sebi:WTM/PS/63/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
Noticee Basant Kumar Chirimar (SEBI Registration No. INB 030513217) prohibited from taking up any new assignment (i.e. not to take up any new clients) for a period of three weeks, effective on expiry of twenty one days from the date of order.
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
- Basant Kumar Chirimar
Holding
The noticee Basant Kumar Chirimar violated Regulation 4(a) and (d) of PFUTP Regulations, SEBI Circular SMDRP/POLICY/CIR-32/99 dated September 14, 1999 and Clause B (4) (a) of the Code of Conduct for Stock Brokers, and was prohibited from taking up any new assignment for three weeks.
Full text
Page 2 of 6 any corporate actions of TFC. Further, it was revealed that the trading was highly concentrated among the top 10 stock brokers who had traded in the scrip. The said stock brokers were found to be engaged in cross trades which led to increase in volumes. This trading had accounted for 81.25% of gross purchases, 82.63% of gross sales. However, despite such high trading concentration, the net purchase and sales was very small, amounting to 2.18% and 2.37% respectively. Due to this, the brokers had no delivery positions to the exchange on most days.
Page 3 of 6 assignment for a period of three weeks to the noticee for violating Regulation 4(a) and (d) of PFUTP Regulations read with Regulation 13 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003, Clauses B 4(a) and (b) of the Code of Conduct specified under Schedule II of the Broker Regulations and SEBI Circular No. SMDRP/POLICY/CIR-32/99 dated 14/09/1999.
Page 4 of 6 (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003? b. Whether the noticee had violated SEBI circular SMDRP/POLICY/CIR-32/99 dated September 14, 1999? c. Whether the noticee had violated Clauses B (4) (a) and (b) of the Code of Conduct prescribed for Stock Brokers in Schedule II under Regulation 7 of Broker Regulations?
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/PS/63/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.