Allowed

Nirmal Bang Securities Pvt. Limited

SAT31 Oct 2003

Case brief

AI extract

What is this about?

The SAT allowed appeals against SEBI's order cancelling the registration of four Bang entities. While upholding findings on synchronized trading and short sales violations, the Tribunal found insufficient evidence for the central charge of market manipulation. Consequently, the penalty was reduced from cancellation to suspension.

What did the court decide?

Cancellation of registration set aside; penalty reduced to suspension of registration for 2 years (Nirmal Bang) and 3 years (Bama); no penalty against BSPL.

Nirmal Bang Securities Pvt. Limited — Securities and Capital Markets | SAT (2003)

Allowed

Nirmal Bang Securities Pvt. Limited

SAT31 Oct 2003

Download

Case brief

AI extract

What is this about?

What did the court decide?

Cancellation of registration set aside; penalty reduced to suspension of registration for 2 years (Nirmal Bang) and 3 years (Bama); no penalty against BSPL.

¶41

The Respondent, in the light of the findings of the Enquiry Officer issued a sho the Appellants on 30.5.2002. They responded to the same by filing replies submissions and filed written submissions also. The Respondent adjudicated m the conclusion that the Appellants "have indulged in large trading transaction depress the market artificially in a concerted manner, (indulged) in short sa trading, trading in particular time slots when the share prices registered substa of large transactions through unregistered sub brokers". In the light of the Respondent held the Appellants guilty of violating the Code of Conduct specif of the Stock Broker Regulations and regulations 4(a) to (d) of FUTP Regula cancellation of the Appellants’ registration with SEBI. Claiming to be aggr order the Appellants preferred the present appeals under section 15T of th Exchange Board of India Act, 1992, (the SEBI Act) praying inter alia that order dated 30.7.2002 be set aside. Shri Janak Dwarkadas, learned Senior Counsel appearing for the Appellan profile of the Appellants in each of the appeals. He submitted that the App no.54/2002 (NBS) and 55/2002 (BEB) are corporate members of Bombay (BSE) with three membership rights. Appellant in appeal no.56/2002 (Bam National Stock Exchange and Appellant in appeal no. 57/2002 (BSPL) is Appellants in appeal no.54/2002 and 55/2002. The Appellant companies are pr management of the family members of Shri Nirmal Bang, namely Shri Del Kishore Bang. There are over 100 sub brokers registered under these entities – NBS , 20 of BEB and 35 of Bama providing service to over 10000 retail inv country. According to the Appellants during the year 2000-2001, their annua was to the tune of Rs.57,196 crores. Learned Senior Counsel submitted th merely act as brokers for their various clients and transact in securities on the giving them any advice as to what securities to buy or sell, that they simply e for the sale or purchase of securities placed with them by their clients witho contributing to the investment decisions of their client in any manner. submitted that SEBI has not bothered to recognise the Appellants’ position. orders of the clients as the clients’ agents, the Appellants can not be held to price manipulation, that the Respondent has not made any attempt to find alleged transactions were all proprietary transactions or transacting for Dwarkadas submitted that according to the Respondent’s theory Bulls are go bad. He submitted that a market cannot operate without a buyer and a seller, th to condemn those who sell the shares. Learned Senior Counsel submitte provided several built in safeguards to regulate the market and it is for SEBI t safeguards were not observed, that carrying on transactions without flou

¶43

Learned Senior Counsel referred to the list of dates and events furnishe submission of the Appellants and submitted that in 1999-2000 there was boom in the information technology communication and entertainment stock over the world, that this resulted in buoyancy in the price of ICE stocks, that t stocks rose inter alia on NASDAQ as well as on the Stock Exchanges in Indi period the prices of these ICE stocks touched all time higher figures. He subm companies whose prices, the Appellants are accused of artificially depressing, part of the unprecedented boom in prices during the period. Learned Senior C during the period March 2000 –2001 the upward trend in the prices of the ICE global meltdown and the prices of these shares fell rapidly during this perio registered a fall of over 60% during this period, that even in India the pric crashed and the Sensex registered a fall of around 28% during this period, tha the Appellants are accused of depressing, also witnessed a fall in prices in t trend. He submitted that on 28.2.2001, on presentation of Union Budget, the Se points. The share prices reacted to the market sentiment and rose, including th referred to in SEBI’s order, but SEBI has not charged any person in the contex by 176 points. But Sensex fell by 171 points on 2.3.2001. According to th Counsel this fall was due to sell off by foreign funds in Technology, Media an and profit warning by Oracle, the world’s second largest software company media, that the Respondent took note of the said fall and commenced investig the reasons for the fall in the market, though it did not consider to carry out an the sudden spurt of Sensex by 176 points on 28.2.2001. He submitted that SEB in such a manner, as if it is mandated to carry out investigations etc., only whe fall and not when the prices move up even if such movement is artificial Counsel stated that on 13.3.2001 "Tehehlka" revelations led to overall depr sentiment owing to political instability. He submitted that the Respondent circumstances leading to the fall in price of scrips, which was a general p decided to charge the Appellants responsible for depressing the market without Learned Senior Counsel having stated the scenario as aforesaid made the follow

¶57

covered by the FUTP Regulations, different penalties are prescribed for mar and fraud by Regulation 26 of the Stock Broker Regulations. Thus, it is cl intermediary – such a Broker / Sub-Broker – is found guilty of violating the F the penalty which may be awarded would depend upon whether the violation within Regulation 26(1) or Regulation 26(2) of the Stock Broker Regulation manipulation and fraud are both covered by the FUTP Regulations, market ma suspension of registration, fraud entails cancellation of registration. The diffe of suspension and cancellation have obviously been provided for on the basis of the charge / violation. The charge of fraud, being more serious than manipulation, therefore entails cancellation of registration while market ma suspension of registration. As far as the Appellants are concerned, the charge the Appellants is that of market manipulation, i.e. violation of Regulation Regulations. This would be covered by Regulation 26(1)(i)(v) of the Stock B and not by Regulation 26(2). Accordingly, there was no question of canceling the Appellants and the impugned order is therefore clearly ultra vires and w Regulation 13 of the FUTP Regulations, uses the word "intermediary". An in include merchant bankers, portfolio managers, mutual funds, venture capitalist issue, share transfer agents, under-writers, foreign institutional investors, etc the intermediaries separate Regulations have been framed by the Legislature that each of these Regulations which apply to the different intermediaries, c such as Chapter VI of the Stock Broker Regulations, providing for eventua which the registration of the intermediary can be suspended or cancelled. An e different Regulations in respect of the different intermediaries will show that th consciously provided for specific situations in which the registration of a partic may be cancelled or suspended. These provisions are intermediary-specific and It is apparent that while prescribing the situations / eventualities in which the intermediary may be cancelled or suspended, the Legislature has taken into functions of the intermediary, the likelihood, ability, and possibility of committing a particular violation, the consequences on the intermediary, e whereas Regulation 26 of the Stock Broker Regulations merely provides for registration of a Stock Broker / Sub-Broker for market manipulation, Regulatio (Foreign Institutional Investors) Regulations, 1995 provides for cancellation of FII for indulging in market manipulation.

