sebi:WTM/GM/IVD/ID9/13721/2021-22
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Facts / Headnote
Warning issued to the Noticee to act carefully and in compliance with applicable laws; suspension of certificate of registration for two weeks (as directed in the earlier order) not imposed.
Provisions invoked
- s. 4(3)
- s. 19
- s. 11(1)
- s. 74(1)
Regulations
- Reg. 13
- Reg. 4(a)
- Reg. 28(1)
- Reg. 27
- Reg. 27(5)
- Reg. 13(1)
Parties
- M/s. First Custodian Fund (India) Limited
Holding
The Noticee, First Custodian Fund (India) Limited, was found to have violated Regulation 4(a) and (d) of the PFUTP Regulations, 1995 read with Section 11(1) and 11(2)(b) & (e) of the SEBI Act, 1992, by acting in concert with Harvest Deal and Shrikant Mantri to build large positions in BPL, Videocon and Sterlite with manipulative intent. However, considering the 23-year delay since the violations, the WTM issued only a warning rather than imposing the previously recommended two-week suspension of the certificate of registration.
Full text
________________________________________________________________________________________________ Order in respect of M/s. First Custodian Fund (India) Limited Page 1 of 28
________________________________________________________________________________________________ Order in respect of M/s. First Custodian Fund (India) Limited Page 2 of 28
________________________________________________________________________________________________ Order in respect of M/s. First Custodian Fund (India) Limited Page 3 of 28
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Source: SecMarx — sebi:WTM/GM/IVD/ID9/13721/2021-22. 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.