sebi:WTM/VKC/ID6/34/07
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Show cause notice disposed of without imposing any penalty or direction
Provisions invoked
- s. 19
Regulations
- Reg. 13(4)
- Reg. 4(a)
- Reg. 6
- Reg. 7
- Reg. 4(b)
Parties
- M/s BLB Ltd. (M/s BLB Shares and Financial Services Ltd.), Broker, Calcutta Stock Exchange
Holding
The show cause notice issued to M/s BLB Ltd. was disposed of without imposing any penalty or direction, as the 18 synchronized trades in Ranbaxy shares did not establish any pattern suggesting intended manipulation.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order No.WTM/VKC/ID6/34/07 DATE OF HEARING 13.10.2006 APPEARANCES FOR COMPANIES/ BROKERS: FOR SEBI
The Investigation was not conducted against us, and our name got included incidentally because our total orders in the scrip were above 1,00,000 shares (orders above 5000 shares c the 300 days period. Had the total of our selected transactions been even 99,999 shares, our name would not have been there.
B L B SHARE & FINANCIAL SERVIC DINESH KUMAR SINGHANIA & CO. B L B SHARE & FINANCIAL SERVIC 10/12/1999 12:13:11 10000 1159.80 LALIT & CO. 12:13:11 10000 1159.80 0:00:00 0.00 J. V. S. SECURITIES PVT. LTD. 10/14/1999 14:52:47 30000 1214.40 B L B SHARE & FINANCIAL SERVIC 14:52:46 30000 1214.40 0:00:01 0.00 B L B SHARE & FINANCIAL SERVIC 10/15/1999 14:48:47 11500 1136.80 KRISHNA KUMAR DAGA 14:48:47 11500 1136.80 0:00:00 0.00 B L B SHARE & FINANCIAL SERVIC 10/26/1999 14:59:59 15000 995.30 KANODIA STOCK BROKING (P) LTD 14:59:59 15000 995.30 0:00:00 0.00 5.5 From the above table it is clear that the Broker had executed 18 synchronized trades in the shares of Ranbaxy and in all these cases, order quantity and price are same with counter party order qua price. It is observed that orders were placed at the same time in most of the cases with counter party members, while in few cases the orders were matched within a gap of a second. I also find percentage of the matching transactions of the member to his total transactions in the shares of Ranbaxy during the relevant days under consideration is 1.5%. 5.6 According to Enquiry Officer, an order of 5,000 Ranbaxy shares out of total 3,15,300 shares (i.e.1.58%) of the Broker were matched with another Broker Ashok Kumar Poddar, who had dealt fo connected or associated with Ketan Parekh group. Ashok Kumar Poddar had been declared defaulter by CSE. Subsequently, SEBI cancelled their registration and published the same v Release dated July 30, 20
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Source: SecMarx — sebi:WTM/VKC/ID6/34/07. 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.