sebi:WTM/TCN/82/IVD2/02/2008
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Facts / Headnote
Penalty of suspension of certificate of registration for a period of three days imposed on Latin Manharlal Securities Pvt. Ltd.
Provisions invoked
- s. 19
- s. 20
Regulations
- Reg. 7
- Reg. 4
- Reg. 13
- Reg. 5
- Reg. 3(2)
Parties
- Latin Manharlal Securities Pvt. Ltd.
Holding
SEBI found that Latin Manharlal Securities Pvt. Ltd. (LMSPL) aided and abetted Ketan Parekh entities in executing synchronised and circular trades in HFCL, GTL and AEL, thereby creating a false and misleading appearance of trading, and imposed a penalty of three days' suspension of its certificate of registration.
Full text
2 in the shares of Himachal Futuristic Communications Ltd. (hereinafter referred to as HFCL), Global Telesystems Ltd. (hereinafter referred to as GTL) and Adani Exports Ltd. (hereinafter referred to as AEL) during the period April 01, 2000 to March 31, 2001.
3 (Stock Brokers and Sub Brokers) Regulations, 1992 (hereinafter referred to as the “Stock Brokers Regulations”). 1.4 Accordingly, an Enquiry Officer was appointed vide order dated October 14, 2004 under Regulation 5 (1) of the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (hereinafter referred to as “Enquiry Regulations”) to enquire into violations alleged to have been committed by LMSPL. The Enquiry Officer conducted the enquiry in terms of the Enquiry Regulations and found that the actions of LMSPL were violative of Regulation 4 (b), (c) (d) of the PFUTP Regulations and Clause A (2) of the Code of Conduct specified under Schedule II read with Regulation 7 of Stock Brokers Regulations. The Enquiry Officer submitted his report dated May 19, 2005, recommending a penalty of suspension of certificate of registration of MBSL for a period of one month.
4 i. From the perusal of trade logs relied upon by the enquiry officer and investigation officer it is revealed that the same is beyond the period of investigation as it takes into account the transaction executed during the period October 1999 to March 2000 whereas the investigation
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Source: SecMarx — sebi:WTM/TCN/82/IVD2/02/2008. 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.