Prakash K Shah Shares and Securities Limited

SAT-appeal

• Dealer punched 17 lakh NIFTY 50 units instead of Rs 17 lakh value, creating Rs 980 cr sell order; appellant claims material mistake warranting annulment, NSE alleges gross negligence.
  NSE vide order dated 29 April 2013 rejected Emkay annulment application dated 7 October 2012 · NSE Disciplinary Action Committee vide order dated 29 October 2012 imposed Rs 25 lakh penalty holding trades outcome of error
  Appeal: Appeal No.64/2013 with 86/2013 and 87/2013 plus Misc.Appl.80-81/2014 before SAT; reserved 11.7.2014, decided 26.8.2014
• Annulment dispute over 5 Oct 2012 trades where both counterparties allegedly violated SEBI/NSE norms; Emkay sought annulment.
  NSE directed to take appellants' settlement on record and release withheld payment per settlement · NSE order dated 04 Dec 2014 modified to above extent
  Appeal: Appeal Nos.134 and 135 of 2015 disposed on 26.03.2015; prior Appeal No.64 of 2013 allowed by remand on 26.08.2014
• Annulment dispute over trades executed on 05 October 2012 where both parties to the trade were found to have violated SEBI/NSE norms.
  NSE directed to take on record settlement proposed by appellants and release withheld payment to parties in terms of settlement · NSE order dated 04 December 2014 modified to extent set out
  Appeal: Appeal Nos.134 and 135 of 2015 disposed on 26.03.2015; prior Appeal No.64 of 2013 allowed by way of remand on 26.08.2014
• Dealer sold 17 lakh NIFTY units (~Rs 980 cr) instead of Rs 17 lakh value; appellant sought annulment as material mistake, NSE rejected for gross negligence.
  NSE order 29 April 2013 rejected annulment application dated 7 Oct 2012 · NSE DAC order 29 Oct 2012 imposed Rs 25 lakh penalty holding trades were outcome of error
  Appeal: Appeal Nos. 64, 86, 87 of 2013 with Misc. Appl. 80-81/2014; reserved 11.7.2014, decided 26.8.2014