¶68

Stock	Equity Capital	Price 15-Feb	Market Cap	Average volume BSE	Average volume NSE	App Vol
	Rs.Crs.	Rs.	Rs.Crs.	No. of Shares	No. of Shares	No Sha
Global Tele	43.72	642	2,806	52,84,591	75,09,931
HFCL	78.82	1002	7,897	65,23,179	1,00,05,673
DSQ Software	30.55	457	1,396	45,44,178	87,50,937
Zee Telefilms	41.25	244	10,065	1,32,91,975	1,63,99,270	1
Wipro	46.50	2943	68,424	8,91,076	7,83,576
Satyam Comp.	56.24	378	10,629	1,36,41,985	1,82,03,321	1
MTNL	630.00	182	11,466	27,54,052	27,37,317
SBI	526.30	244	12,841	21,65,460	28,50,512
Infosys	33.08	6497	42,984	6,42,255	7,35,470
Sterlite Opticals	27.95	768	4,293	9,29,737	5,62,615

¶86

Settlement Number	Date From	Date To	Opening price	High Price	Closing price	Net Position	% of net of BSE N P
			Rs.	Rs.	Rs.	Nirmal Bang	B E
1046	05.2.01	09.2.01	670	696	630	+70,406	+8.2% +
1047	12.2.01	16.2.01	632	655	609	+28,449	+3.2% +
1048	19.2.01	23.2.01	615	624	439	-40,052	-4.6% +
1049	26.2.01	02.3.01	443	454	312	-3,50,315	-17.9% -
1050	05.3.01	09.3.01	306	312	225	+254,782	+14.1% +
1051	12.3.01	16.3.01	210	241	206	+17,870	+1.3% +

¶93

Date	Closing price Rs.	Change in prices Rs.	% chang in price	e Net position for t day Nirmal Bang
26.2.2001	416	(-) 23	-5%	(-)3,88,000
27.2.2001	354	(-) 62	-16%	(-)1,05,545
28.2.2001	405	(+) 51	+16%	(+) 7,044
1.3.2001	372	(-) 33	-8%	(-)54,396
2.3.2001	312	(-) 60	-16%	(+)2,39,609

Settlement	Date	Date	Opening price	High	Closing price	Our Net Position	% of net of BSE O P
Number	From	To		Price

¶101

			Rs.	Rs.	Rs.	Nirmal Bang		B E
1044	22.1.01	26.1.01	1,241	1,300	1,269	-46,225	-5.0%	+
1045	29.1.01	02.2.01	1,250	1,264	1,027	-16,257	-0.7%	+
1046	05.2.01	09.2.01	1,000	1,039	965	+16,375	+1.0%	+
1047	12.2.01	16.2.01	950	1,019	909	-20,173	-1.9%	-
1048	19.2.01	23.2.01	910	923	743	+69,761	+6.7%	+
1049	26.2.01	02.3.01	740	752	605	+16,852	+0.7%	-
1050	05.3.01	09.3.01	585	625	326	+18,015	+0.5%	+
1051	12.3.01	16.3.01	301	322	214	+22,820	+0.6%	+

¶108

Settlement Number	Date From	Date To	Opening price	High Price	Closing price	Our Ne Position	t % of net of BSE O P
			Rs.	Rs.	Rs.	Nirmal Bang	B E
					6,860
1046	05.2.01	09.2.01	6,777	6,777	6,406	+1,796	+1.0% +
1047	12.2.01	16.2.01	6380	6,537	6,254	+7,139	+4.8% +
1048	19.2.01	23.2.01	6260	6,343	5,598	-2,687	-1.0% +
1049	26.2.01	02.3.01	5,730	6,330	4,940	-18,600	-6.4% +
1050	05.3.01	09.3.01	4,700	5,315	4,817	-9,549	-3.3% -
1051	12.3.01	16.3.01	4,738	4,990	4,694	-42,013	-12.6% -

¶114

Settlement Number	Date From	Date To	Opening price	High Price	Closing price	Our Net Position	% of net of BSE O P
			Rs.	Rs.	Rs.	Nirmal Bang	B E
1043	15.01.01	19.01.01	386	421	418	-70,086	-2.2% +
1044	22.1.01	26.1.01	424	430	414	+2,41,352	+9.2% -
1045	29.1.01	02.2.01	400	428	415	+2,813	+0.1% -
1046	05.2.01	09.2.01	400	412	372	-224,803	-5.6% +

¶115

1047	12.2.01	16.2.01	375	387	365	+289,734	+9.5% +
1048	19.2.01	23.2.01	361	376	318	-35,040	-1.6% -
1049	26.2.01	02.3.01	321	353	263	-344,378	-8.2% +
1050	05.3.01	09.3.01	250	280	229	+305,263	+10.2% +
1051	12.3.01	16.3.01	230	264	237	-78,831	-1.6% -

		other market parti
1046	-2,24,803	-37,89,536
1047	+	-30,49,830
1048	-1,17,590	-20,72,410
1049	-3,44,378	-38,55,354
1050	+	-29,92,775
1051	-1,15,053	-48,11,884

¶123

Settlement Number	Date From	Date To	Opening price	High Price	Closing price	Our Net Position	% of net of BSE O P
			Rs.	Rs.	Rs.	Nirmal Bang	B E
					415
1046	05.2.01	09.2.01	410	446	418	+321,012	+57.2% +
1047	12.2.01	16.2.01	415	463	423	+415	+0.1% -
1048	19.2.01	23.2.01	424	433	369	-14,298	-3.1% -
1049	26.2.01	02.3.01	375	398	304	+132,300	+19.8% +
1050	05.3.01	09.3.01	300	318	212	+15,195	+0.6% +
1051	12.3.01	16.3.01	195	195	145	+4,020	+0.1% +

¶134

An examination of the above tables will clearly show that the transactions of N not cause any depression in the price of the scrip. In fact, these transactions impact at all on the price of the scrip. In S.No.1047, the price of the scrip despite net sales of NBS to the tune of 21,036 shares and net purchases of B 1,44,340 shares. Thereafter, despite NBS being a net purchaser in S.No.104 2,09,795 shares, the price of the scrip registered a substantial fall. Subseque NBS and BEB were both net purchasers in S.No.1050, the price of the scrip Significantly, in S.No.1051, when both NBS and BEB were net sellers, the rose. These facts clearly establishes that neither NBS nor BEB caused any fall scrip much less hammered the price of the scrip. In S.No.1047 and 1049, bo had different positions. When NBS had net sales, BEB had net purchases and completely demolishes the charge/finding that NBS and BEB were acting in net sales of NBS and BEB taken together were insignificant when compared and consequently could never have had any impact on the price of the scrip. Officer and the Respondent have stressed on the fact that on 23^rd and 27^th March 2001, when BEB was a net seller the price of the scrip registered a fall. Officer and the Chairman, SEBI have ignored the fact that the price of the scri even when BEB was a net purchaser on 19^th & 26^th February and 1^st March 2 that the transactions of BEB did not have any effect on the price of the scrip m in a depression in the price of the scrip. Another significant fact is that w relatively large net purchase position on 20^th February 2001 and a relatively l on 22^nd February 2001, the price of the scrip barely moved. Further, on 21^st F 28^th February 2001, the price of the scrip in fact rose despite the net sales o relevant facts have been conveniently ignored and overlooked by the Enquir Chairman, SEBI. It is clear that they have deliberately turned a blind eye to t confronted with all this facts both Enquiry Officer as well as the Responden incredible findings as follows(in confirmation of the finding of the EO) that :

