Aryav Securities Pvt. Ltd.

SAT-appeal

• SEBI alleged that clients of the appellants executed unnatural reversal trades to generate abnormal profits or losses; the brokers were restrained based primarily on the volume of such trades executed through them.
  SEBI's ex-parte ad-interim order dated 17 February 2016 was quashed and set aside qua all five appellants · SEBI remained free to initiate proceedings and pass orders in accordance with law
  Appeal: Appeal Nos. 45, 46, 47, 49 and 50 of 2016 disposed of by SAT on 04 March 2016; impugned order quashed qua appellants
• Stock brokers allegedly facilitated large volume of unnatural / non-genuine reversal trades by clients to generate artificial profit/loss, with no material that brokers knew trades were non-genuine.
  Ex-parte ad-interim WTM order dated 17 February 2016 quashed and set aside qua the five appellants · SEBI free to initiate proceedings against appellants in accordance with law
  Appeal: Appeal Nos. 45, 46, 47, 49 and 50 of 2016 disposed by common SAT order dated 04.03.2016
• Alleged facilitation of unnatural non-genuine reversal trades by clients through brokers to book artificial profit/loss
  Ex-parte ad-interim order dated 17 Feb 2016 quashed and set aside qua the five appellants · SEBI free to initiate fresh proceedings against appellants in accordance with law
• Alleged execution of large volume of unnatural reversal trades by clients through appellants as brokers to make unnatural profit/loss; brokers restrained solely on trade volume without evidence of awareness.
  Ex-parte ad-interim order of WTM dated 17 February 2016 quashed and set aside qua the five appellants herein · SEBI at liberty to initiate proceedings against appellants in accordance with law and pass orders as deemed fit
  Appeal: Appeal Nos. 45, 46, 47, 49 and 50 of 2016 disposed on 04.03.2016 by common order quashing impugned ex-parte order qua appellants
• Stock brokers allegedly facilitated non-genuine / unnatural reversal trades by clients to generate artificial profit/loss exceeding Rs.5 crore.
  Ex-parte ad-interim WTM order dated 17 Feb 2016 quashed and set aside qua the five appellants. · All five appeals disposed of with no order as to costs.
  Appeal: Appeal Nos. 45, 46, 47, 49 and 50 of 2016 heard together and disposed of on 04.03.2016; impugned ex-parte order set aside qua appellants.