. 4(a)
- Reg. 4(c)
- Reg. 5
- Reg. 47
Parties
- Ballabh Das Daga
Holding
SEBI held that Ballabh Das Daga violated regulation 4(a) and (b) of the FUTP Regulations by executing cross deals in illiquid shares of DSQ that created artificial volumes and a false appearance of trading, and imposed a major penalty of suspension of his certificate of registration for four months.
Full text
Page 2 of 13 Securities Market) Regulations, 1995 ( hereinafter referred to as the FUTP Regulations) and Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations,1992 ( hereinafter referred to as the Broker Regulations).
Page 3 of 13 Trade Date Time Order No Qty Price Buy or Sell Client code 15/11/2000 13:31:51 31033203 2500 260 B H038 15/11/2000 13:31:51 31033198 2500 260 S K135 15/11/2000 13:31:51 31033198 2500 260 S K135 15/11/2000 13:31:51 31033198 2500 260 S K135 15/11/2000 13:31:51 31033203 2500 260 B H038 15/11/2000 13:31:51 31033198 2500 260 S K135 15/11/2000 13:32:06 31033206 2500 260 B SELF 15/11/2000 13:32:06 31033206 2500 260 B SELF 15/11/2000 13:32:06 31033197 2500 260 S K135 15/11/2000 13:32:06 31033197 2500 260 S K135 15/11/2000 13:32:06 31033206 2500 260 B SELF 15/11/2000 13:32:06 31033197 2500 260 S K135 15/11/2000 13:32:06 31033197 2500 260 S K135 15/11/2000 13:32:06 31033206 2500 260 B SELF
Page 4 of 13 shares of DSQ, which was otherwise illiquid and thereby resulted in creation of artificial price in the said scrip. It has been alleged that, the cross deals entered by the Broker was in violation of regulation 4(a) to (d) and 5(a), (b) of the FUTP Regulations.
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