¶140

Settlement Number	Date From	Date To	Opening price	High Price	Closing price	Our Net Position % of net of BSE O P
			Rs.	Rs.	Rs.	Nirmal Bang B E
					2,713
1046	05.2.01	09.2.01	2,755	2,985	2,938	+16,153 +4.8% +
1047	12.2.01	16.2.01	2,930	3,074	2,828	-4,359 -2.2% -
1048	19.2.01	23.2.01	2,820	2,889	2,501	+3,171 +1.9% +
1049	26.2.01	02.3.01	2,550	2,637	2,079	-10,229 -3.96% +
1050	05.3.01	09.3.01	2,001	2,315	1,935	+12,005 5.1% -
1051	12.3.01	16.3.01	1,890	1,950	1,660	+265 0.1% -

¶146

Scrip	22-Feb	23-Feb	28-Feb	1-Mar
Global Telesystems	(10,577)	(163,155)	36,939	(41,385)
HFCL	50,480	33,699	(27,086)	(27,893)
Satyam	(194,626)	42,254	306,214	(171,620)
Silverline	(41,920)	(63,020)	(144,930)	(139,598)
Wipro	855	2,413	(55)	(15,068)
Zee Telefilms	164,460	27,194	(64,563)	(117,316)

¶155

Scrip	Date	Time from	Time to	Minutes	Quantity	% o market	f Fa pr
Global Telesystems	23-Feb-01	15:04	15:14	0:10	85,655	11.68%	(1
Global Telesystems	2-Mar-01	12:33	12:41	0:08	49,315	9.74%	(1
Satyam	1-Mar-01	14:13	14:33	0:20	155,744	5.01%	(1
Satyam	2-Mar-01	10:57	11:05	0:08	62,714	3.97%	(1
Satyam	2-Mar-01	13:17	13:53	0:36	63,979	2.56%	(1
SSI	2-Mar-01	13:41	13:54	0:13	9,955	14.79%	(2
SSI	2-Mar-01	12:32	13:01	0:29	19,450	11.13%	(7

¶156

Wipro	1-Mar-01	13:33	13:41	0:08	9,026	15.46%	(1
Zee Telefilms	23-Feb-01	12:26	12:35	0:09	76,279	2.33%	(8
Zee Telefilms	1-Mar-01	12:53	13:56	1:03	129,478	6.52%	(8
Zee Telefilms	2-Mar-01	12:00	12:22	0:22	116,932	7.04%	(1

¶166

	BUY			SELL
Order	Total Qty	Average rate	Start time End time	Total qty	Average rate S t
200102231327097	300	453.00	15:05:52 15:06:07
200102231340940				6521	450.01
200102231341857				20599	448.02

¶167

200102231280548	100 447.00	15:06:58 15:06:58
200102231325974			300	445.40
200102231320707	10 445.00	15:07:28 15:07:28
200102231345924			50000	444.00
200102231311249	1000 442.00	15:08:39 15:08:39
200102231275361			100	441.23
200102231356040	50 442.00	15:09:30 15:09:30
200102231359429	50 443.00	15:10:11 15:10:11
200102231359738	50 443.90	15:10:38 15:10:38
200102231368207	50 441.25	15:11:59 15:11:59
200102231369114	100 441.00	15:12:12 15:12:12
200102231356834	5 440.00	15:12:54 15:12:54
200102231376357	50 439.00	15:13:50 15:13:50
200102231377229			20000	438.00
200102231378908	100000 439.74	15:14:23 15:14:23
200102231379097	100 440.00	15:14:26 15:14:26

¶173

	BUY			SELL
Order	Total Qty	Average rate	Start time End time	Total qty	Average rate S t
200103020764670	100	328.80	12:34:41 12:34:41
200103020786247	100	325.40	12:36:11 12:36:11
200103020791513				50000	320.39
200103020805710				15	317.25
200103020807073	500	318.00	12:41:27 12:41:29

¶180

	BUY			SELL
Order	Total Qty	Average rate	Start time End time	Total qty	Average rate S t
200103011239131	50	332.50	14:15:42 14:15:42
200103010794985	50	332.50	14:15:44 14:15:44
200103011184900	200	332.50	14:15:44 14:15:44
200103011241115				150	331.50
200103011246832				200	331.60
200103011184456	200	331.00	14:17:45 14:17:46
200103011251660				1000	330.00
200103011255062	100	329.90	14:18:49 14:18:49
200103011275317	200	332.25	14:22:59 14:22:59

¶181

200103011276396	500 332.70	14:22:59 14:22:59
200103011276746	50 332.25	14:23:10 14:23:17
200103011258565	200 330.00	14:25:26 14:25:26
200103011256768	25 329.85	14:25:32 14:25:32
200103010983473	300 328.00	14:25:59 14:26:18
200103011243574	50 327.60	14:26:19 14:26:19
200103010737582	50 327.60	14:26:19 14:26:19
200103011293812			200	328.70
200103011295406			500	329.00
200103011295532	50 328.00	14:27:36 14:27:36
200103011300134	50 327.73	14:27:57 14:27:57
200103011300601	50 326.15	14:28:26 14:28:26
200103011304023	50 325.10	14:28:47 14:28:47
200103011304713			77961	325.02
200103011191399	500 325.00	14:28:48 14:28:48
200103011307208	25 323.00	14:29:13 14:29:13
200103011307596			1000	321.05
200103011308362	50 322.80	14:29:24 14:29:24
200103011308736			600	322.50
200103011310444			1000	322.60
200103011312279			5000	321.05
200103010583294	100 320.00	14:30:14 14:30:14
200103011315834			100	319.00
200103011319104			96006	317.75

¶188

	BUY			SELL
Order	Total Qty	Average rate	Start time End time	Total qty	Average rate S t
200103020359977				500	297.49 1
200103020356895				20	298.00
200103020367822	20	296.00	11:00:30 11:00:30
200103020375050				5000	295.04
200103020379158				200	292.55
200103011546973	25	292.00	11:01:43 11:01:43
200103020322064	200	291.00	11:01:51 11:01:51
200103020139520	500	290.00	11:02:02 11:02:02
200103020168259	100	290.00	11:02:02 11:02:02
200103020283549	200	290.00	11:02:03 11:02:03
200103020217637	10	289.00	11:02:04 11:02:04
200103020383631	1000	288.80	11:02:23 11:02:23
200103020383828	200	288.80	11:02:25 11:02:25
200103020385548				200	286.18
200103020389146				45026	286.52
200103020392602	200	287.45	11:03:52 11:03:52
200103020394248	100	287.80	11:04:07 11:04:07
200103020397663	100	287.00	11:04:40 11:04:40
200103020397592				15623	287.02
200103020398480				300	286.10
200103020399354				1000	286.00

