sebi:WTM/GA/146/ISD/2/07

SEBI · SEBI · 1997-04-11 · G. ANANTHARAMAN, Whole Time Member

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Suspension of certificate of registration for a period of fifteen days

Regulations

• Reg. 7
• Reg. 13(4)
• Reg. 5(1)
• Reg. 13(2)
• Reg. 4(b)
• Reg. 199

Parties

• M/s Prasiddhi Marketing & Share

Holding

M/s Prasiddhi Marketing & Share violated Clause A(2) of the Code of Conduct and SEBI circulars dated February 11, 1997 and April 11, 1997, and a minor penalty of suspension of its certificate of registration (INB081117310) for fifteen days was imposed.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER UNDER REGULATION 13(4) SECURITIES AND EXCHANGE BOARD OF INDIA (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY) REGULATIONS, 2002 AGAINST M/S PRASIDDHI MARKETING & SHARE, MEMBER, BANGALORE STOCK EXCHANGE LTD., IN RESPECT OF ITS DEALINGS IN THE SHARES OF HOME TRADE LTD. WTM/GA/146/ISD/2/07

PENALTY) REGULATIONS, 2002 AGAINST M/S PRASIDDHI MARKETING & SHARE, MEMBER, BANGALORE STOCK EXCHANGE LTD., IN RESPECT OF ITS DEALINGS IN THE SHARES OF HOME TRADE LTD. WTM/GA/146/ISD/2/07 Date of Hearing: February 15, 2007 Appearances: For noticee : Shri. Vinay Kumar D.N, Authorized representative For Securities and Exchange Board of India: Shri B. Rajendran, Deputy General Manager. 1.0 BACKGROUND 1.1 The shares of Home Trade Ltd. (hereinafter referred to as HTL) are listed at Pune Stock Exchange Ltd. (hereinafter referred to as PSE) on November 15, 1999 at Rs 250/- and at Bangalore Stock Exchange Ltd. (hereinafter referred to as BgSE ) on November 16, 1999 at Rs.275/-. There was a very sharp rise in the price of the shares of HTL both at PSE and BgSE and the share price reached Rs.315/ -within two weeks of its listing, i.e. by December 06, 1999. 1.2 The subsequent rise in the price of the shares of HTL is as detailed below: Date Price (Rs.) December 30, 1999 525.00 January 31, 2000 735.00

3.9          In the facts and circumstances it is established that the Broker had violated Clause A(2) of the Code of Conduct prescribed under Schedule II of the Broker Regulations a circulars of SEBI dated February 11, 1997 and April 11, 1997. The aforesaid violations committed by the Broker cannot be taken lightly and the same call for a higher pena that recommended by the Enquiry Officer. 4.0          ORDER 4.1  In view of the foregoing, I, in exercise of the powers conferred vide regulation 13(4) of (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations hereby impose a minor penalty of suspension of the certificate of registration of M/s Prasiddhi Marketing & Share (INB081117310), Member, Bangalore Stock Exchange, Lt period of fifteen days. This order shall come into force on the expiry of 21 days from the date of this order.

Source: SecMarx — sebi:WTM/GA/146/ISD/2/07. 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.