sebi:WTM/PS/12/IVD/ID-03/JUNE/2011
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Certificate of registration of the stock broker suspended for a period of two months, running concurrently with a prior suspension order dated December 07, 2009.
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 5(1)
- Reg. 13(2)
- Reg. 4(a)
- Reg. 4(b)
- Reg. 28(2)
- Reg. 13(1)
- Reg. 38(2)
Parties
- Tropical Securities and Investments Private Limited
Holding
The noticee, Tropical Securities and Investments Private Limited, was found guilty of executing structured trades and creating artificial volumes in the scrip of Jagsonpal, in violation of Regulation 4(b), (c) and (e) of the PFUTP Regulations and Clauses A(1), (2), (3) and (4) of the Code of Conduct for Stock Brokers, and its certificate of registration was suspended for two months.
Full text
Page 2 of 5 3. Investigation inter-alia revealed that Tropical Securities and Investments Private Limited (hereinafter referred to as ‘noticee’), registered with SEBI as a stock broker, bearing registration no. INB 010993738, while trading in the scrip of Jagsonpal entered structured/ synchronized trades as well as financing deals and created artificial volume in the scrip, thereby affecting the price of the scrip significantly. Further, during the second period of investigation, the noticee appeared as the major buyer at BSE accounting for 91.36% of the gross purchase.
Page 3 of 5 was also forwarded to the noticee along with the SCN. 6. The noticee replied to the SCN vide its letter dated February 04, 2011. Before proceeding further, an opportunity of personal hearing was granted to the noticee on April 25, 2011. On the date fixed for personal hearing, Mr. Milan B. Dalal, the director of the noticee, Mr. Deepak Sheth, authorized representatives of the noticee and Mr. Bhupen D. Dalal, Advocate appeared and made oral submissions. The noticee also filed written submissions dated April 08, 2011, which have been taken on record.
Page 4 of 5 Parmeshwarlal Securities Trading 5/10/2000 Pawankumar Parmeshwarlal Not entered S 350 12:26:53 Tropical Securities Harbinger Trading B 350 12:26:53 5/10/2000 Pawankumar Parmeshwarlal Not entered S 1850 12:27:29 Tropical Securities Harbinger Trading B 1850 12:27:33
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/PS/12/IVD/ID-03/JUNE/2011. 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.