sebi:WTM/PS/30/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
Liable - certificate of registration suspended for a period of one week
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
- N.C. Jain (presently known as NCJ Shares and Stockbrokers Limited) (SEBI Registration No. INB 011192037)
Holding
The noticee, trading in its proprietary account in the scrip of SIL, violated Regulation 4(b) and (d) of the PFUTP Regulations and Clauses A(2) and A(3) of the Code of Conduct for Stock Brokers by executing circular/synchronized trades creating artificial volumes, and its certificate of registration was suspended for one week.
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 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 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.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/PS/30/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.