9911796707
TMI Blog2012 (3) TMI 696X X X X Extracts X X X X X X X X Extracts X X X X ..... Practices relating to Securities Market) Regulations, 1995 read with regulations 4(1), 4(2) (a), (b), (e), and (g) of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 and restraining the appellant, along with five other entities, from accessing the securities market and prohibiting them from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of one year. The facts of the case, in brief, are that the appellant is stated to be a trader/jobber and a short term investor in securities market trading through Nirmal Bang Securities Private Limited, a stock broker registered with the Board. In or around 2001, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Board. An opportunity of personal hearing was granted to the appellant along with other entities whereafter the whole time member passed the impugned order on December 26, 2011 restraining the appellant from accessing the securities market as stated above. It is against this order that the present appeal has been filed. 2. We have heard learned counsel for the parties who have taken us through the records of the case. It was strenuously argued by the learned counsel for the appellant that it did not have a proper opportunity to defend itself because the Board has not provided copy of the investigation report and complete trade and order logs. It was also submitted that all trades were done in the ordinary course of business and on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nuously argued that the order needs to be set aside on the ground of violation of principles of natural justice for not providing the relevant material or alternatively needs to be sent back for fresh consideration in accordance with law and the material available on the record. 3. Learned counsel for the respondent Board submitted that there has been no violation of principles of natural justice as relevant extract of the trade/order logs were provided to the appellant along with show cause notice at Annexure-8 and another chart-Annexure 3A giving details of brokers and clients who are either connected to the company or connected to its directors/promoters. It was further submitted by her that the two transactions mentioned in para 25 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nvolved 13 other entities also. What has been provided to the appellant along with the show cause notice is the chart indicating the interconnection between the parties and also extract of the trades which were executed by it through its brokers. The interconnection between the parties has not been denied by the appellant. The only submission made in this regard is that it is erroneous and unjust to ascribe fraudulent and manipulative intent to its trades based on such relations. We are of the view that interconnection between the parties is only one of the factors which has been considered by the Board while arriving at its finding which is supported by other material collected by it during the course of investigation, more particularly th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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