sebi:WTM/PS/51/IVD/ID-3/OCT/2010
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Facts / Headnote
Warning issued; enquiry proceedings disposed of without imposing the penalty recommended by the Enquiry Officer
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 4(a)
- Reg. 28(2)
- Reg. 4(2)(a)
- Reg. 27
- Reg. 28(1)
- Reg. 5(1)
- Reg. 38(2)
Parties
- Premier Shares Ltd.
Holding
The noticee, Premier Shares Ltd., was found to have failed to perform its duties under Clause A(2) of Regulation 7 of the code of conduct for stock brokers by not raising suspicion about its client's trading pattern, but the charges of entering fictitious/matched/structured trades could not be sustained. The noticee was warned to be more careful and cautious, and the penalty of prohibition on new assignments for two weeks recommended by the Enquiry Officer was not imposed.
Full text
Page 2 of 5 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 Regulations and Clause A(2) and (3) of Regulation 7 of the code of conduct for stock brokers as prescribed in Schedule II under Broker Regulations.
Page 4 of 5 Enquiry Report that no evidence to show any link/ collusion between the noticee and the counter party brokers involved in the alleged fictitious/ matched/ structured trades has been brought on record. In absence of such link/ collusion, it is difficult to conclude that the noticee was aiding and abetting Deepmala in creation of artificial volumes in the scrip. In view of this the
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Source: SecMarx — sebi:WTM/PS/51/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.