sebi:WTM/RKA/ID3/56/2013
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Benefit of doubt given to noticee on charge of creating artificial volumes; noticee cautioned to be more vigilant in future
Regulations
- Reg. 7
- Reg. 13
- Reg. 4(a)
- Reg. 28
- Reg. 28(1)
Parties
- V R M Share Broking Private Limited
Holding
The Designated Member gave the noticee the benefit of doubt on the charge of creating artificial volumes in the scrip, finding that the pattern of trades did not suggest the noticee was part of premeditated plans for creation of artificial volumes, while noting the noticee had executed several trades for its connected client that were perfectly synchronised with respect to price, quantity and time.
Full text
Page 2 of 9 Regulations') (since repealed) and vide an order dated December 12, 2008 suspended the registration of the noticee for a period of one month. In the appeal filed by the noticee against the said order, the Hon'ble Securities Appellate Tribunal (SAT) vide its order dated July 08, 2009 remanded the matter to SEBI to look into matter afresh.
Page 3 of 9 (c) The noticee was trading for its client Dhanlaxmi, in the said 290 structured deals and out of these structured deals, 134 structured deals were with Shri Basantani as described in the following table:
Page 4 of 9 iii. Ramila B Jain, director of a client, Jain Investment, is the wife of another client Bharat H. Jain who is also the introducer of Asmita R Shah another client. Bharat H Jain has been a registered client with Shri Basantani at NSE for a long period of time. iv. Shri Dhiren Vora, the Director of H. Nyalchand Financial Services Ltd., member NSE is the brother of Shri Uday Vora, director of Park Light Investment Pvt. Ltd. v. The noticee, M. R. Share Broking Pvt. Ltd. ('MR'); a member BSE and Dhanlaxmi , a client are sister concerns. The three entities have a common director, Shri Ramautar Jhawar. vi. Shri Vinod Bagri is the director of AMS Stock Management Pvt. Ltd. ('AMS'). His wife, Smt. Alka Bagri is erstwhile director of AMS. Further, Shri Vinod Bagri’s brother-in-law, Shri Brij Mohan Binani is the Director of AMS. R K Bagchandka, director of R K Global, is introducer of AMS to R K Global.
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Source: SecMarx — sebi:WTM/RKA/ID3/56/2013. 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.