sebi:WTM/PS/77/IVD/ID-04/FEB/2011
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Facts / Headnote
Certificate of registration of stock broker Amgis Holdings Pvt. Limited (INB 230676837) suspended for a period of two months, coming into force on expiry of twenty one days from the date of the order.
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 4
- Reg. 5(1)
- Reg. 13(2)
- Reg. 13(1)
- Reg. 4(b)
- Reg. 28(2)
- Reg. 38(2)
Parties
- Amgis Holdings Pvt. Limited
Holding
SEBI held that Amgis Holdings Pvt. Limited, a registered stock broker, aided and abetted its interrelated clients in executing structured/synchronized trades in the scrip of Sunearth, creating artificial liquidity and a false market, and failed to exercise due care and diligence as a prudent stock broker. The certificate of registration was suspended for two months instead of the twelve months recommended by the Enquiry Officer.
Full text
Page 2 of 10 went for stock split of its shares from the face value of `100 per share to `10 per share from February 05, 2001.
Page 3 of 10 Market) Regulations, 1995 (hereinafter referred to as ‘PFUTP Regulations’) and the Code of Conduct specified under Schedule II of SEBI (Stock Brokers and Sub-Broker) Regulations, 1992 (hereinafter referred to as ‘Broker Regulations’). The Enquiry Officer submitted his Report dated March 30, 2005, in terms of Regulation 13(1) of the Enquiry Regulations recommending thereby a penalty of suspension for a period of twelve months to the noticee for violating the provisions of Regulation 4 of PFUTP Regulations and Clauses A(2) of the Code of Conduct prescribed for Stock Brokers in Schedule II under Regulation 7 of Broker Regulations.
Page 4 of 10 Compliance Officer of noticee and Vinay Chauhan, Advocate appeared and made oral submissions. The noticee had sought ten days’ time to file the written submissions which was granted to it. The noticee filed the written
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Source: SecMarx — sebi:WTM/PS/77/IVD/ID-04/FEB/2011. 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.