¶195

	BUY			SELL
Order	Total Qty	Average rate	Start time End time	Total qty	Average rate S t
200103020932830				500	279.75 1
200103020935465	100	279.65	13:18:53 13:18:53
200103020937137	500	280.00	13:18:53 13:18:53
200103020944086				100	280.55
200103020948389	500	280.50	13:19:49 13:19:54
200103020961160				100	277.90
200103020961358				500	278.50
200103020963342	260	278.50	13:23:14 13:23:14
200103020979429	500	278.05	13:27:49 13:27:49
200103020987307	50	276.20	13:30:10 13:30:10
200103021000571	200	274.50	13:33:52 13:33:52
200103020996365				200	274.35
200103021005619	5,000	274.99	13:35:06 13:35:07

¶196

200103021015912	1,000 274.89	13:37:51	13:37:51
200103021036928	500 276.00	13:43:32	13:43:32
200103021035966	500 275.05	13:44:20	13:44:20
200103021042941	20 275.50	13:45:23	13:45:23
200103021044099	1,000 275.75	13:45:35	13:45:35
200103021060951			2,500	273.64
200103021063019			5,000	272.53
200103020747051	20 271.00	13:51:27	13:51:27
200103020578969	50 271.00	13:51:27	13:51:27
200103021007512	5,000 271.00	13:51:28	13:51:29
200103021064782			70,299	270.04
200103021065419	20 270.00	13:51:41	13:51:41
200103021067738			300	268.55
200103021071400	200 268.95	13:53:01	13:53:01
200103021075430	100 268.95	13:53:58	13:53:58

	BUY		SELL
Order	Total	Average Start	End time Total qty Average S

¶203

	Qty	rate	time	rate t
200103020803796			500	1071.39 1
200103020805447			10000	1070.00
200103020819153	10	1065.00	12:44:35 12:44:35
200103020831870			9000	1062.21
200103020848913	25	1054.00	12:52:40 12:52:40
200103020852567			5	1048.10
200103020856801	10	1050.00	12:55:19 12:55:19
200103020859198	10	1040.00	12:57:50 12:57:50

¶217

	BUY			SELL
Order	Total Qty	Average rate	Start time End time	Total qty	Average rate S t
200103011091685	100	2541.63	13:35:44 13:35:44
200103011096686				4128	2522.41
200103010244645	2	2515.00	13:37:29 13:37:29
200103011101887				5000	2500.60

¶224

	BUY			SELL
Order	Total Qty	Average rate	Start time End time	Total qty	Average rate S t
200103010953046				500	173.25 1
200103010956501				500	173.15 1
200103010960525	10	173.00	12:55:51 12:55:51
200103010965739	100	172.95	12:57:20 12:57:20
200103010970970	1000	172.55	12:58:51 12:58:51
200103010825864	200	171.50	13:00:31 13:00:31
200103010686143	10	171.00	13:03:44 13:03:44
200103010992233	200	170.90	13:05:46 13:05:46
200103010998502	300	171.00	13:09:43 13:09:43
200103011011428				34448	170.00
200103010471763	500	169.00	13:11:56 13:11:56
200103011013448				500	169.00
200103011015752	500	169.45	13:12:55 13:12:55
200103010272796	100	168.60	13:13:08 13:13:08
200103011022048	100	168.45	13:14:59 13:14:59
200103011027995	1000	169.20	13:17:04 13:17:04
200103011031102	50	169.00	13:18:07 13:18:07
200103011044769				2500	166.00
200103011050071	200	166.00	13:24:35 13:24:35
200103011054592				500	166.00
200103011055411				500	165.75
200103011062476				200	166.20
200103011071378				100	167.17

¶225

200103011083849	5000	168.00 13:33:15 13:33:18
200103011097345	50	167.00 13:37:43 13:37:43
200103011103164	500	167.50 13:39:39 13:39:39
200103011108332	200	167.00 13:41:34 13:41:34
200103011124772	100	167.00 13:48:00 13:48:00
200103011128094	50	166.00 13:51:47 13:51:47
200103011136077			2500	166.21
200103010446964	500	165.00 13:53:55 13:53:55
200103010224307	1000	165.00 13:53:55 13:53:55
200103011082701	100	165.10 13:53:55 13:53:55
200103011141482			99000	16.05
200103011116349	500	165.00 13:53:57 13:53:57
200103011142075			550	165.00
200103011146762	550	165.00 13:55:34 13:55:34
200103011086577			500	164.64

	BUY			SELL
Order	Total Qty	Average rate	Start time	End time Total qty	Average rate S t

¶232

200102230349791	10915 226.20	12:27:44 12:27:47
200102230140708	10 225.00	12:28:10 12:28:10
200102230518566	100 225.10	12:28:10 12:28:10
200102230695006			99000	225.02
200102230682257	60 225.00	12:28:14 12:28:14
200102230697472	200 223.90	12:28:52 12:28:52
200102230698033			1000	223.75
200102230700697	200 224.00	12:29:44 12:29:44
200102230700811	100 224.00	12:29:46 12:29:46
200102230705467	1000 222.50	12:31:10 12:31:10
200102230707239	2000 222.90	12:31:39 12:31:39
200102230708358	200 222.45	12:31:56 12:31:56

	BUY			SELL
Order	Total Qty	Average rate	Start time	End time Total qty	Average rate S t
200103020646954	100	149.80	12:01:07	12:01:07

¶239

200103020651953	200 149.75	12:03:21	12:03:21
200103020660118			25000	148.80
200103020686361			1000	145.87
200103020701918			40538	145.16
200103020702181			361	144.95
200103020704266	100000 143.75	12:16:59	12:16:59
200103020707935			87680	143.00
200103020686171			10000	142.59
200103020709997			5000	142.88
200103020696148	1000 140.75	12:19:21	12:19:21
200103020705077	100 141.00	12:19:21	12:19:21
200103020711086	5000 139.90	12:19:24	12:19:29
200103020713343	50 140.00	12:19:24	12:19:25
200103020714384			35599	140.05
200103020714799			18204	139.90

Date	Scrip	Bama	BSPL
01.03.01	Infosys	15000	2490
01.03.01	Reliance	85917	2,09,00
02.03.01	Satyam Computers	4,79,961	17,300

