sebi:WTM/PS/27/IVD/ID-06/JAN/2013
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Prohibition on Angel Broking Limited (SEBI Registration No. INB 010996539) from taking up any new assignment (i.e. not to take up any new clients) for a period of two weeks, effective on expiry of twenty one days from the date of the order.
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 3
- Reg. 5(1)
- Reg. 4(a)
- Reg. 4(1)
- Reg. 4(b)
- Reg. 13(2)
- Reg. 28(2)
- Reg. 27
- Reg. 28(1)
- Reg. 38(2)
Parties
- Angel Broking Limited
Holding
Angel Broking Limited aided and abetted its client Heerachand Salecha in creating artificial volume through synchronized circular trades in SIL and thereby violated Regulation 4(b) and (d) of PFUTP Regulations, 1995 and Code of Conduct for stock brokers, and was prohibited from taking up any new clients for two weeks.
Full text
Page 2 of 11 of SIL, for the period from February, 2000 to August, 2000, wherein the price of the scrip had increased from ₹10 in February, 2000 to ₹696 in August, 2000 and appropriate actions were initiated against the persons/ entities found in default.
Page 3 of 11 Opulent Broking Ramsudhakaran 7/6 27,100 27,100 54,200 (90.03%) Bharti Thakkar Govind Chhichani 5/5 26,500 26,500 53,000 (100%) Shripal Jain Proprietary trading 5/5 21,400 20,700 42,100 (98.36%) ISJ Securities/ Vintel Securities Chetan Haridas Mapara 17/9 8,100 7,100 15,200 (37.25%) Joindre Capital Services/ Alwin Securities 1.Heerachand Salecha 2.Kamlesh Jain 14/9 5,600 8,900 14,500 (34.65%) Renaissance/ Millennium Securities Abhayraj Shukla 13/8 22,500 23,300 45,800 (75.83%) Total circular trading among Group I 1,71,400 1,71,400 3,42,800
Page 4 of 11 be presumed that it had no explanation to offer and SEBI may proceed to take action as it deemed fit. A copy of the Enquiry Report was also forwarded to the noticee along with the SCN.
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Source: SecMarx — sebi:WTM/PS/27/IVD/ID-06/JAN/2013. 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.