sebi:WTM/PS/24/IVD/ID-3/DEC/09
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Prohibited Mr. Siddharth Srivastava from buying, selling or dealing in securities in any manner, or accessing the securities market directly or indirectly in any manner whatsoever for a period of two years from the date of the order.
Provisions invoked
- s. 11B
- s. 11(4)
Regulations
- Reg. 11
- Reg. 3
Parties
- Mr. Siddharth Srivastava
Holding
The noticee was held guilty of violating Regulations 3 and 6(a) of the PFUTP Regulations by issuing and circulating fake share certificates in the market, and was prohibited from buying, selling or dealing in securities or accessing the securities market for two years.
Full text
Page 2 of 6 was seen that the quantity traded also varied from a low of 300 shares on July 01, 1999 to a high of 19,48,500 shares on December 15, 1999. It was revealed that one Mr. Siddharth Srivastava (hereinafter referred to as ‘noticee’) got some shares of ATN printed without informing the Registrar and Share Transfer Agent (hereinafter referred to as ‘RTA’) and delivered the same in the market.
Page 3 of 6 details, the issue arises for my consideration is: Whether the noticee has violated the provisions of Regulation 3 and 6(a) of PFUTP Regulations?
Page 4 of 6 asked one of his then employee, Mr. Mahesh Jain to get the seven jumbo share certificates of 1 lakh each splited in marketable lots of 100 each. However, Mahesh Jain got the fresh share certificates printed at Mumbai itself without informing or sending them to RTA at Kolkata. Further, the employee delivered a packet of certain shares which were handed them over to Paresh Shah. It has been submitted that due to miscommunication between Mumbai and Kolkata offices of ATN, the splitting of the jumbo share certificates were not taken on record in spite of his instruction to Mahesh Jain to get the shares split in consultation with the Kolkata office/ RTA.
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Source: SecMarx — sebi:WTM/PS/24/IVD/ID-3/DEC/09. 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.