sebi:WTM/TCN/84/IVD3/DEC/08
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Facts / Headnote
Suspension of certificate of registration of Sparkling Securities Pvt. Ltd., sub-broker affiliated to Churiwala Securities Pvt. Ltd., for a period of three months, effective on expiry of 21 days from the date of order
Provisions invoked
- s. 19
Regulations
- Reg. 4
- Reg. 13
- Reg. 4(a)
- Reg. 15
- Reg. 15(1)(b)
- Reg. 199
- Reg. 28(2)
- Reg. 15(1)
Parties
- Sparkling Securities Pvt. Ltd.
Holding
Sparkling Securities Pvt. Ltd. indulged in circular trading in the scrip of SIL and thereby violated Regulations 4(a), (b), (c) and (d) of PFUTP Regulations, 1995 and Clause A(2) of the Code of Conduct under the Stock Brokers Regulations, and its certificate of registration as sub-broker is suspended for three months.
Full text
2 1.4 Sparkling Securities Pvt. Ltd., (hereinafter referred to as “Sparkling Securities”), a sub - broker affiliated to Churiwala Securities Pvt. Ltd., member BSE was alleged to have executed circular trades at BSE on its own account thereby violating the provisions of Clause A(2) the code of conduct enumerated under scheduled II of Regulation 15 (1) (b) of the SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 and Regulations 4 (a), (b) (c) & (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995.
3 pasted at the premises of Sparkling Securities at the latest address available on record. 3.2 An opportunity of personal hearing was granted before me on November 28, 2006 to Sparkling Securities. The hearing letter was returned undelivered and therefore the said letter was pasted at the premises of Sparkling Securities. However, no one appeared for the hearing. Owing to the fact that earlier also the show cause notice and hearing letter have been pasted on the premises of Sparkling Securities and now they failed to appear before me for personal hearing, I am proceeding ex-parte on the basis of material available with me on record.
4 paragraphs. The details of dealings of these entities and the volume of trading are as under: Client Broker % Exchange Born Free Finance Pvt. Ltd. Kolar Sharex Pvt. Ltd. 27.63 BSE Panna Agrofine Pvt. Ltd. Kolar Sharex Pvt. Ltd. 2.93 BSE Dhanlaxmi Cotex Ltd. M R Share Broking Pvt. Ltd. 21.33 BSE Ashmita R Shah (introduced by Bharat H Jain) Parklight Investment Pvt. Ltd. through sub broker Gini Enterprises 14.13 BSE Bharat H Jain (introduced by Tarun K Gandhi) Parklight Investment Pvt. Ltd. through sub broker Gini Enterprises 5.6 BSE Sparkling Securities Churiwala Securities Pvt. Ltd. 7.42 BSE Jain Investment (Ramila Jain) (introduced by Bharat H Jain) AMS Stock Management 16.81 BSE Jaitra Estate Developers Pvt. Ltd. Rajkumar Chainirai Basantani 22.3 NSE Panna Agrofine Pvt. Ltd. Rajkumar Chainirai Basantani 6.05 NSE Bharat H Jain (introduced by Asmita R Shah) Makestar Securities Pvt. Ltd. 10.97 NSE Dhanlaxmi Cotex Ltd VRM Share Broking Pvt. Ltd. 7.29 NSE Own Account VRM Share Broking Pvt. Ltd. 2.43 NSE Ashmita R Shah (introduced by Bharat H Jain) H Nyalchand Financial Services Ltd. through sub broker Gini Enterprises 7.88 NSE Bharat H Jain (introduced by Tarun K Gandhi) H Nyalchand Financial Services Ltd. through sub broker Gini Enterprises 1.73 NSE AMS Finance & Securities Ltd. (introduced by R.K. Bhagchandka) R K Global Shares & Securities Ltd. 6.6 NSE
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Source: SecMarx — sebi:WTM/TCN/84/IVD3/DEC/08. 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.