sebi:WTM/PS/26/IVD/ID-6/MAY/2012
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Facts / Headnote
Certificate of registration of the noticee suspended for a period of 2 (two) weeks.
Provisions invoked
- s. 19
Regulations
- Reg. 4(a)
- Reg. 4(1)
- Reg. 15
- Reg. 28(2)
- Reg. 28
- Reg. 27
- Reg. 4(e)
- Reg. 5(1)
Parties
- M/s. Arihant Stocks & Shares (Sub-Broker affiliated to Padmakant Devidas Securities, Member-BSE, SEBI Registration no. INS01022812)
Holding
The noticee, M/s. Arihant Stocks & Shares, was found to have executed trades on behalf of its client in a manner that created artificial volume and price in the scrip of SNIL, in violation of Regulations 4(a), (b) and (d) of the PFUTP Regulations, 1995 read with Regulations 4(1),(2)(a), (b), (d), (e) and (n) of the PFUTP Regulations, 2003 and the Code of Conduct for Sub-Brokers. The certificate of registration of the noticee was suspended for a period of two weeks.
Full text
Page 2 of 6 Rs. 83.85 on August 1, 2001. On June 12, 2001, BSE had reduced the circuit filter of the scrip from 8 % to 4 %, and further reduced the same from 4 % to 2 % on July 17, 2001.
Page 3 of 6 5. Subsequently, a notice dated March 31, 2011 (hereinafter referred as ‘SCN’) under Regulation 28 of SEBI (Intermediaries) Regulations, 2008, was issued to the noticee, asking the noticee to show cause as to why action as recommended by the Enquiry Officer, or a higher penalty should not be imposed on it. The noticee was advised to reply to the SCN, within twenty one days from the date of receipt thereof. It was also informed that in case of failure to reply, it would be presumed that the noticee had no explanation to offer and SEBI shall be free to take such action in the manner as it deemed fit. A copy of the Enquiry Report was also forwarded to the noticee along with the SCN.
Page 4 of 6 of Regulations 4(a), (b), (d) and (e) of the PFUTP Regulations, 1995 read with Regulations 4(1),(2)(a), (b), (d), (e) and (n) of the PFUTP Regulations, 2003 and Clauses A(1), A(2), D(1), D(4) and D(5) of Code of Conduct for Sub-Brokers as specified in Schedule II under Regulation 15 of the Broker Regulations?
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Source: SecMarx — sebi:WTM/PS/26/IVD/ID-6/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.