sebi:WTM/SM/EFD1/EFD1_DRA1/18217/2022-23
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticees held guilty of violating regulation 4(2)(a), 4(2)(g) & 4(2)(n) of the PFUTP Regulations, 2003 and Clause A (1), (3), (4) and (5) of Code of Conduct for brokers specified in Schedule II of regulation 7 of the Stock Brokers Regulations, 1992; prohibited from registering fresh/new clients for a period of 03 months from the date of this order.
Provisions invoked
- s. 19
- s. 12
Regulations
- Reg. 7
- Reg. 4
- Reg. 4(2)
- Reg. 4(2)(a)
- Reg. 27
- Reg. 27(5)
- Reg. 25(1)
- Reg. 27(1)
Parties
- Bakliwal Financial Services (India) Pvt. Ltd.
- Bakliwal Investment
Holding
The Noticees were held guilty of executing circular and synchronized trades, creating artificial volumes, entering orders without intention to transfer ownership of shares, and misusing the Exchange platform to raise funds from bank by way of an overdraft facility against Exchange payouts, in violation of regulation 4(2)(a), 4(2)(g) & 4(2)(n) of the PFUTP Regulations, 2003 and Clause A (1), (3), (4) and (5) of the Code of Conduct under the Stock Brokers Regulations, 1992. The Noticees were prohibited from registering fresh/new clients for a period of 03 months.
Full text
__________________________________________________________________________________________ Final Order in the matter of Nahar Spinning Mills and Tricom India Ltd. Page 1 of 20
__________________________________________________________________________________________ Final Order in the matter of Nahar Spinning Mills and Tricom India Ltd. Page 2 of 20
__________________________________________________________________________________________ Final Order in the matter of Nahar Spinning Mills and Tricom India Ltd. Page 3 of 20
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Source: SecMarx — sebi:WTM/SM/EFD1/EFD1_DRA1/18217/2022-23. 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.