¶253

Regulation 4( c ) prohibits acts and which result in reflection of prices of se transactions that are not genuine trade transactions. It is not the case o purportedly synchronized trades were not at market prices or that these trades the market prices of the said scrips. This being so, it is not the case of SEB established by SEBI that these trades resulted in a reflection of the prices o which are not related to market prices. In view of the aforesaid these trade Regulation 4(c ). Regulation 4(d) prohibits transactions in securities not i transfer of beneficial ownership but intended to operate only as a device to i cause fluctuation in the market prices of securities. Significantly it is not the ca there any finding that these purportedly synchronized trades were intended device to depress or cause fluctuation in the market price of the said scrips SEBI is only that the trades were synchronized and were not genuine and we effect transfer of beneficial ownership. It is submitted that this is not enough t of violating Regulation 4(d) and in the absence of SEBI establishing that intended to operate only as a device to depress the market price of the scrips these trades are in violation of Regulation 4(d) cannot be sustained. Bye-law 357(iii) of the BSE Bye-laws provides that if a broker purchases or assist or knowingly is a party to any purchase or sale of securities for the pur the equilibrium of the market or bringing about a condition of demoralisat prices will not fairly reflect the market value, it will amount to prejudicial bus case of SEBI that these trades upset the equilibrium of the market or brought of demoralisation in which the prices did not fairly reflect the market val established this. In view of this Bye-law 357(iii) has not been violated by B from the fact that BEB had no knowledge that the sales were purportedly synch 357(ii) of the BSE bye-laws defines fictitious dealings and transactions in pur securities the execution of which would involve no change of ownership or t orders for the purchase or sale of securities with the knowledge of the transactions. It is clear that knowledge is an essential ingredient of the offence BEB did not have any knowledge of the purportedly synchronized trades. C can not be said to have violated the said Bye-law 357(ii).

¶333

Scrip	22-Feb	23-Feb		28-Feb	1^st-Mar
	Closing Position	Net for the day	Closing Position	Closing Position	Net fo the day	r Closing Position	Net the
Global Tele	(10577)	(152578)	(163155)	36939	(78324)	(41385)	(58
HFCL	50480	(16781)	33699	(27086)	(807)	(27893)	435
Satyam	(194626)	236880	42254	306214	(477834)	(171620)	(668
Silverlin	e (41920)	(21100)	(63020)	(144930)	5332	(139598)	548
Wipro	855	1558	2413	(55)	(15013)	(15068)	(42
Zee	164460	(137266)	27194	(64568)	(52753)	(117316)	178

¶336

Bama has built up position in several scrips in concert with BSPL to mani prices. Net sales position in Global Tele. HFCL, Infosys, Reliance, Satyam Wipro, Zee Tele, HCL Tech, DSQ Software, Aptech, etc. were taken by the 2^nd March, on own account and for Bang Securities. It may be noted that BSP of NSB and BEB. Enquiry officer has found that to the extent of the tradin Reliance on 1^st March and Satyam Computers on 2^nd March, BSPL and Bam acting in concert with each other to artificially depress the share price. The s Report (Page 92) referred by the Appellant pertains to analysis of trading pa certain scrips including Infosys, Satyam, etc. for the date 22^nd , 23^rd , 28^th Feb March, 2001. The finding of Enquiry Officer is specific to trading pattern of B page no 103 of Enquiry Report the Enquiry Officer has analysed the trading Bama and BSPL on 1^st and 2^nd March of 2001 and have come to conclusio Bama Securities were acting with each other artificially depress the share price Sales in Time Slots During mid February to mid March 2001 when the index movements of showed excessive volatility there were apprehensive of possible attempts by distort the true price discovery and manipulate the securities market. It was se sudden and abrupt intra-day price movement in the scrips including ind momentum scrips. The time slots were identified when the price of the sc sudden fall and the trading pattern of the members during the time was analys member(s) responsible for the fall. The analysis includes their sales, purchase slot and their net position prior to the time slot i.e. whether member has already scrip. It may be noted the time slots identified and given in the Show Cause where net sales of Bama in the time slot was preceded by short sale. The sale in Bama had contributed to the decline in the share prices. Enquiry Officer has ob had sales, including short sales in the specified time slots as given in the sh taking into account the quantum of shares sold, the fall in prices of the share slots, the percentage of members sales to the market and the duration of the concluded that the following are significant transactions in support of the member had sales including short sales during specific time bands and caused by these sales.

¶338

		From				mar
Global Tele	23-2-01	15:04	15.14	0.10	85655	11.6
Global Tele	2-3-01	1233	12.41	0.08	49315	9.74
Satyam	1-3-01	14.13	14.33	0.20	155744	5.01
Satyam	2-3-01	10.57	11.05	0.08	62714	3.97
Satyam	2-3-01	13.17	13.53	0.36	63979	2.56
SSI	2-3-01	13.41	13.54	0.13	9955	14.7
SSI	2-3-01	12.32	13.01	0.29	19450	11.1
WIPRO	1-3-01	13.33	13.41	0.08	9026	15.4
Zee Tele	23-2-01	12.26	12.32	0.09	76279	2.33
Zee Tele	1-3-01	12.53	13.56	1.03	129478	6.52
Zee Tele	2-3-01	12.00	12.22	0.22	116932	7.04

Scrip	Date	Time band	Short Sell % of short Diff in
			(Qty) sale to op-cl pric

Scrip	Time band	Short	Sell %	to market Diff in the o
		(Qty)	sell	cl price

Scrip	Time band	Short Se	ll % of shor	t Diff in the op-cl p
		(Qty)	sale t market sell	o during the band
Satyamcomp	14:13-14:33	155744	5.01	(17.65)

Scrip	Time band	Short S (Qty)	ell % to market sell Diff in the op-cl p
Satyamcomp	10:57-11:05	62714	3.97 (12.20)

Scrip	Time band	Short S (Qty)	ell % to market sell Diff in the op-cl p
Satyamcomp	13:17-13:53	63979	2.56 (12.85)

Scrip	Time band	Short S (Qty)	ell % to sell	market Diff in the op-cl p
Softsoln	12:32-13:01	19450	11.13	(71.00)

Scrip	Time band	Short S (Qty)	ell % to ma sell	rket Diff in the op-cl p
Softsoln	13:41-13:54	9955	14.79	(28.00)

Scrip	Time band	Short S	ell % of shor	t Diff in the op-cl p
		(Qty)	sale t market sell	o during the band
Wipro	13:33-13:41	9026	15.46	(15.00)

Scrip	Time band	Short Se (Qty)	ll % of shor sale t market sell	t o Diff in the op-cl p during the band
Zeetele	12:53-13:56	129478	6.52	(8.95)

Scrip	Time band	Short Se	ll % of	shor	t Diff in	the op
		(Qty)	sale market	t sell	o price
Zeetele	12:26-12:35	76279	2.33		(8.35)

Scrip	Time band	Short Se (Qty)	ll % to mar sell	ket Diff in the op-cl p
Zeetele	12:00-12:22	116932	7.04	(11.65)

¶406

DATE	SCRIPNAME	NET SALES	APPR (Rs. in
23/2/01	Global Tele	186468	8.9
22/2/01	Zee Tele	257590	6.05
27/02/01	Zee Tele	95510	1.7
2/3/01	Zee Tele	27660	0.42
23/2/01	HFCL	32563	2.4
1/3/01	HFCL	21178	1.52
23/2/01	Satyam	138885	4.47
1/3/01	Satyam	79317	2.6
2/3/01	Satyam	28529	0.8
21/2/01	DSQ Soft	32065	1.3
1/3/01	DSQ Soft	12550	0.46
23/2/01	SBI	37370	84
28/2/01	WIPRO	44731	10.86
22/2/01	Reliance Ind	71590	2.97
1/3/01	DSQ Soft	103555	4.4

