sebi:WTM/PS/58/IVD/ID-05/DEC/10
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Facts / Headnote
Restrained Clip Securities & Finance Private Limited, Shri Claud Monsurate, Shri Arshad Afzal Khan and Ms. Rachana Bhandaram from accessing the securities market and prohibited them from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of 3 months, with immediate effect.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
Regulations
- Reg. 4(a)
- Reg. 10
- Reg. 13(2)
- Reg. 44
- Reg. 44(e)
Parties
- Clip Securities and Investments Pvt. Ltd. (also referred to as Clip Securities & Finance Private Limited)
- Shri Claud Monsurate
- Shri Arshad Afzal Khan
- Ms. Rachana Bhandaram
Holding
Clip and its directors Shri Claud Monsurate, Shri Arshad Afzal Khan and Ms. Rachana Bhandaram were found to have violated PFUTP Regulations, 1995 and Takeover Regulation 10 and were restrained from accessing the securities market and prohibited from dealing in securities for 3 months.
Full text
Page 2 of 7 the relevant period, the scrip traded with daily volume of over 1,00,000 shares on 4 days i.e. on June 6, June 11, June 18 and June 26, 2001 with large quantity traded between only two brokers, namely, M/s SPS Share Brokers Pvt. Ltd (hereinafter referred to as “SPS”) & M/s Tropical Securities and Investments Pvt. Ltd (hereinafter referred to as “Tropical”). Most of the buy orders were placed by M/s Naman Securities and Finance Pvt. Ltd (hereinafter referred to as “Naman”) on behalf of M/s Clip Securities and Investments Pvt. Ltd. (hereinafter referred to as “Clip”). Shri Claud Monsurate, Shri Arshad Afzal Khan and Ms. Rachana Bhandaram were the directors of Clip during the relevant period (Clip and its directors Shri Claud Monsurate, Shri Arshad Afzal Khan and Ms. Rachana Bhandaram are singularly referred to by their names and collectively as “the noticees”).
Page 3 of 7 cause as to why suitable directions under Sections 11 and 11(4) of SEBI Act read with Regulation 44 of Takeover Regulations including debarring them from accessing the capital market and prohibiting them from buying, selling or dealing in securities in any manner should not be issued against them.
Page 4 of 7 8. I note that Ms. Aditi A. Dalal is the wife of Shri Asim B. Dalal. Shri Asim B. Dalal is the brother of Shri Milan B. Dalal, Director of Tropical. Thus, it is apparent that Ms. Aditi A. Dalal is related to Tropical. Ms. Aditi A. Dalal purchased 7,17,400 of Prudential shares off- market from Tropical as per details given below: Date of Purchase as per bill Quantity Rate (Rs.) Remarks 09.04.2001 6,17,400 15.30 Tropical vide bill no. GP49/249001 dated 14.04.2001 26.06.2001 1,00,000 45.22 Tropical vide bill no. GC74/374001 dated 30.06.2001
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Source: SecMarx — sebi:WTM/PS/58/IVD/ID-05/DEC/10. 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.