sebi:WTM/VKC/ID5/116/07
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Facts / Headnote
Restrained M/s Nalini Properties Pvt. Ltd., M/s Khuda Gawah Investments Pvt. Ltd. and its Director Shri D.S. Pendse from accessing the securities market and prohibited them from buying, selling or otherwise dealing or associating with the securities market for a period of two years, with immediate effect.
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 19
- s. 13
- s. 12
- s. 11A
- s. 15
- s. 18
- s. 13(1)
Regulations
- Reg. 11
- Reg. 3
- Reg. 13
- Reg. 12
- Reg. 14
- Reg. 6(a)
- Reg. 11(1)
Parties
- M/s Nalini Properties Pvt. Ltd.
- M/s Khuda Gawah Investments Pvt. Ltd.
- Shri D.S. Pendse
Holding
The Noticees violated Section 13 of the SCRA and Regulation 6(a) and (d) of the PFUTP Regulations, 1995 read with corresponding provisions of the PFUTP Regulations, 2003 by entering into illegal off-market carry forward transactions in GTL shares. They were restrained from accessing and dealing in the securities market for a period of two years.
Full text
Page 2 of 14 (hereinafter referred to as ‘KGIPL’). Smt. Anuradha Pendse, wife of Shri Pendse is one of the Directors of Nalini Properties Pvt. Ltd. (hereinafter referred to as ‘NPPL’).
Page 3 of 14 Regulations, 1995 (hereinafter referred to as ‘PFUTP Regulations’) and also the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’).
Page 4 of 14 8. The Noticees also submitted that the BSE Rules, Bye-laws and Regulations do not restrict the issuance of a Form-B Contract Note merely to a transaction on a principal to principal basis which is on a spot delivery basis. They submitted that, it may also be issued to a transaction on a principal to principal basis which relates to a Carry- over/ Carry-forward position, as Regulation 14 of BSE Rules, Bye-laws and Regulations specifically permits/recognizes the same.
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Source: SecMarx — sebi:WTM/VKC/ID5/116/07. 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.