¶415

21.02.01	868	868	814	836.15	20491	29123	-8632	53
22.02.01	832	850.9	773.05	826.7	32757	29767	2990	69
23.02.01	822.5	822.5	731.5	742.8	14714	47277	-32563	75
St					251746	172926	78820	35
No.48
26.02.2001	740	751.95	677.65	688.5	27915	70045	-42130	60
27.02.2001	694	699.5	578.35	578.35	12591	40449	-27858	85
28.02.2001	542.6	670.85	532.1	670.4	102503	100359	2144	99
01.03.2001	690	759	635	718.05	82022	103200	-21178	76
02.03.2001	745.1	755	603.2	604.80	18260	15293	2967	99
St					243291	329346	-86055	42
No.49

¶422

22.02.2001	341.9	341.9	337.9	29353	35831	-6478	118
23.02.2001	336.5	336.5	317.75	35060	173945	-138885	111
St				277184	359734	-82550	607
No.48
26.02.2001	321	331.2	326.2	26165	16670	9495	991
27.02.2001	327.95	331.4	307.65	81585	46070	35515	198
28.02.2001	307	351.8	347	165740	76547	89193	211
01.03.2001	350.9	353	312.65	100858	180175	-79317	183
02.03.2001	311.5	314.7	262.65	49657	78186	-28529	166
St No.49				424005	397648	26357	858

¶430

1046	05-02-01	09-02-01	252	260 231	232,586	383,094
1047	12-02-01	16-02-01	229	247 231	221,970	77,630
1048	19-02-01	23-02-01	234	241 210	490,560	673,340
1049	26-02-01	02-03-01	215	215 136	175,786	257,806
1050	05-03-01	09-03-01	125	147 117	505,318	461,118
1051	12-03-01	16-03-01	120	157 144	227,241	259,087

¶431

Dates	Open	High	Close	Buy	Sales	Net	Mark Sales
19.02.2001	234	234.5	229.4	89925	26900	63025	11557
20.02.2001	230	235	232.4	124795	18870	105925	10932
21.02.2001	231	238.65	236.75	216500	258000	-41500	22796
22.02.2001	235.25	240.9	235.25	19805	277395	-257590	16315
23.02.2001	231.7	233.85	210.3	39535	92175	-52640	16369
Sett				490560	673340	-182780	77971
No.48
26.02.2001	215	215	192.3	29045	10180	18865	12272
27.02.2001	193.05	195	164.95	44625	140135	-95510	16285
28.02.2001	163	177.5	171.25	47930	48780	-850	15111
01.03.2001	174	178	162.3	38476	15341	23134	93365
02.03.2001	164	168	136.35	15710	43370	-27660	10542
Sett				175786	257806	-82020	63548
No.49

¶451

01	01			3,358	0.5%
1048 19-02- 01	23-02- 01 424	433 369 114,081	114,687	-606	- 0.1%	479,278 493,57
1049 26-02- 01	02-03- 01 375	398 304 105,340	105,055	285	0.0%	693,198 560,89
1050 05-03- 01	09-03- 01 300	318 212 76,090	66,835	9,255	0.3%	379,339 364,14
1051 12-03- 01	16-03- 01 195	195 145 88,884	81,639	7,245	0.2%	265,517 261,49

¶477

1044	22-01-01	26-01-01	1241	1300	1269	568,795	615,020
1045	29-01-01	02-02-01	1250	1265	1027	908,827	925,084
1046	05-02-01	09-02-01	1000	1039	965	581,715	565,340
1047	12-02-01	16-02-01	950	1019	910	643,954	664,127
1048	19-02-01	23-02-01	910	923	743	738,323	668,562
1049	26-02-01	02-03-01	740	759	604	880,204	863,352
1050	05-03-01	09-03-01	585	625	327	239,986	221,971
1051	12-03-01	16-03-01	301	322	214	245,576	222,756

¶480

	Date	Date	Op	Hi	Cl		BEB
Sett No	From	To				Buy	Sell
1043	15-01-01	19-01-01	5860	6800	6779	171,478	189,504 -
1044	22-01-01	26-01-01	6950	6988	6778	49,999	72,602 -
1045	29-01-01	02-02-01	6610	6924	6860	69,638	57,158
1046	05-02-01	09-02-01	6777	6777	6406	61,642	59,846
1047	12-02-01	16-02-01	6380	6537	6254	62,139	55,000
1048	19-02-01	23-02-01	6260	6343	5598	78,468	81,155
1049	26-02-01	02-03-01	5730	6330	4940	148,760	167,360 -
1050	05-03-01	09-03-01	4700	5315	4817	61,834	71,383
1051	12-03-01	16-03-01	4738	4990	4694	23,230	65,243 -

¶484

1044	22-01-01	26-01-01	424	430	414	3,050,630	2,809,278	2
1045	29-01-01	02-02-01	400	427	415	3,115,273	3,112,460
1046	05-02-01	09-02-01	400	412	372	2,885,180	3,109,983	-2
1047	12-02-01	16-02-01	375	387	365	1,553,704	1,263,970	2
1048	19-02-01	23-02-01	361	376	318	1,727,274	1,762,314	-3
1049	26-02-01	02-03-01	321	353	263	2,435,456	2,779,834	-3
1050	05-03-01	09-03-01	250	280	229	925,412	620,149	3
1051	12-03-01	16-03-01	230	264	237	459,371	538,202	-7

¶613

The fact of appointing the Enquiry Officer on 4.6.2001 and the Enquiry Offic report to SEBI on 22.5.2002 is not disputed. On receipt of the enquiry repo show cause notice to the Appellants on 30.5.2002. Noticees replied to the sh Except Bama others requested for a personal hearing. They were given per 1.7.2002. But Bama, though replied to the show cause notice vide its letter filed on the same day with SEBI did not seek any personal hearing and d personal hearing on 1.7.2002 with other Appellants. The order was passed on facts remain undisputed. Now the question is in the light of the provisions o and the facts stated above, whether the impugned order is vitiated qua Bama view the answer to the question is in the negative for the reason that the imp combined order against the 4 Bang Entities stated therein and issuance of s possible only after completing the composite enquiry initiated by the Respond the enquiry was initiated against them in the light of the investigation carried they acted in a concerted manner to manipulate the market for certain scrips. SEBI had passed a common ad interim order on 18.4.2001. A post decisional h to the Bang Entities on 30.4.2001 at which they made common oral submission order was passed on 4.6.2001. SEBI vide its order dated 4.6.2001 appointed an He issued show cause notices on 10.9.2001 and 25.1.2002 to the Bang entitie and the enquiry proceedings conducted by him were also common. He submitt report to SEBI on 22.5.2002 after enquiry. The central charge, as per the Enqu the Appellants acted in concert in depressing the price of various scrips and th market manipulation. In the facts and circumstances of the case it was not poss segregate Bama’s case and issue a separate order. It is noticed that the hearing 1.7.2002 and the order was passed on 30.7.2002 well within the stipulated 30 d the absence of any evidence on record to prove the contrary, the date of passin be accepted as 30.7.2002 as is reflected from the order itself. The ratio in th case has no application to the case, as in the said case the order was passed by

