sebi:WTM/PS/69/IVD/ID-03/FEB/2012
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Facts / Headnote
Warning issued to noticee to be more careful and cautious
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 28(2)
- Reg. 28
- Reg. 27
- Reg. 5(1)
- Reg. 38(2)
Parties
- Balkrishna Maheshwari Share Brokers Private Limited
Holding
The noticee, Balkrishna Maheshwari Share Brokers Private Limited, sub-broker of MPSE Securities Limited, was warned to be more careful and cautious and to adhere to statutory provisions for failing to perform its duties under the Code of Conduct for stock brokers.
Full text
Page 2 of 6 structured deals and executed circular/ reversal of trades in the shares of DBL and thereby created artificial volumes and influenced the price of the scrip.
Page 3 of 6 5. The noticee replied to the SCN vide its letter dated June 27, 2009. Before proceeding further, an opportunity of personal hearing was granted to the noticee before me on December 02, 2011. On the date fixed for personal hearing, Mr. Bhupendra Maheshwari, the director of the noticee appeared and made oral submissions before me.
Page 4 of 6 scrip of DBL. I have seen the trading pattern of the client of the noticee from the Enquiry Report, wherein there was continuous matching of trades in a structured and reversal manner the same have been brought out below for reference:
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Source: SecMarx — sebi:WTM/PS/69/IVD/ID-03/FEB/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.