sebi:WTM/KMA/IVD/260/04/2010
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Facts / Headnote
Prohibited Alka Securities Limited from buying, selling or otherwise dealing in securities on behalf of its clients until further orders
Provisions invoked
- s. 19
Parties
- Alka Securities Limited
Holding
SEBI prohibited Alka Securities Limited (ASL), a stock broker and NSE member, from buying, selling or otherwise dealing in securities on behalf of its clients, directly or indirectly, until further orders, for willfully disobeying SEBI's order dated July 28, 2009 (confirmed October 16, 2009) by taking on new clients and trading for them.
Full text
Page 2 of 6 undertake to co-operate with the investigating officer and the independent auditor.” 2. Thereafter, National Stock Exchange of India Limited (hereinafter referred to as NSE), vide electronic mail dated April 19, 2010 informed SEBI that ASL was observed to have traded for two new clients, namely Mr. Jayant Shah (Permanent Account Number-BMMPS4001C) and Mr. Anna Adhikrao Gaikwad (Permanent Account Number-AGRPG9033E) on April 6, 2010 and April 7, 2010. It was stated that ASL informed NSE that the said clients were the clients of MKSBPL and that the trades (on behalf of the said clients) were inadvertently executed by ASL at NSE. Subsequently, NSE, vide electronic mail dated April 27, 2010 forwarded the trade details of ASL executed on behalf of Mr. Anna Adhikrao Gaikwad, on March 30, 2010. The trade details (in brief) of ASL executed on behalf of the aforesaid clients, as received from NSE, are given below:
Page 3 of 6 UCC creation of J0010 (in respect of Mr. Jayant Shah): UCC creation of A0015 (in respect of Mr. Anna Adhikrao Gaikwad):
Page 4 of 6 4. The above charts establish that the UCC- A0015 for Mr. Anna Adhikrao Gaikwad was created on April 3, 2010 and UCC -J0010 for Mr. Jayant Shah was created on April 13, 2010. This was despite the SEBI order prohibiting ASL from taking fresh clients. Thus, in short: i. ASL opened trading accounts for the said clients on April 3, 2010 and April 13, 2010. ii. ASL had also traded for the said clients on March 30, 2010, April 6, 2010 and April 7, 2010.
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Source: SecMarx — sebi:WTM/KMA/IVD/260/04/2010. 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.