sebi:WTM/PS/45/IVD/ID-03/MAR/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee held guilty of violating Regulation 4(b), (c) and (d) of PFUTP Regulations and restrained from buying, selling or dealing in securities market or accessing securities market directly or indirectly for one year
Provisions invoked
- s. 11
- s. 11(4)
Regulations
- Reg. 4
- Reg. 11
- Reg. 13
Parties
- Mackertich Consultancy Services Pvt. Ltd.
Holding
Mackertich Consultancy Services Pvt. Ltd. was held guilty of circular/synchronized trading creating artificial volumes in the scrip of DSQ in violation of Regulation 4(b), (c) and (d) of PFUTP Regulations and was restrained from accessing or dealing in the securities market for one year.
Full text
Page 2 of 10 (hereinafter referred to as ‘Broker Regulations’) by the persons dealt in the scrip during the relevant period..
Page 3 of 10 (all belonging to DSQ Group). Further, two of these companies namely Continental Filaments and Uniforge Steel were bought by the DSQ Group in March, 2000 itself.
Page 4 of 10 5. On completion of investigations, SEBI inter alia issued Show Cause Notice dated October 28, 2005 (hereinafter referred to as ‘SCN’) to Mackertich Consultancy Services Pvt. Ltd. (hereinafter referred to as ‘noticee’), under Section 11(4)(b) and 11B of Securities and Exchange Board of India (hereinafter referred to as ‘SEBI Act’) read with Regulation 11 and 13 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003. The SCN alleged that the noticee while trading in the scrip through four different brokers at NSE entered synchronized trades within its group entities and created artificial volumes in the scrip of DSQ. The SCN, therefore, alleged that the acts of the noticee were in violation of the Regulation 4 (b), (c) and (d) of PFUTP Regulations. Accordingly, it called upon the noticee to show cause as to why suitable
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/PS/45/IVD/ID-03/MAR/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.