sebi:WTM/TCN/40/IVD3/07/07

SEBI · SEBI · Dr. T.C. Nair, Whole Time Member

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Enquiry proceedings disposed of; no penalty levied

Provisions invoked

• s. 19

Regulations

• Reg. 4
• Reg. 7
• Reg. 13(4)

Parties

• M/s Bhavik Rajesh Khandhar Share & Stock Brokers Pvt. Ltd.

Holding

The enquiry proceedings against M/s Bhavik Rajesh Khandhar Share & Stock Brokers Pvt. Ltd. (BRK) were disposed of without levying any penalty, as the charges of aiding and abetting manipulation of the scrip of Sword and Shield Pharma Ltd. were not established.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER Under regulation 13(4) of Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing

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executed for the client through its sub broker only. In absence of any such evidence, it cannot be concluded that BRK played a manipulative role in the said transactions. Further it has been observed that BRK had no reason to suspect any wrong doing by its sub broker and therefore it cannot be concluded that BRK failed to exercise due skill and care. Based on the evidence available on record, the Enquiry Officer concluded that no default had taken place with regard to the trades executed for the client. In view of the same, it cannot be held that BRK has violated the provisions of Regulation 4 of FUTP and Clauses A(2), A (3) and A (4) of the Code of Conduct for stock brokers as specified in Schedule II under Regulation 7 of the Stock Brokers Regulations.

Source: SecMarx — sebi:WTM/TCN/40/IVD3/07/07. 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.