sebi:WTM/RKA/IVD/ID-7/16/2012
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Facts / Headnote
Certificate of Registration suspended for one month
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 4(a)
- Reg. 28(2)
- Reg. 27
- Reg. 28(1)
- Reg. 38
Parties
- M/s. G R Pandya Share Broking Ltd.
Holding
The order suspends the Certificate of Registration of M/s. G R Pandya Share Broking Ltd. (SEBI Registration No. INB010997538), a member of the Bombay Stock Exchange Limited, for a period of one month for contravening regulation 4(a),(b),(c) and (d) of the PFUTP Regulations and clauses A(3) and A(4) of the Code of Conduct for stock brokers.
Full text
Page 2 of 6 Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 (hereinafter referred to as ‘PFUTP Regulations’) and clause A(3) and A(4) of Code of Conduct for stock brokers as specified in Schedule II under regulation 7 of the SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 (hereinafter referred to as ‘Stock Brokers Regulations’).
Page 3 of 6 6. The important findings and recommendation in the Report of the Designated Authority are as under: 6.1. During the Investigation Period, the noticee was top gross buyer as well as seller in the scrip of the company. It had purchased 5,30,600 shares and sold 5,67,200 shares which constituted about 29% and 31% of gross buy and sell volume in the scrip at BSE. On 25 days the price of the scrip had opened at more than 4% compared to the previous day’s closing price. During the said 25 days, the noticee was buying broker in the first trades on 5 days when the buy order rate placed by the noticee was higher than or equal to the opening rate.
Page 4 of 6 Investigation Period. The following two tables shows a few instances of such cross deals and fictitious deals where noticee is both the buying and selling client and is at least a counter party:
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Source: SecMarx — sebi:WTM/RKA/IVD/ID-7/16/2012. 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.