sebi:WTM/PS/32/IVD/ID-4/OCT/2011
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Facts / Headnote
Interim directions revoked and show cause notice disposed of without any further direction
Provisions invoked
- s. 19
Regulations
- Reg. 11
- Reg. 3(a)
Parties
- Rakhi Trading Pvt. Limited
- Peanance Commercial Pvt. Limited
Holding
SEBI revoked the interim directions (ad interim ex-parte order dated June 04, 2009 and confirmatory order dated March 09, 2010) against Rakhi Trading Pvt. Limited and Peanance Commercial Pvt. Limited and disposed of the show cause notice without any further direction.
Full text
Page 2 of 8 These entities having inter-linkages are collectively referred to as the ‘connected clients’. The connected clients were found to be having large trading concentration in the five scrips and a substantial portion of their trading amongst themselves in synchronized nature was found to have contributed to the increase in the market volume. The preliminary investigation also revealed instances where delivery obligations of one connected client was fulfilled by the off-market borrowing of the shares from another connected client and thereafter the borrower was seen to have bought back the shares from the market and returned the same to the lender through off-market transfer.
Page 3 of 8 relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’) with respect to their trading in one of the scrips i.e. Temptation.
Page 4 of 8 was granted to them. The noticees vide letter dated September 07, 2011, forwarded the written submissions and the same has been taken on record.
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Source: SecMarx — sebi:WTM/PS/32/IVD/ID-4/OCT/2011. 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.