sebi:WTM/GA/IVD/23/9/07
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Broker held to have violated FUTP Regulations and Broker Regulations; penalty of suspension of certificate of registration imposed, higher than that recommended by Enquiry Officer
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 4
- Reg. 5(1)
- Reg. 13
- Reg. 4(b)
Parties
- Pravin V Shah
Holding
The Broker executed synchronized and circular trades in GTL, AEL and HFCL for KP entities in violation of Regulation 4(b), (c) and (d) of FUTP Regulations and Clauses A(1) and (2) of the Code of Conduct under the Broker Regulations, warranting suspension of its certificate of registration.
Full text
Page 2 of 31 entities are connected /associated with Shri Ketan Parekh and is hereinafter collectively referred to as KP entities.
Page 3 of 31 challenged by Shri Ketan Parekh and KP entities before the Hon’ble Securities Appellate Tribunal (SAT) and the SAT, vide order dated July 14, 2006 dismissed the appeals filed by all the aforesaid persons/entities inter alia with an observation that “We have, therefore, no hesitation to hold that if Ketan Parekh and his entities are allowed to continue with their operations they would pose a serious threat to the integrity of the securities market and endanger the interests of the investors.” SAT had also observed “… … … the appellants have rigged the market in a big way and the penalty imposed on them in our view is quite reasonable having regard to the gravity of the charges proved. In this view of the matter we find no ground to reduce the period of debarment”.
Page 4 of 31 a) In the shares of HFCL. Settle ment No. Trade Date TradeN o Trade Time Trade Qty Trade Price Order Number Member Name Counter Party member Name Buy /Sel l
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/GA/IVD/23/9/07. 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.