Secunderabad Oils Ltd.

SAT-appeal

• Prima facie manipulative and fraudulent conduct allegedly disturbed market equilibrium in Castor Seed futures by repeated MTM payment delays and concentrated open interest.
  Appeals challenged the SEBI ex-parte ad-interim restraint order dated 2 March 2016. · Appellants were to file objections before SEBI and could be heard on 10 May 2016.
  Appeal: Appeal Nos. 81, 82 and 83 of 2016 were heard together; common SAT decision dated 5 May 2016. The supplied text does not include the final operative disposal beyond paragraph 15.
• Prima facie alleged repeated delays in meeting MTM/pay-in obligations in Castor Seed Contracts, disturbing market equilibrium and indicating manipulative or fraudulent design.
  Appeals challenged SEBI's ex-parte ad-interim restraint order dated 02 March 2016. · Appellants were required to file objections before SEBI and indicate whether they wanted a hearing.
  Appeal: Appeal Nos. 81, 82 and 83 of 2016 were heard together; SAT decision dated 05 May 2016, with the supplied text ending before the final operative disposal.
• Prima facie that 16 entities including appellants disturbed market equilibrium in Castor Seed contracts via repeated MTM/pay-in failures indicating manipulative/fraudulent design to maintain price/benefit physical positions.
  Restrained 16 entities including appellants from buying, selling or dealing in securities market directly or indirectly till further directions · Called upon entities to file objections within 21 days and indicate if they seek hearing; SEBI fixed hearing on 10 May 2016
  Appeal: Appeal Nos. 81, 82 and 83 of 2016 against SEBI ex-parte ad-interim order dated 02 March 2016; reserved on 03.05.2016, decided on 05.05.2016
• Prima facie repeated failure to discharge MTM pay-in for Castor Seed contracts disturbing market equilibrium with manipulative/fraudulent design.
  WTM ex-parte ad-interim order 02.03.2016 restrained 16 entities from buying/selling/dealing in securities market till further direction · 16 entities called to file objections within 21 days and state if personal hearing wanted
  Appeal: Appeal Nos. 81, 82, 83 of 2016 against WTM ex-parte ad-interim order dated 02.03.2016; reserved 03.05.2016, decided 05.05.2016