sebi:WTM/PS/17/IVD/ID-03/AUG/2011
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Facts / Headnote
Ms. Aditi Dalal, Harbinger Trading Company Private Limited and Shriya Capital Services Private Limited restrained from buying, selling or dealing in securities market or accessing securities market for 2 years; Globex Financial Services Limited restrained for 6 months, with stock exchanges directed to permit squaring off of existing open F&O positions.
Provisions invoked
- s. 11(4)
Regulations
- Reg. 11
- Reg. 4(a)
Parties
- Ms. Aditi Dalal
- Harbinger Trading Company Private Limited
- Shriya Capital Services Private Limited
- Globex Financial Services Limited
Holding
The noticees violated Regulations 4(a),(b),(c) and (d) of the PFUTP Regulations by entering into non-genuine structured/synchronized trades and financing deals in Jagsonpal creating artificial volume. Ms. Aditi Dalal, Harbinger and Shriya were debarred from the securities market for two years and Globex for six months.
Full text
Page 2 of 7 as on November 01, 2000. During the second period of investigation, the price of the scrip at NSE fell from `319.20 to `129.50.
Page 3 of 7 Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 (hereinafter referred to as ‘PFUTP Regulations’). Accordingly, the SCN called upon the noticees to show cause as to why appropriate action under Section 11(4)(b) of the SEBI Act should not be initiated against them.
Page 4 of 7 derived. - They had not acted in concert with others and there is no other violation except excessive volumes in ill-liquid scrips. b. Globex vide its letter dated September 28, 2009 submitted as under: - It has denied carrying out structured/ synchronized deals or off-market transactions in the scrip of Jagsonpal. - It was not part of the group. The only relationship with Tropical is that of client-broker. - It had carried out arbitrage transactions during the said settlement. - During the relevant settlement, it had sold the shares of Jagsonpal in the normal course, when the prices were falling continuously. - Investigation report in the matter has not been provided.
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Source: SecMarx — sebi:WTM/PS/17/IVD/ID-03/AUG/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.