Case: 1.SEBI, 2.In Re: Ranbaxy Laboratories Ltd. Vs 1.Bakliwal Securities Pvt. Ltd.. Securities and Exchange Board of India

Party Name:1.SEBI, 2.In Re: Ranbaxy Laboratories Ltd. Vs 1.Bakliwal Securities Pvt. Ltd.
Judges:V.K. Chopra, Member
Issue:Company Law
Judgement Date:March 15, 2007
Court:Securities and Exchange Board of India
 
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Order:

V.K. Chopra, Member

  1. Securities and Exchange Board of India (hereinafter referred to in short as "SEBI") conducted investigation into the affairs relating to buying, selling and dealing in the shares of Ranbaxy Laboratories Ltd.

  2. SEBI, after considering the investigation report, appointed an Enquiry Officer vide Order dated November 29, 2002 to enquire into the violations allegedly committed by the broker M/s Bakliwal Securities Pvt Ltd (hereinafter referred to in short as "the Broker") under the provisions of Regulation 4(a), (b) (c) & (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995, Regulation 7 read with schedule II, Clause A(3) and (4) of SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 and Rules, Regulations and Bye-laws of Stock Exchange.

  3. The Enquiry Officer submitted a report dated December 03, 2003. I have perused the said report and the other material documents relied upon by him to arrive at a conclusion in the proceedings against the Broker in the matter of Ranbaxy Laboratories Ltd. It is observed from the said report that the Enquiry Officer has observed/recommended as under:

    The undersigned finds that the member broker had executed a number of transactions in the scrip of Ranbaxy on the same day i.e. 17.04.99 on BSE and NSE at different prices and the transaction in question was not...

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