sebi:WTM/PS/61/IVD/ID-3/DEC/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Prohibition from taking up any new assignment (i.e. not to take up any new clients) for a period of one month
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 5(1)
- Reg. 13
- Reg. 4(a)
- Reg. 28(2)
- Reg. 28
- Reg. 27
- Reg. 38(2)
Parties
- Ballabh Das Daga
Holding
The noticee Ballabh Das Daga was found to have violated Regulation 4(a) and (d) of the PFUTP Regulations read with Regulation 13 of the PFUTP Regulations, 2003, and Clause B (4) (a) of the Code of Conduct for Stock Brokers, by executing cross deals in the scrip of TFC. He was prohibited from taking up any new assignment (i.e. not to take up any new clients) for a period of one month.
Full text
Page 2 of 5 and 2.37% respectively. Because of this, the brokers had no delivery positions to the exchange on most of the days.
Page 3 of 5 by SEBI to the noticee to show cause as to why the appropriate penalty including penalty as recommended by the Enquiry Officer should not be imposed. The noticee was advised to reply to the SCN, within twenty one days from the date of receipt thereof. the noticee was also informed that in case of failure, it would be presumed that he 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 97.78% of the total trading of the noticee and 12.50% of the total volume of the market. As opposed to this, the noticee made a net purchase of only 0.15% of the total volume of the market.
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Source: SecMarx — sebi:WTM/PS/61/IVD/ID-3/DEC/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.