https://www.taxtmi.com/caselaws?id=197565 Self trades executed through multiple terminals and jobbers on a broker's proprietary account can amount to fraudulent and unfair trade practices because they create artificial volume and a misleading market impression. The fact that only a small percentage of trades matched did not negate the fraudulent character of the arrangement, and the broker remained responsible for ensuring that its business model complied with the securities regulatory framework. The penalty was upheld as neither unreasonable nor disproportionate, given the nature of the misconduct and that it remained well below the statutory maximum. The impugned order was sustained and both appeals were dismissed. en-us Fri, 11 May 2012 00:00:00 +0530 Wed, 10 Jan 2018 09:49:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197565 Self trades executed through multiple terminals and jobbers on a broker's proprietary account can amount to fraudulent and unfair trade practices because they create artificial volume and a misleading market impression. The fact that only a small percentage of trades matched did not negate the fraudulent character of the arrangement, and the broker remained responsible for ensuring that its business model complied with the securities regulatory framework. The penalty was upheld as neither unreasonable nor disproportionate, given the nature of the misconduct and that it remained well below the statutory maximum. The impugned order was sustained and both appeals were dismissed. Case-Laws Companies Law Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197565