sebi:WTM/PS/23/IVD/ID-03/MAY/2012
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Facts / Headnote
Noticees restrained from buying, selling or dealing in the securities market for a period of two years
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
Regulations
- Reg. 11
- Reg. 3
- Reg. 4
- Reg. 13
- Reg. 4(a)
- Reg. 7
Parties
- Har Sai Investments Limited
- Alaknanda Capital Services Private Limited
- HB Stockholdings Limited
Holding
The noticees were found to have violated Regulations 4(a) and (b) of the PFUTP Regulations, 1995 by acting in collusion to execute synchronized trades in the scrip of Jagsonpal, creating artificial liquidity/false market, and were restrained from dealing in the securities market for two years.
Full text
Page 2 of 15 contributed by the persons who had traded in the scrip of Jagsonpal. During the first period of investigation, the price of the scrip at NSE increased from `599 as on August 18, 2000, touched a high of `700 as on September 11, 2000 to `660 as on November 01, 2000. An irregular pattern in volumes were also observed, wherein the volume varied between 39,200 shares as on October 31, 2000 to only 5 shares as on August 18, 2000. At BSE, the scrip witnessed comparatively lesser trading volume. At both the exchanges, volume in the scrip was observed mainly on those days when select individuals/ entities had traded in the scrip.
Page 3 of 15 of the provisions of Regulation 4 (a), (b), (c) and (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 (hereinafter referred to as ‘PFUTP Regulations’).
Page 4 of 15 their letters as November 10, 2006 instead of October 10, 2006. 8. Further opportunities were granted to the noticees on April 25, 2011, due to change in the Competent Authority. On the said date, Mr. Praveen Gupta, Director of Har Sai; Ms. Banmala Jha, Vice President (Legal) and Prashant Mishra, Advocate on behalf of HB Stockholdings and Mr. Atul Aggarwal, Chartered Accountant on behalf of Alaknanda appeared and made oral
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Source: SecMarx — sebi:WTM/PS/23/IVD/ID-03/MAY/2012. 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.