sebi:WTM/KMA/IVD-ERO/20/12/2008
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Facts / Headnote
Enquiry proceedings disposed of without imposing any further penalty on Mr. Sanju Kabra, having found violations of FUTP Regulations and Broker Regulations Code of Conduct, with the recommended six-month suspension set off against the period of prohibition already undergone.
Provisions invoked
- s. 19
Regulations
- Reg. 28(2)
- Reg. 4(2)(a)
- Reg. 4(2)
Parties
- Mr. Sanju Kabra
Holding
The Broker (Mr. Sanju Kabra) violated Regulations 4(2)(a), 4(2)(e), 4(2)(o) of the FUTP Regulations and Clauses A(1) to A(4) and B(4)(a) of the Code of Conduct under Schedule II of the Broker Regulations by executing matched/synchronized trades that created a misleading appearance of trading. No further penalty was imposed, as the recommended six-month suspension was set off against the period of prohibition already undergone by the Broker.
Full text
Page 2 of 10 Broker Regulations), while dealing in the shares of the company. In the facts and circumstances, in order to protect the interest of investors, SEBI, vide an ad- interim ex parte order dated November 30, 2005 inter alia directed various entities/stock brokers not to buy, sell or deal in securities, in any manner, either directly or indirectly, till further directions. The said
Page 3 of 10 SEBI, vide order dated August 11, 2008, for the reasons stated therein, vacated the directions passed (vide interim orders dated November 30, 2005 and May 31, 2006) against the stock brokers. Thereafter, the Enquiry Officer/Designated Authority (for short the Enquiry Officer), vide report dated October 24, 2008 recommended the suspension of the certificate of registration of the Broker for a period of six months. The Enquiry Officer observed that the Broker was directed not to buy, sell or deal in securities in any manner either directly or indirectly by SEBI vide
Page 4 of 10 the shares of the company at CSE during July 27, 2005 and September 23, 2005 are as follows: No. of shares bought % to total buy volume at CSE No. of shares sold % to total sell volume at CSE Total no. of shares % to total buy and sale 15,200 6.9% 15,200 6.9% 30,400 6.9%
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Source: SecMarx — sebi:WTM/KMA/IVD-ERO/20/12/2008. 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.