sebi:WTM/PS/30/IVD/ID-4/MAY/2012
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Show Cause Notice disposed of without any directions; noticee absolved of alleged violations
Provisions invoked
- s. 12A
Regulations
- Reg. 4(1)
- Reg. 200
- Reg. 3(a)
Parties
- Comtrade P. Ltd.
Holding
The noticee was absolved of alleged violations of the PFUTP Regulations read with the SEBI Act, and the SCN was disposed of without any further directions.
Full text
Page 2 of 5 Comtrade P. Ltd., hereinafter referred to as ‘the noticee’), along with certain other entities, had an impact on the price of the scrip. The noticee had traded through the member BP Equities P. Ltd. which is a group company of the noticee. During the period, there were totally 28,542 buy trades which were executed at a price higher than last traded price and in the case of 1,258 buy trades, the noticee was involved.
Page 3 of 5 rise of Rs.419. It further means that the remaining buy trades have resulted in either a price reduction or have traded on the LTP. The total volume of such trades is 3,17,349 shares which comprises of 78% of the volume. c) The data provided by SEBI as annexure to SCN shows that in matched trades, sell order price of counterparties is higher than the buy order price placed by the noticee. As a sell order with a higher price cannot match with a buy order of a lesser price. d) They have not executed synchronized/ reversal/ structured trades, not part of connected entities and are not even major contributors to the volume.
Page 4 of 5 I note form the aforesaid table that the buy order rate and buy order time in Table 1 have been constant at Rs.146.05 and 13:49:59 respectively, whereas the trade price has varied from Rs.146.15 to Rs.147.60. Upon reading of Table 1, I have come to the conclusion that the Table 1 contains details of only the first order of the Noticee. The subsequent revisions/ updations made by the Noticee are not reflected in Table 1. In
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Source: SecMarx — sebi:WTM/PS/30/IVD/ID-4/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.