sebi:WTM/SKM/EFD1-DRA-III/17/2019-20
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Directions issued against all Noticees under Sections 11(1), 11(4) and 11B read with Section 19 of the SEBI Act, 1992 for violations of PFUTP Regulations, 2003 and Code of Conduct
Provisions invoked
- s. 19
- s. 12A
- s. 12
- s. 299
Regulations
- Reg. 3
- Reg. 3(c)
- Reg. 2(1)(b)
Parties
- Noticee no. 1 (Mr. Ajay Shah)
- Noticee no. 2 (Infotech Financials / Infofin)
- Noticee no. 3
- Noticee no. 4 (Ms. Susan Thomas)
- Noticee no. 5
Holding
The Noticees were found to have violated the PFUTP Regulations, 2003 and the Code of Conduct applicable to directors/functionaries of stock exchanges by collusively misusing confidential NSE trade data provided for the LIX project to develop and sell algorithmic trading software, and directions were issued against them under Sections 11(1), 11(4) and 11B of the SEBI Act, 1992.
Full text
Page 2 of 41 National Stock Exchange of India Ltd. (hereinafter referred to as "NSE"). It was alleged in the complaints that Noticees who are related/connected entities have used their position and connection with NSE to their advantages and thereby benefitted themselves in breach of the applicable laws and rules. Accordingly, based on the gravity of allegations made in the complaints, SEBI decided to conduct an examination in the matter for the period 2009-2016. The period of the examination was extended as and where felt necessary.
Page 3 of 41 professional fees for conducting training, workshops, research projects etc., from NSE and its affiliate companies. Thus, Mr. Ajay Shah and Ms. Susan Thomas were found to be actively engaged with NSE and its affiliate companies for more than two decades in different capacities.
Page 4 of 41 be a severe problem if this fact comes to light since NSE has not given anyone else this data.)” (emphasis supplied to underlined words)
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Source: SecMarx — sebi:WTM/SKM/EFD1-DRA-III/17/2019-20. 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.