sebi:WTM/PS/28/IVD/ID-06/JAN/2013
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Facts / Headnote
Noticee prohibited from taking up any new assignment (i.e. not to take up any new clients) for a period of two weeks.
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 5(1)
- Reg. 4(a)
- Reg. 4(1)
- Reg. 4(b)
- Reg. 28(2)
- Reg. 27
- Reg. 28(1)
- Reg. 38(2)
Parties
- Bharti Thakkar India Securities Pvt. Limited
Holding
The noticee, Bharti Thakkar India Securities Pvt. Limited, was found to have aided and abetted its client in the creation of artificial volume in the scrip of SIL through circular/reversal trades in violation of Regulation 4(b) and (d) of the PFUTP Regulations, and was prohibited from taking up any new assignment (i.e. not to take up any new clients) for a period of two weeks.
Full text
Page 2 of 10 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 10 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 Chetan Haridas Mapara (Vintel Securities) 17/9 8,100 7,100 15,200 (37.25%) Joindre Capital Services 1.Heerachand Salecha 2.Kamlesh Jain (Alwin Securities) 14/9 5,600 8,900 14,500 (34.65%) Renaissance Securities (now Mehta Equities) Abhayraj Shukla (Millennium Securities) 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 10 receipt thereof. The noticee was also informed that in case of failure to reply, it would 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/28/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.