2010 (1) TMI 1254 - AT - Companies Law

Summary

Issues involved: Allegations of executing circular and reverse trades, synchronization of trades, manipulation in trading activities.

Summary:

The judgment by the Securities Appellate Tribunal dealt with the case of a stock broker accused of executing circular and reverse trades on behalf of a client. The appellant broker was found to have engaged in manipulative trading practices, specifically involving the synchronization of trades with the client. The Tribunal upheld the findings that the trades executed were manipulative and circular in nature, leading to the imposition of a monetary penalty of Rs. 4 lacs on the broker. The appeal filed by the broker was dismissed, affirming the decision of the adjudicating officer.