sebi:WTM/TCN/06/MIRSD/June/08
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Proceedings disposed of; no further action taken as Sanjay Bansal had already undergone prohibition for four years and nine months
Provisions invoked
- s. 19
- s. 12
Regulations
- Reg. 13(4)
- Reg. 5(1)
- Reg. 13(2)
- Reg. 6
- Reg. 12
- Reg. 200
- Reg. 1
Parties
- Sanjay Bansal
Holding
Sanjay Bansal was held guilty of multiple violations including providing trading terminals to an unregistered person, failure to maintain records, deficiencies in agreements, failure to make payments within 48 hours, dealing with unregistered sub-brokers, unauthorized trading terminals, and failure to frame an insider trading code. However, no further action was taken as he had already undergone a prohibition for four years and nine months.
Full text
Page 2 of 10 Time Member, SEBI, vide order dated August 13, 2003 directed that an inspection of the office of Sunil Kayan be undertaken by SEBI. Pursuant to the order, inspection of the office of Sunil Kayan at 8, Lyons Range, Kolkatta – 700001 was undertaken on August 14, 2003. The inspection team concluded prima facie that: (a) Sunil Kayan used trades executed by him on the trading terminals as bench marks for prices of the scrips and based on these prices; larger trades were executed outside the stock exchange mechanism. (b) Besides indulging in unauthorised trading in Futures & Options, Sunil Kayan indulged in trades in Futures & Options outside the Stock exchange mechanism. (c) Sunil Kayan entered into off the floor transactions in securities and not reported them to the stock exchange and (d) Sanjay Bansal had placed two terminals of NSE at the disposal of Sunil Kayan and had thereby aided and abetted him in his illegal activities.
Page 3 of 10 5. Thereafter, SEBI appointed an Enquiry Officer, vide order dated December 18, 2003 under Regulation 5(1) of SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (hereinafter referred to as “the Enquiry Regulations”) to enquire into the alleged irregularities/violations committed by Sanjay Bansal. The Enquiry Officer issued a show cause notice dated February 12, 2004 in terms of Regulation 6 of the Enquiry Regulations to Sanjay Bansal.
Page 4 of 10 9. An opportunity of personal hearing was granted before me on May 23, 2008 at the regional office of SEBI at Kolkata wherein Shri. Sanjay Bansal appeared before me and made submissions.
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Source: SecMarx — sebi:WTM/TCN/06/MIRSD/June/08. 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.