sebi:WTM/PS/34/IVD/ID-02/MAY/2012
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Facts / Headnote
Certificate of registration of Shree Parshwa Finance (Proprietor: Shri Piyush Jhaveri) having SEBI Regn No. INS011245110 suspended for a period of 3 months
Provisions invoked
- s. 19
Regulations
- Reg. 4
- Reg. 13(4)
- Reg. 4(1)
- Reg. 199
- Reg. 200
- Reg. 15
- Reg. 27
Parties
- Shree Parshwa Finance (Proprietor: Shri Piyush Jhaveri)
Holding
The certificate of registration of Shree Parshwa Finance (Proprietor: Shri Piyush Jhaveri), SEBI Regn No. INS011245110, was suspended for a period of 3 months for executing synchronized, circular and reversal trades in violation of the PFUTP Regulations and the Code of Conduct under the Broker Regulations.
Full text
Page 2 of 6 Regulations, 1995 (hereinafter referred to as ‘PFUTP Regulations, 1995’) and the Code of Conduct specified under Schedule II of the SEBI (Stock Brokers and Sub-Broker) Regulations, 1992 (hereinafter referred to as ‘Broker Regulations’). As the Enquiry Regulations were repealed with effect from the notification of SEBI (Intermediaries) Regulations, 2008 (hereinafter referred to as the ‘Intermediaries Regulations’), the Enquiry Officer/ Designated Authority (hereinafter referred to as the ‘Enquiry Officer’) submitted his Report dated August 24, 2009 in terms of Regulation 27 of the Intermediaries Regulations, recommending thereby, a suspension of the certificate of registration for a period of six months for the violation of the provisions of Regulation 4 (a), (b), (c) & (d) of the PFUTP Regulations, 1995 and corresponding provisions as contained in Regulation 4(1), 4(2) (a), (b), (e) & (g) of Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as PFUTP Regulations 2003), pursuant to the repeal of PFUTP Regulations, 1995 and Regulation 15 under Clauses A(1) (2) and D(1) (4) (5) of Code of Conduct specified under Schedule II of the Broker Regulations.
Page 3 of 6 6 I have carefully examined the Enquiry Report and other material on record. The issue that arises for my consideration is
Page 4 of 6 9 The following brokers, sub-brokers and clients were involved in the circular/ reversal and synchronized trades during the investigation period. The details are given below:
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Source: SecMarx — sebi:WTM/PS/34/IVD/ID-02/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.