sebi:WTM/TCN/142/JAN/IVD/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Suspension of certificate of registration of NSPL having Registration No. INB230935437 for a period of one month, effective on expiry of 21 days from date of order
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 7
- Reg. 4
- Reg. 13(2)
- Reg. 4(a)
- Reg. 28(2)
- Reg. 13(4)
Parties
- Narayan Securities Pvt. Ltd.
Holding
NSPL violated Regulation 4(a), (b) and (c) of the PFUTP Regulations, 1995 and Clauses A(2), (3), (4) and (5) of the Code of Conduct for Stock Brokers and its certificate of registration is suspended for one month.
Full text
Page 2 of 18 (hereinafter referred to as “BSE”). Between January 7, 1998 and June 30, 1998, substantial price movements were observed in the shares of VML at NSE consequent to which SEBI asked NSE to conduct an investigation in the scrip and submit a report.
Page 3 of 18 January 22, 1998 451 451 418 418 1600 January 23, 1998 416 459 416 459 600 January 27, 1998 450 500 450 500 1300 January 28, 1998 545 545 545 545 100 January 30, 1998 573 573 573 573 100 February 2, 1998 576 576 576 576 900 February 3, 1998 576 576 530 549.25 5500 February 5, 1998 506 506 506 506 1000 February 6, 1998 556 556 556 556 100 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
Page 4 of 18 volume per day works out to 1,530 shares. However of these 34 days, on 20 days, less than 1,000 shares were traded in each session. As against this marginal trading, the price of the scrip of VML increased from Rs. 440/- to Rs. 705/- i.e. an increase of 60% in 34 trading days. Furthermore, of these 52,100 shares traded trades in 37,600 shares were executed as cross trades.
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Source: SecMarx — sebi:WTM/TCN/142/JAN/IVD/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.