sebi:WTM/KMA/ERO/IVD/122/08/2009
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Facts / Headnote
No further penalty imposed; enquiry proceeding disposed of
Provisions invoked
- s. 19
Regulations
- Reg. 28(2)
- Reg. 4(2)(a)
Parties
- M/s Badri Prasad & Sons
Holding
The Broker was held guilty of contravening Regulation 4(2)(a) and 4(2)(e) of the PFUTP Regulations and Clauses A(1)-A(4) of the Code of Conduct, but no further penalty was imposed as the recommended suspension was set off against the prohibition already undergone from September 29, 2005 to August 11, 2008.
Full text
Page 2 of 7 to as the Broker Regulations). Given the facts and circumstances, in order to protect the interest of investors, SEBI, vide an ad-interim ex parte order dated September 29, 2005 inter alia directed various stock brokers, including the stock broker namely, M/s Badri Prasad & Sons (Member, CSE) not to buy, sell or deal in securities, in any manner, either directly or indirectly, till further
Page 3 of 7 (hereinafter referred to as Enquiry Regulations) to enquire into the alleged violations committed by the Broker. The Enquiry Regulation was since repealed with effect from the notification of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008. The Designated Authority (hereinafter referred to as the Enquiry Officer), after considering the facts and circumstances of the case and the materials available on record, submitted the Enquiry Report dated July 10, 2009 and recommended that the certificate of registration issued by SEBI to the Broker be suspended for a period of six months. The Enquiry Officer further recommended that the suspension period may be set off against the period of prohibition already undergone by the Broker, in terms of SEBI orders dated September 29, 2005 and January 12, 2006.
Page 4 of 7 investigation period. The stock brokers namely M/s Rajendra Prasad Shah and M/s Badri Prasad & Sons collectively executed trades involving 2,83,730 shares in the company during the above period. The said trades accounted for approximately 98% of the total volume in the shares of the company. The trade details of the Broker in the shares of the company at CSE during the investigation period are as follows:
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Source: SecMarx — sebi:WTM/KMA/ERO/IVD/122/08/2009. 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.