sebi:WTM/KMA/IVD/202/01/2010
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Facts / Headnote
Modification of the SEBI Order dated December 31, 2009 to permit the noticees to square off existing open positions in the Futures and Options Segment, without taking fresh or increased positions.
Parties
- Mr. Pawan Kumar Goyal
- M/s Goyal Investments
- M/s Goyal Brothers (Proprietor, Mr. Arun Goyal)
- Goyal Securities (Proprietor, Mr. Vinod Goyal)
Holding
The Order permits the stock exchanges to allow Mr. Pawan Kumar Goyal, M/s Goyal Investments, M/s Goyal Brothers, and Goyal Securities to square off their existing open positions in the Futures and Options Segment immediately, while prohibiting them from taking fresh positions or increasing open positions. The Order also clarifies that only the persons/entities named in the December 31, 2009 Order are prohibited, and that sub-broker Mrs. Renu Goyal is not covered by that prohibition.
Full text
SECURITIES AND EXCHANGE BOARD OF INDIA ORDER UNDER SECTIONS 11B AND 11(4) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 IN THE MATTER OF PEACOCK INDUSTRIES LIMITED
1. The Securities and Exchange Board of India (hereinafter referred to as SEBI), vide an Order dated December 31, 2009, had restrained Mr. Pawan Kumar Goyal, M/s Goyal Investments, M/s Goyal Brothers (Proprietor, Mr. Arun Goyal) and Goyal Securities (Proprietor, Mr. Vinod Goyal), from accessing the securities market and further prohibited them from buying, selling or dealing in securities, directly or indirectly, for a period of one year. Thereafter, Motilal Oswal Securities Limited (a stock broker registered with SEBI), vide letter dated January 4, 2010 had informed SEBI that its client Mr. Pawan Kumar Goyal has outstanding position in the Futures & Options Segment prior to the SEBI Order and that the contracts are due for expiry on January 28, 2010, and sought guidance of SEBI on the same. It was further informed that Mrs. Renu Goyal, the wife of Mr. Pawan Kumar Goyal was a sub-broker affiliated to it and requested SEBI to clarify whether the said sub-broker could be allowed to do business through it or whether the sub-broker was also debarred as she was indirectly linked with Mr. Pawan Kumar Goyal.
2. As Mr. Pawan Kumar Goyal has open positions in the Futures & Options Segment of NSE, it would be necessary to close out the said open positions. Further, as the SEBI Order had prohibited various others as mentioned above, I consider it appropriate to issue the following directions. As regards, the query regarding the sub-broker M/s. Renu Goyal, only persons/entities as mentioned in paragraph 1 above have been prohibited vide the aforesaid SEBI Order.
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Source: SecMarx — sebi:WTM/KMA/IVD/202/01/2010. 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.