Appeal No. 146 of 2011. Case: Ashika Stock Broking Ltd. Vs Securities and Exchange Board of India. Securities and Exchange Board of India

Case NumberAppeal No. 146 of 2011
CounselFor Appellant: Janak Dwarkadas, Sr. Adv., Zal Andhyarujina, Nishit Dhruva and Dhwani Mehta, Advs. And For Respondents: Shiraz Rustomjee, Daya Gupta and Harshada Nagare, Advs.
JudgesN.K. Sodhi, J. (Presiding Officer) and P.K. Malhotra and S.S.N. Moorthy, Members
IssueSecurities and Exchange Board of India Act
Judgement DateSeptember 12, 2011
CourtSecurities and Exchange Board of India

Judgment:

N.K. Sodhi, J. (Presiding Officer)

  1. This appeal is directed against the order dated July 19, 2011 passed by the whole time member modifying the ad-interim ex-parte order issued against the Appellant. By an ex-parte order dated December 2, 2010, the Appellant which is a stock broker had been restrained from taking new clients and for executing proprietary trades pending investigations. The investigations are still going on. By the impugned order, the whole time member has modified his earlier order and allowed the Appellant to take on fresh clients but the restraint order regarding proprietary trades is continuing. During the course of the hearing, the Appellant states that it is willing to furnish an undertaking in writing to the Respondent Board that it shall not 2 buy, sell or deal in securities on its own / proprietary account pending further orders in the proceedings before the Board. If such an undertaking is furnished within a week from today, the direction issued to the Appellant in paragraph...

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