sebi:WTM/PS/39/IVD/ID-04/FEB/10
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Facts / Headnote
Enquiry proceedings disposed of without imposing any penalty
Provisions invoked
- s. 19
Regulations
- Reg. 5(1)
- Reg. 13(2)
- Reg. 13
- Reg. 28(2)
- Reg. 38(2)
Parties
- Khandwala Securities Ltd.
Holding
The enquiry proceedings against Khandwala Securities Ltd. were disposed of without imposing any penalty, notwithstanding the Enquiry Officer's recommendation of a minor penalty of warning for violating Clause A (2) of the Code of Conduct under Schedule II of the Broker Regulations.
Full text
Page 2 of 5 2. During the course of investigations, it was inter alia revealed that the broker viz. Khandwala Securities Ltd. (hereinafter referred to as ‘noticee’), registered with SEBI as stock broker, bearing registration no. INB 230600030 had executed 82 synchronized deals for 1,30,000 shares at NSE, while trading for its clients, which created artificial volume and price rise in the shares of Sunearth.
Page 3 of 5 of the Enquiry Report was also forwarded to the noticee along with the said SCN. 5. The noticee replied to the SCN vide its letter received by SEBI on April 25,
Page 4 of 5 Conduct specified under Schedule II of the Broker Regulations, as it has failed to exercise due skill, care and diligence in the conduct of business.
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Source: SecMarx — sebi:WTM/PS/39/IVD/ID-04/FEB/10. 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.