sebi:WTM/GA/85/ISD/08/06
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Facts / Headnote
Suspension of certificate of registration for a period of one month, effective on expiry of 21 days from date of order
Provisions invoked
- s. 12
Regulations
- Reg. 13(4)
- Reg. 13(2)
- Reg. 6
- Reg. 13(1)
- Reg. 23
- Reg. 5(1)
Parties
- M/s Jayanthilal Khandwala and Sons Pvt Ltd., Member Bombay Stock Exchange, SEBI Registration No. INB010998038
Holding
The broker violated Regulation 4(b) of the FUTP Regulations, 1995 and Clauses A1 to A5 of the Code of Conduct by executing squared-off and synchronized trades for DSQ Holdings Ltd and Khandwala Securities in DSQ Software Ltd. A penalty of suspension of certificate of registration for one month was imposed.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER AGAINST M/s JAYANTHILAL KHANDWALA AND SONS PVT LTD., MEMBER BOMBAY STOCK EXCHANGE, SEBI REGISTRATION NO. INB010998038 UNDER REGULATION 13(4) SEBI (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICER AND IMPOSING PENALTY) REGULATIONS, 2002 IN THE SCRIP OF DSQ SOFTWARE LTD. WTM/GA/85/ISD/08/06 1.0 BACK GROUND 1.1 M/s Jayanthilal Khandwala & Sons Private Ltd (hereinafter referred to as the ‘broker’) is a member of the Bombay Stock Exchange (herei referred to as ‘BSE’) and is registered with the Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) as a Stock broker Section 12 of SEBI Act, 1992 with Registration Number INB010998038. 1.2 The broker is having his Registered Office at 201, Stock Exchange Tower, Dalal Street, Fort, Mumbai - 400 001. SEBI conducted investigatio the buying, selling and dealings by the broker in the scrip of DSQ Software Limited (hereinafter referred as “DSQS”) for the period October and March 2001. 1.3 DSQS scrip was listed in NSE and BSE. It was alleged that the promoters/ directors of DSQS generated funds by trading in the shares of through their associates. Large quantities of DSQS shares were sold by the associates of DSQS through a set of brokers in NSE and BSE. T shares were bought by the associates at the same time through different set of brokers. It was alleged that these trades were artificia synchronized - there was close match
7 2000-01 4000 4000 0 0 746713 0 9 2000-01 10000 10000 0 0 305536 0 22 2000-01 50000 50000 0 0 443763 0 34 2000-01 100000 100000 0
2.10 Details of the trades which were matched or synchronized in terms of time, price, order quantity, etc. wherein the buying clients of the broker DSQ Holdings and Khandwala Securities, are as under: Trade Date Buy Order Number Buy Time Buy Price Buy Qty Trade Time Buying Client Sell Member Sell Order No. Sell Time Sell Price Sell Qty Selling Client
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Source: SecMarx — sebi:WTM/GA/85/ISD/08/06. 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.