¶657

i. cancellation of membership of the stock-broker by the stock exchange The Appellants have contested SEBI’s power under regulation 13 of the FUT order cancellation of the registration on the basis of the findings rendered in the According to them SEBI has passed the order for violation of the provisions of Regulations and FUTP Regulations. According to the Appellants penalty o registration of Stock Broker/Sub Broker can be imposed only on the three g under regulation 26(2) of the Stock Broker Regulations, that in the instan Appellants have not been charged with or found guilty of indulging in fraud registration can not be cancelled. In this context Shri Dwarkadas had ar referring to the provisions of regulations 25, and 26 of the Stock Broker Reg also cited authorities, which I have referred to in the earlier part of this order his arguments, in support of his contention that the penalty of suspension or ca imposed as per the guidelines provided in regulation 26 only. In this con regulation 26(1)(v) the learned Senior Counsel had submitted that the specifically provides for the suspension of registration in the event of a b indulging in manipulation or price rigging in the market (which is the charge/f Appellants in the present case), that though market manipulation and fraud are the FUTP Regulations, different penalties have been prescribed in Regulation manipulation entails suspension of registration, fraud entails cancellation of different punishments of suspension and cancellation have obviously been pro basis of the seriousness of the charge/violation. Referring to the expression ‘i in Regulation 13, Shri Dwarkadas stated that Stock Brokers and Sub Brokers market intermediaries, and there are several market intermediaries (referred to the SEBI Act) and their activities are regulated by separate set of Regulations that an examination of these Regulations will show that SEBI had consciou specific situations in which the registration of a particular intermediary may suspended, that these provisions are intermediary centric and offence specific,

¶699

order. It is seen from the data before me that the percentage of the transactions Appellants with reference to the total transactions in each of the select securitie as to have any material impact on the price of the scrips. This is supported from furnished by the Appellants (which SEBI has not disputed) in respect of the e market capitalization of the concerned scrips together with the average trad select stocks. As per the said information furnished by them volume of trad Appellants as % of the total volume traded on the exchange was – Global Tele 2.55%, DSQ 3.13%, Zee Tele – 3.89%, Wipro – 2.74%, Satyam – 3.45%, MT – 3.89%, Infosys – 4.33%, Sterlite – 3.16%. It is noted that SEBI has in its "index movements of stock exchanges showed excessive volatility espec February to mid March 2001." But it is not even the case of SEBI that there w or complicity between the Appellants and any other brokers to deliberately bri have also perused the transactions effected by the Appellants, as revealed in th me and the price movement. But I do not find any correlation between t transactions and the price movements. It is noted that in certain cases when the buying shares, the price of the scrip was falling and in certain cases when the by the Appellants, prices were going up. I have also made an attempt to find was any particular pattern to suggest that the transactions were designed to infl But I could not see any such pattern in the transaction. There were instances fallen when the Appellants were buying, but there were also instances when pr up when the Appellants were selling. It is also seen that the Appellants are brok Securities Ltd.). Their submission is that they are essentially "discount bro capacity as a broker, they merely execute orders placed by various clients, wit to the investment decision of the client in respect of whether or not to acquire whether or not the price at which order is placed appropriate, that no advice provided to any client, which in fact, takes the investment decision without be the Appellants. In this context it is to be noted that in terms of clause B(1 Conduct applicable to Stock Brokers ‘A stock broker in his dealings with th general investing public shall faithfully execute the orders for buying and selli the best available market price….’.In the normal course, the Broker acts only client. To prove that the Broker was deciding the transactions for the client, o evidence. SEBI has not produced any evidence to show that the transacti Appellants were in their own account or on clients’ account. The learned Senio Respondent had submitted that the Appellants’ conduct has to be viewed f conduct. I have not missed this submission. But the material on record do learned Senior Counsel’s submission that in the totality of the facts and c Appellants could be considered to have indulged in large trading transactio market.

¶700

Undertaking large trading transactions, following the rules and regulations an safety requirements, by itself is not something irregular or undesirable. But i that the motive behind such transaction is to artificially depress the market th manipulation prohibited by the FUTP Regulations. There are two aspects whi in this regard – i.e. whether the traded volume was large enough to have market and (2) whether large transactions that could affect the market was motive of manipulating the market. In this context I would like to state that no depressing the market is a manipulation, but arificially raising the market is als The crucial factor in deciding whether their trading was to manipulate th underlying intention of the Stock Broker. The test of evidence need not b Intention can not be established that easily in such cases. But there should be and convincing evidence to prove the motive. "Belief" however, benign and ge a substitute for evidence. I have already discussed the case of evidence requ charge of manipulation in the case of Videocon. The relevant extract from the already been provided in the earlier part of the order. The scope of regulation FUTP Regulations has also been stated in the earlier part of the order. The te establish the charge of market manipulation is a realistic one. SEBI has failed test. In the absence of adequate evidence to show that the Appellants had indul transaction with a view to depress the market, this charge fails. On mere suspi inference, it can not be held that the Appellant had transacted in securities wit hammering down the price of the scrips. On the contrary the Appellants had their reply that fall in prices of shares at that time was not peculiar to Indian ma global phenomenon, that the trend noticed in Indian markets was in tune with am not endorsing this view; neither I am ignoring. In any case since the Appell such an agrument, it was for SEBI to disprove that version, which SEBI has n like to make it clear in this context that my finding that the charge under dis stick is based only on the basis of the limited material available before me.

¶712

Scrip	Date	Time From	Time To	Minutes	Sales	% mar
Global Tele	23-2-01	15:04	15.14	0.10	85655	11.6
Global Tele	2-3-01	1233	12.41	0.08	49315	9.74
Satyam	1-3-01	14.13	14.33	0.20	155744	5.01
Satyam	2-3-01	10.57	11.05	0.08	62714	3.97
Satyam	2-3-01	13.17	13.53	0.36	63979	2.56
SSI	2-3-01	13.41	13.54	0.13	9955	14.7
SSI	2-3-01	12.32	13.01	0.29	19450	11.1
WIPRO	1-3-01	13.33	13.41	0.08	9026	15.4
Zee Tele	23-2-01	12.26	12.32	0.09	76279	2.33
Zee Tele	1-3-01	12.53	13.56	1.03	129478	6.52
Zee Tele	2-3-01	12.00	12.22	0.22	116932	7.04

