sebi:WTM/PS/49/IVD/ID-3/OCT/2010
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Facts / Headnote
Enquiry proceedings disposed of with a warning to Bulls Inc.; penalty recommended by the Enquiry Officer not imposed.
Provisions invoked
- s. 19
Regulations
- Reg. 5(1)
- Reg. 15
- Reg. 28(2)
- Reg. 27
- Reg. 28(1)
- Reg. 38(2)
Parties
- Bulls Inc.
Holding
The noticee Bulls Inc. was found to have failed to exercise due skill, care and diligence while trading for its clients in the scrip of ATN and introduced fake shares in the market, but no penalty was imposed; instead the noticee was warned to be more careful and cautious in the conduct of its business.
Full text
Page 2 of 5 `63.15 on December 30, 1999. Similarly, the quantity traded also varied from a low of 300 shares as on July 01, 1999 to a high of 19,48,500 shares as on December 15, 1999.
Page 3 of 5 5. Subsequently, a Show Cause Notice dated April 16, 2010 (hereinafter referred to as ‘SCN’), under Regulation 28(1) of SEBI (Intermediaries) Regulations, 2008, was issued to noticee asking it to show cause as to why the appropriate penalty including penalty recommended by the Enquiry Officer, should not be imposed. The noticee was advised to reply to the SCN within 21 days of the receipt thereof. It was also informed that in case of failure, it would be presumed that it had no explanation to offer and SEBI shall be free to take such action in the manner as it deemed fit. A copy of the Enquiry Report was also forwarded to the noticee along with the SCN.
Page 4 of 5 is: Whether noticee has failed to exercise due skill, care and diligence while trading for its clients in the scrip of ATN and introduced fake shares in the market?
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Source: SecMarx — sebi:WTM/PS/49/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.