Appeal No. 119 of 2007. Case: Accord Capital Markets Limited Vs Securities and Exchange Board of India. Securities and Exchange Board of India
Case Number | Appeal No. 119 of 2007 |
Judges | N.K. Sodhi, J. (Presiding Officer), Samar Ray and P.K. Malhotra, Members |
Issue | Banking Law |
Judgement Date | September 13, 2010 |
Court | Securities and Exchange Board of India |
Order:
N.K. Sodhi, J. (Presiding Officer)
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We have heard the learned Counsel for the parties for some time and are remanding the case to the whole time member for passing a fresh order in accordance with law. In these circumstances, it is not necessary to state the facts in detail.
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The appellant before us is a stock broker registered with the Securities and Exchange Board of India (for short the Board). It is alleged that the appellant executed synchronized trades in the scrip of DSQ Software Ltd. with a view to manipulate the market and that it is guilty of violating Regulation 4 of the (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 and the code of conduct prescribed for the stock brokers. One of the grievances which the appellant made during the course of the proceedings was that it had not been furnished the trade and order logs from which synchronization could be established. The fact that these logs had not been supplied to the appellant is not in dispute. We are clearly of the view that the principles of natural justice were violated and this vitiates the impugned order. Accordingly, we set aside the...
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