sebi:WTM/PS/29/IVD/ID-04/DEC/09
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Facts / Headnote
Warning issued to the noticee; penalty of suspension of certificate of registration recommended by the Enquiry Officer not imposed.
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 3
- Reg. 4
- Reg. 5(1)
- Reg. 13(2)
- Reg. 13
- Reg. 28(2)
- Reg. 15
- Reg. 38(2)
Parties
- H.B. Securities Ltd.
Holding
The noticee, H.B. Securities Ltd., was found to have engaged in structured trades in violation of the Code of Conduct for stock brokers under Regulation 7 of the Broker Regulations, but the charge of generating artificial volumes was not established. The recommended penalty of suspension of certificate of registration for five working days was not imposed; instead, the noticee was warned to be careful and cautious in the conduct of its business.
Full text
Page 2 of 9 14, 2000. At Bombay Stock Exchange (hereinafter referred to as ‘BSE’) the opening price of the scrip as on August 23, 2000 was Rs.158 and the closing price on October 10, 2000 was Rs.153.15. On BSE, the scrip touched a high of Rs.170 on October 05, 2000 and a low of Rs.135.05 on September 25,
Page 3 of 9 be imposed. The noticee was advised to reply to the SCN, together with the documents that it may choose to rely upon in support of his reply within fifteen days of the receipt thereof. It was also informed that in case of failure, it would be presumed that it 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 said SCN.
Page 4 of 9 and SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulation, 2003 were in effect. Further, as no proceedings were initiated under SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulation, 1995, prior to its repeal on July 17, 2003, no proceeding were saved and no action can sustain under the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulation, 2003. • Relevant documents relied upon by Enquiry Officer have not been provided. Complete trade and order log for the entire period and copy of the statement of Nitin Kohli of Aman Portfolio have not been provided. • No intention/ motive to manipulate the market in order to create artificial volumes. • No investor complaint.
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Source: SecMarx — sebi:WTM/PS/29/IVD/ID-04/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.