sebi:WTM/RKA/ERO/15/2013
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Certificate of registration of the noticee suspended for a period of three months
Provisions invoked
- s. 19
- s. 12(3)
Regulations
- Reg. 7
- Reg. 4(2)
- Reg. 30
- Reg. 28
- Reg. 27
- Reg. 28(1)
- Reg. 38(2)
Parties
- M/s M. Bhiwaniwala & Co. (Registration No. INB 030049211), Member, the CSE
Holding
The noticee stock broker was found to have violated regulations 4(2)(a), (e) and (o) of the PFUTP Regulations and clauses A(1),(2),(3),(4) and B(4)(a) of the Code of Conduct of Stock Brokers read with regulation 7 of the Stock Broker Regulations, and its certificate of registration was suspended for three months.
Full text
Page 2 of 7 Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (‘PFUTP Regulations’)and clauses A(1),(2),(3),(4) and B(4)(a) of the Code of Conduct of Stock Brokers specified in Schedule II read with regulation 7 of the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992 (‘Stock Broker Regulations’) by the noticee.
Page 3 of 7 set of clients. The clients codes of the clients placing the buy orders were also arranged in a seriatim in ascending order which is very unlikely until and unless it is pre arranged/premeditated. Such trading pattern has been illustrated as per the following table:
Page 4 of 7 19.11.04 9.00 8.20 8.60 250600 16000 16000 4.87% 7.12.04 24.35 0.00 29.20 300 200 0 19.91% 15.12.04 47.00 54.00 54.00 1000 1000 0 14.89% 24.12.04 85.00 95.10 95.10 3000 3000 3000 11.88% 27.12.04 95.10 105.10 105.10 20000 20000 20000 10.51% 28.12.04 105.15 95.20 98.90 2500 2500 2500 3.88% 30.12.04 108.40 115.40 115.40 10000 10000 10000 6.45% 31.12.04 115.40 125.40 125.50 25000 25000 25000 8.75% 3.1.05 125.50 137.00 137.00 10000 10000 10000 9.16% 5.1.05 151.90 167.75 169.10 27000 21000 21000 11.32% 6.1.05 169.05 170.00 169.70 73300 0 22100 0.38% 7.1.05 169.55 170.00 169.70 46500 3300 3300 0.08% 10.1.05 169.70 169.30 162.55 50800 0 4500 - 11.1.05 162.65 170.00 165.80 113950 19650 24500 1.93% 12.1.05 165.75 170.10 170.10 1132301 23800 23800 2.62% 14.1.05 170.05 170.00 170.10 77199 10200 10200 0.02%
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Source: SecMarx — sebi:WTM/RKA/ERO/15/2013. 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.