sebi:WTM/TCN/111/IVD2/Jan/2009
Facts / Headnote
Restrained the seven noticees from being associated with the securities market in any manner whatsoever and from buying, selling and dealing in securities for a period of two years each.
Provisions invoked
- s. 11
- s. 11(4)
- s. 19
Regulations relied on
- SEBI (PFUTP) Regulations, 1995 — 11
- SEBI (PFUTP) Regulations, 1995 — 4(a)
- SEBI (PFUTP) Regulations, 1995 — 4(b)
- SEBI (PFUTP) Regulations, 1995 — 4(c)
- SEBI (PFUTP) Regulations, 2003 — 4
Parties
- Prabhat and Co.
- Shri Ashok Agarwal
- Shri Sanjeev Bansal
- Shri Sandeep Bansal
- New Age Shares and Stock Brokers Pvt. Ltd.
- Big Star Films Ltd. (formerly Moon Holding and Credit Ltd.)
- Systel Infotech Ltd. (formerly Ketaki Estate and Finance Ltd.)
Holding
The seven noticees were found to have violated Regulations 4(a) to 4(c) of the PFUTP Regulations by engaging in cross trades and structured/synchronized trading to artificially manipulate the price and volume of VML scrip, and were restrained from association with the securities market for two years each.
Full text
Page 2 of 25 small number of shareholders with private corporate bodies holding 71.69% of the shares of the company. 2. The shares of VML were listed at the National Stock Exchange of India Ltd. (hereinafter “NSE”) and The Bombay Stock Exchange Ltd. (hereinafter “BSE”). During January 1, 1998 and June 30, 1998, substantial price movements were observed in the shares of VML and therefore Securities and Exchange Board of India (hereinafter “SEBI”) advised NSE and BSE to conduct an investigation into the trading in the scrip and submit a report.
Page 3 of 25 brokers. NSE also observed that entities allegedly associated with the Vatsa group had dealt in the scrip during the above periods.
Page 4 of 25 Date Opening Price High Price Low Price Closing Price Traded Quantity February 9, 1998 605 605 605 605 100 February 10, 1998 602 602 602 602 100 February 17, 1998 602 602 602 602 200 February 24, 1998 604 604 604 604 500 February 25, 1998 647.2 647.2 545 545 5600 March 2, 1998 596 596 596 596 100 March 3, 1998 625 640 625 640 200 March 19, 1998 577 577 577 577 100 April 17, 1998 590 590 590 590 600 April 21, 1998 595 595 595 595 600 April 30, 1998 565 565 565 565 400 May 20, 1998 621 621 621 621 600 May 21, 1998 625 625 625 625 300 June 24, 1998 685 685 660 660 500 June 25, 1998 705 705 705 705 500
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/TCN/111/IVD2/Jan/2009. 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.