sebi:WTM/PS/52/IVD/ID-09/JAN/2012
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Facts / Headnote
Certificate of registration of the stock broker Jayantilal Khandwala & Sons Private Limited suspended for a period of one month.
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 3
- Reg. 5(1)
- Reg. 28(2)
- Reg. 27
- Reg. 28(1)
- Reg. 38(2)
Parties
- Jayantilal Khandwala & Sons Private Limited
Holding
The noticee, Jayantilal Khandwala & Sons Private Limited, was found guilty of violating Regulations 3, 4(a), 6(a) and 6(b) of the PFUTP Regulations and Clauses A(1), (3), (4), (5) and B(6) of the Code of Conduct for Stock Brokers, and its certificate of registration was suspended for one month.
Full text
Page 2 of 9 traders in the scrip of Kopran during the investigation period. These entities executed various cross deals in the scrip which contributed to major increase in the price and volume within a short span of time without any fundamental or technical reason.
Page 3 of 9 was advised to reply to the SCN, together with the documents that it may choose to rely upon in support of its reply within twenty one days of the receipt thereof. SEBI informed the noticee 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 said SCN.
Page 4 of 9 - It had not carried out any proprietary trades and only executed the trades on behalf of its clients without any ulterior motives.
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Source: SecMarx — sebi:WTM/PS/52/IVD/ID-09/JAN/2012. 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.