sebi:WTM/TCN/46/ID3/Sept/2008
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
NASSB and UMNL restrained from accessing capital market and dealing in securities for six months; Shri Sanjeev Bansal restrained from dealing in securities for one year; Shri Pramod Jain restrained from dealing in securities for six months; no directions issued against Shri Ashok Agarwal.
Provisions invoked
- s. 11
- s. 24
- s. 11(4)
- s. 19
Regulations
- Reg. 4
- Reg. 11
- Reg. 3
- Reg. 9
- Reg. 8
Parties
- M/s New Age Shares and Stock Brokers Pvt Ltd (NASSB)
- Universal Media Network Ltd (UMNL) (earlier Arihant Equity Fund Ltd)
- Shri Sanjeev Bansal
- Shri Ashok Agarwal
- Shri Pramod Jain
Holding
NASSB, UMNL and Shri Sanjeev Bansal violated Regulations 4(a) and 4(b) and Shri Sanjeev Bansal violated Regulation 3 of the FUTP Regulations, 1995, and Shri Pramod Jain violated Regulation 4(a) and Regulations 9(1) and 9(4); debarment directions were imposed on NASSB, UMNL, Sanjeev Bansal and Pramod Jain, with no directions against Ashok Agarwal.
Full text
2 2. The scrip of SRG was listed on the National Stock Exchange, Bombay Stock Exchange, Ahmedabad Stock Exchange, Madras Stock Exchange, Calcutta Stock Exchange and Delhi Stock Exchange.
3 investors, information and documents etc were called from the brokers and their directors and their statements were also recorded.
4 held on January 11, 1999, authorizing Shri Sanjeev Bansal and/or Shri Pramod Kumar Jain to operate the bank account of UMNL with Bank of America, New Delhi duly signed by Shri Pramod Jain and Shri Sanjeev Bansal. (e) Photocopy of letter dated May 10, 1999 signed by Shri Sanjeev Bansal on behalf of UMNL authorizing M/s Integrated Master Securities Pvt Ltd (“IMS”) to transfer credit balance in Settlement No. 9917 of NSE towards Debit balance in Settlement No. 7 of BSE. (f) Photocopy of Bill No. Group A/07/000/ dated May 17, 1999 in Settlement period from May 3, 1999 to May 7, 1999 duly receipted/acknowledged by Shri Sanjeev Bansal in token of various transactions done with IMS on BSE in the said Settlement. (g) Photocopy of DP Delivery Instruction Slip No. 131196 dated June 28, 1999 in relation to transfer of 82000 shares of SRG duly signed by Shri Sanjeev Bansal as director of UMNL, sold by UMNL in Settlement No. 121 of 1999 towards Pay-in. (h) Photocopy of Account Opening Form of Depository Account of UMNL with IMS duly signed by Shri Sanjeev Bansal as a Director. (i) Photocopy of a letter received by IMS as Depository Participant from UMNL. It appears from the letter that M/s Arihant Equity Fund has changed its name to UMNL but the registered office address continues to be the same. (j) Photocopy of statement recorded of Shri Virendra Khaneja, Director IMS on June 16, 2004.
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Source: SecMarx — sebi:WTM/TCN/46/ID3/Sept/2008. 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.