sebi:WTM/PS/34/IVD/ID-1/AUG/2010
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Facts / Headnote
Enquiry proceedings disposed of without imposing any further penalty, as the noticees' certificates of registration had already been cancelled.
Provisions invoked
- s. 19
Regulations
- Reg. 13(2)
- Reg. 13
- Reg. 7
- Reg. 4(b)
- Reg. 28(2)
- Reg. 5(1)
- Reg. 38(2)
Parties
- Triumph Securities Ltd.
- Classic Shares and Stock Broking Services Ltd.
Holding
SEBI disposed of the enquiry proceedings against Triumph Securities Ltd. and Classic Shares and Stock Broking Services Ltd. without imposing any fresh penalty, noting that no useful purpose would be served by again cancelling their certificates of registration, which had already been cancelled by the SEBI order dated March 08, 2004.
Full text
Page 2 of 4 trades in the nature of synchronized deals. Such deals were mainly executed among the Ketan Parekh group entities/ associates.
Page 3 of 4 2010. On the date fixed Mr. R. Krishnan, Advocate, appeared on behalf of noticees and reiterated their respective replies.
Page 4 of 4 entities controlled by Ketan Parekh at the relevant point of time. The argument of noticees appears to be baseless and devoid of any merits, in view of the SEBI order dated March 08, 2004, as they were found to have indulged in manipulative trades in various scrips along with the entities controlled by Ketan Parekh. I note that the findings of the said order were challenged by the noticees herein before Hon’ble Securities Appellate Tribunal (hereinafter referred to as ‘SAT’). Hon’ble SAT after considering the material on record preferred to dismiss the appeals of noticees on merits. Pursuant to this, noticees have not filed any appeal against the order of Hon’ble SAT. In view of this, I note that the Order of SEBI passed on March 08, 2004 stands in place by which the registrations of noticees were cancelled.
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Source: SecMarx — sebi:WTM/PS/34/IVD/ID-1/AUG/2010. 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.