sebi:WTM/PS/46/IVD/ID-3/OCT/2010
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Facts / Headnote
Show cause notice disposed of without imposing any penalty or direction; benefit of doubt granted to noticee.
Provisions invoked
- s. 19
Regulations
- Reg. 11
- Reg. 4(a)
Parties
- Harsha Pranav Securities Ltd.
Holding
The noticee was granted benefit of doubt on the alleged violations of Regulations 4(a), (b) and (d) of the PFUTP Regulations, and the show cause notice was disposed of without any penalty or direction.
Full text
Page 2 of 6 of which were the buy orders. Instances were also found where it entered huge order in the morning and removed the same in the afternoon/ before closing of the trading session. All this resulted in jacking up the prices of the scrip and artificial volumes in the scrip were also created.
Page 3 of 6 noticee on April 30, 2010. This time the hearing notice issued to noticee returned undelivered and the matter was adjourned to June 14, 2010.
Page 4 of 6 10. Whether noticee created artificial volume and increased the prices of the scrip of VTIL? a. I note that noticee and Vivenasri were the main clients who had traded in the scrip of VTIL during the relevant period. It is seen that the noticee was trading in the scrip through four brokers. The details thereof has been brought out below for reference: TABLE - A Name of the Broker Sett. No. Purchase Sale Gross Net 38 0 25,000 25,000 -25,000 41 0 15,000 15,000 -15,000 42 7,000 7,000 14,000 0 43 16,500 5,300 21,800 11,200 44 4,500 4,500 9,000 0 Pawan J. Choudhary 47 2,800 1,000 3,800 1,800 42 9,400 5,100 14,500 4,300 43 30,600 45,400 76,000 -14,800 NVS Brokerage Ltd. 44 4,600 4,600 9,200 0 43 19,000 11,500 30,500 7,500 44 8,100 0 8,100 8,100 47 6,500 6,000 12,500 500 48 4,500 0 4,500 4,500 49 6,600 400 7,000 6,200 Lalkar Securities Pvt. Ltd. 50 7,000 3,900 10,900 3,100 Krishna Agarwal
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Source: SecMarx — sebi:WTM/PS/46/IVD/ID-3/OCT/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.