sebi:WTM/GA/73/ISD/06/06

SEBI · SEBI · 2006-04-27 · G. Anantharaman, Whole Time Member

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Facts / Headnote

Interim directions against ASL not continued - no need to continue ad-interim ex-parte order dated April 27, 2006 against Anagram Securities Limited

Provisions invoked

• s. 19

Parties

• Anagram Securities Limited

Holding

There is no need to continue the ad-interim ex-parte directions dated April 27, 2006 against Anagram Securities Limited, as for the limited purpose of this order ASL acted as broker only for Shri Purushottam Budhwani and not as financier.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER (UNDER SECTIONS 11 AND 11B OF SEBI ACT, 1992) 1.1 By an ad interim ex-parte Order dated April 27, 2006 (hereinafter referred to as the ‘Order’) under section 19 read with sections 11, 11b and 11(4) of the Securities and Exchang of India Act, 1992 and section 19 of the Depositories Act, 1996 pending enquiry and passing final Order, certain interim directions were issued against various market part including Anagram Securities Limited. (ASL). 1.2  ASL, a member of National Stock Exchange, was prima facie identified as one of the financiers of the master account holders and an ultimate beneficiary of the shares corn the key operators in various IPOs during the years 2003 to 2005. Pursuant to the preliminary finding, ASL was directed not to buy, sell or deal in securities market incl IPOs, directly or indirectly, till further directions. The above directions were applicable only in respect of proprietary dealings by ASL. 2.0 Findings regarding ASL in SEBI’s Ex Parte Interim Order 2.1   It was found that Shri Purushottam Budhwani, a key operator who had cornered the retail portion of TCS IPO, had transferred 3750 TCS shares to the demat account (10153985) on August 26, 2004. Therefore, ASL was prima facie identified as one of the financiers of Purushottam Budhwani. 2.2 The gain made by ASL from the aforementioned transaction was worked out to be Rs.5.17 lakhs reckoning the issue price of TCS sh

frozen all the accounts of Shri Purushottam Budhwani. ASL received a further Order dated December 20, 2005 from Income Tax Department, partially withdrawing the pro

PLACE: MUMBAI DATE: 16-06-06 G ANANTHARAMAN WHOLE-TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA 29/10/2025, 15:22 about:blank about:blank 3/3

Source: SecMarx — sebi:WTM/GA/73/ISD/06/06. 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.