sebi:WTM/PS/33/IVD/ID-9/OCT/2011
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Facts / Headnote
Warning to be careful and cautious in future; enquiry proceedings disposed of with no further penalty as sub-broker registration already cancelled on June 18, 2005
Provisions invoked
- s. 19
- s. 12
Regulations
- Reg. 7
- Reg. 4
- Reg. 5(1)
- Reg. 13(2)
- Reg. 13
- Reg. 28(2)
- Reg. 38(2)
Parties
- Jyotish Bhogilal Stock Brokers Private Limited
Holding
The noticee acted as an unregistered sub-broker in violation of Section 12 of the SEBI Act and failed to exercise due skill, care and diligence, but the charge of violation of PFUTP Regulations was not established. The noticee was warned to be careful and cautious and the enquiry proceedings were disposed of.
Full text
Page 2 of 6 ‘PLPL’) member, BSE while trading in the scrip of SCL. The noticee had traded mainly for Shree Parshwa Finance, who in turn traded on behalf of Mr. Mahendra A. Shah and his associates and created artificial appearance of trading in the scrip of SCL.
Page 3 of 6 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 SCN.
Page 4 of 6 instructions of the clients, in the normal course of its business and there was nothing amiss in the conduct of the client. - There is no evidence that it had aided and abetted in the price manipulation of the scrip of SCL. - It had no knowledge of the clients’ intention of manipulating the price of the scrip. - All documents that are relied upon by SEBI have not been supplied to it.
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Source: SecMarx — sebi:WTM/PS/33/IVD/ID-9/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.