Da	te	Date	Open Hi	Close			BEB
Sett Fr	om	To			Buy S	ell	N
No
1043	15-01-01	19-01	-01 728 739	734	150,109	142	,285
1044	22-01-01	26-01	-01 740 787	732	121,242	122	,304
1045	29-01-01	02-02	-01 706 748	673	121,197	132	,075
1046	05-02-01	09-02	-01 670 696	630	64,426	61	,814
1047	12-02-01	16-02	-01 632 655	609	119,571	116	,156
1048	19-02-01	23-02	-01 615 624	439	113,458	111	,248
1049	26-02-01	02-03	-01 443 454	313	176,397	357	,900
1050	05-03-01	09-03	-01 306 312	226	254,078	86	,292
1051	12-03-01	16-03	-01 210 241	206	57,310	55	,739
Dates	Open	High	Close Buy	Sales	Net		Mark Sales
19.02.01	615	624	604.3 55138	7540	47598		56867
20.02.01	605	608.75	582.75 5235	3155	2080		39139
21.02.01	582	582	557.45 10080	10155	-75		36182
22.02.01	554	554	518.5 13075	21293	-8218		4325
23.02.01	519.8	522	438.9 29930	69105	-39175		6261
St			113458	111248	2210		23805
No.1048
26.02.01	443.1	454	415.8 24746	50880	-26134		64555
27.02.01	420	426.75	353.15 35195	25607	9588		89217
28.02.01	350.1	409.6	404.25 33143	25448	7695		84577
01.03.01	409.6	429.95	372.1 38291	24475	13816		70834
02.03.01	371.7	377	312.6 45022	231490	-18646	8	56784
St			176397	357900	-18150	3	36596
No.1049

1049 26	-02-01	02-03-01	375	398	304 105	,340 105	,055
1050 05	-03-01	09-03-01	300	318	212 76	,090 66	,835
1051 12	-03-01	16-03-01	195	195	145 88	,884 81	,639
Dates	Open	High	Close	Buy	Sales	Net	Mar Sale
19.02.2001	424	433	421.75	17081	10881	6200	420
20.02.2001	423	425.5	417.5	39965	7930	32035	442
21.02.2001	415.5	415.5	405.55	7990	40055	-32065	346
22.02.2001	401.15	404.95	397.95	29310	32295	-2985	502
23.02.2001	395.3	398.05	368.75	19735	23526	-3791	5120
Sett				114081	114687	-606	2224
No.48
26.02.2001	374.7	398.2	382.75	10190	22965	-12775	4700
27.02.2001	385.35	389.7	337.7	30150	15625	14525	6797
28.02.2001	336	380	373.95	41935	30580	11355	4849
01.03.2001	378	385	361.7	15355	27905	-12550	4189
02.03.2001	365.75	365.75	303.85	7710	7980	-270	5707
Sett No.49				105340	105055	285	2624

Nirmal Bang Securities Pvt. Limited

Case brief

What is this about?

What did the court decide?

Issues for consideration

Statutes considered

Parties & counsel

Case details

Similar cases

Nirmal Bang Securities Pvt. Limited

Case brief

What is this about?

What did the court decide?

Issues for consideration

Statutes considered

Parties & counsel

Case details

Similar cases

What the court decided

A compact analysis

Coram

	Date	Date	Open	Hi	Close		B	EB
Sett No	From	To				Buy	Sell	N
1043	15-01-01	19-01-01	1180	1222	1211	278,419	357,460
1044	22-01-01	26-01-01	1241	1300	1269	125221	65,831
1045	29-01-01	02-02-01	1250	1265	1027	185,845	181,910
1046	05-02-01	09-02-01	1000	1039	965	421,926	364,162
1047	12-02-01	16-02-01	950	1019	910	150,764	204,206
1048	19-02-01	23-02-01	910	923	743	251,746	172,926
1049	26-02-01	02-03-01	740	759	604	243,291	329,346
1050	05-03-01	09-03-01	585	625	327	123,647	118,091
1051	12-03-01	16-03-01	301	322	214	111,383	83,659
Dates	Open	High L	ow C	lose	Buy	Sales	Net	M
								Sa
19.02.	01 910	923 8	36.75 8	95.65	105192	58739	46453	92
20.02.	01 892	903 8	65 8	69.2	78592	8020	70572	65

	Date Date	Open	i Clo	se				BEB
Sett	From To				Buy		Sell	N
No
1043	15-01-01 19-01-01	386	421	418	539,	782	522,	635
1044	22-01-01 26-01-01	424	430	414	239,	280	295,	684
1045	29-01-01 02-02-01	400	427	415	286,	793	309,	978
1046	05-02-01 09-02-01	400	412	372	386,	724	378,	780
1047	12-02-01 16-02-01	375	387	365	541,	310	455,	547
1048	19-02-01 23-02-01	361	376	318	277,	184	359,	734
1049	26-02-01 02-03-01	321	353	263	424,	005	397,	648
1050	05-03-01 09-03-01	250	280	229	267,	146	264,	781
1051	12-03-01 16-03-01	230	264	237	140,	570	176,	792
Dates	Open High	Close	Buy	Sale	s	Ne	t	Ma
								Sal
19.02.	2001 361.25 373.9	372.1	51690	111	047	-59	357	118
20.02.	2001 373.6 376.4	371.6	45680	190	40	26	640	105
21.02.	2001 370 370	343.25	115401	198	71	95	530	152

	Date	Date	Op en Hi	Clo se		BE	B			N
Sett No	From	To			Buy	Sell	Net	% Net	Buy	Sell
1048	19-02- 01	23-02- 01	615 624	439	113,458	111,248	2,210	0.3%	540,9	29 580,9
1049	26-02- 01	02-03- 01	443 454	313	176,397	357,900	- 181,50	3 - 9.2%	508,7	90 859,1
1050	05-03- 01	09-03- 01	306 312	226	254,078	86,292	167,78	6 9.3%	529,9	84 275,2
1051	12-03- 01	16-03- 01	210 241	206	57,310	55,739	1,571	0.1%	234,8	15 216,9

	Date	Date Op	Hi	Cl BEB			NB
Sett No	From	To		Buy Sell Net	% Net	Buy	Sell
1046	05-02- 01	09-02- 01 400	412	372 386,724 378,780 7,944	0.2%	2,885,180	3,109,9
1047	12-02- 01	16-02- 01 375	387	365 541,310 455,547 85,763	2.8%	1,553,704	1,263,9
1048	19-02- 01	23-02- 01 361	376	318 277,184 359,734 - 82,550	- 3.8%	1,727,274	1,762,3
1049	26-02- 01	02-03- 01 321	353	263 424,005 397,648 26,357	0.6%	2,435,456	2,779,8
1050	05-03- 01	09-03- 01 250	280	229 267,146 264,781 2,365	0.1%	925,412	620,149
1051	12-03- 01	16-03- 01 230	264	237 140,570 176,792 - 36,222	- 0.7%	459,371	538,202

01	01
1050 05- 03- 01	09- 03- 01	125 147 117 505,318 461,118	44,200	0.4%	2,643,142	2,606,12
1051 12- 03- 01	16- 03- 01	120 157 144 227,241 259,087	-31,846	- 0.4%	771,469	858,652

Date	Op	Hi	Cl		NBS
				Buy	Sell
26.02.01	443	454	416	61020	449020
27.02.01	420	427	363	93850	199395
28-02-01	360	410	404	69945	62901
1.03.01	410	430	372	52932	107328
2.03.01	372	377	313	323035	83426