sebi:WTM/PS/15/IVD/ID-4/JULY/2011
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Facts / Headnote
Interim directions revoked and SCN disposed of without any further direction
Provisions invoked
- s. 19
Regulations
- Reg. 11
- Reg. 3(a)
Parties
- Ms. Surabhi Jain
Holding
The Whole Time Member revoked the interim directions issued against Ms. Surabhi Jain by the ad interim ex-parte order dated June 4, 2009 and the confirmatory order dated January 19, 2010, and disposed of the SCN without any further direction.
Full text
Page 2 of 7 clients’ were found to have large trading concentration in the five scrips and a substantial portion of their trading amongst themselves in synchronized nature was found to have contributed to the increase in the market volume. The preliminary investigation also revealed instances where delivery obligations of one of the connected clients was fulfilled by the off-market borrowing of the shares from another connected client and thereafter the borrower was seen to have bought back the shares from the market and returned the same to the lender through off-market transfer.
Page 3 of 7 The investigation in the scrip of Temptation was conducted by SEBI for the period of August 01, 2007 to February 28, 2009 for its trading at Bombay Stock Exchange (hereinafter referred to as ‘BSE’). During this period, the price of the scrip increased from `95.95 as on August 01, 2007, and touched a high of `344.50 on June 19, 2008 and fell to `34.15 as on February 27,
Page 4 of 7 her. The noticee vide her letter dated May 16, 2011 sent the written submissions, which were taken on record. The submissions of the noticee, in brief, are as under:
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Source: SecMarx — sebi:WTM/PS/15/IVD/ID-4/JULY/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.