TaxTMI 
TaxTMI 
2012 (11) TMI 1232
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....curities and Exchange Board of India (the Board) interalia, prohibiting the appellants from buying, selling or dealing in any securities, in any manner, whatsoever, till further orders. Appellant no. 1 is a company registered with the Board as a stock broker since February 2000. Appellant no. 2 is the CEO and Compliance Officer and appellant nos. 3 to 5 are directors of the appellant company. 2. The Board carried out investigations into the Initial Public Offering (IPO) of Tijaria Polypipes Ltd. (the company) and prima-facie found that certain individuals traded in the shares of the company on first day of listing i.e. October 14, 2011 and provided an exit to both qualified institutional buyers and retail in....
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....ppellants are out of their business for almost ten months. It is submitted that the appellants are suffering grave and irreparable harm and prejudice on account of the wrongful and unjustified continuation of the impugned order and inability of the appellants to continue their business in the securities market is causing serious commercial and reputational harm and prejudice to the appellants. It is further submitted that there is nothing in the impugned order or the proceedings, initiated to even remotely suggest that the working of the appellants is to the detriment of the market. It is, therefore, prayed that the directions in the impugned order against the appellants be set aside. 4. During pendenc....
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....cated. 6. Learned senior counsel for the Board supported the order passed by the Board and submitted that while passing the order dated November 5, 2012, the whole time member of the Board has duly considered the submissions made by the appellants. The case of the appellants stands on a different footing as compared to the case of other brokers against whom interim order has been revoked. The investigation in the matter is already over and the Board is likely to issue show cause notice to the appellants within next two weeks. Keeping in view the role played by the appellants in manipulating the IPO of the company, the restraint must continue against the appellants and there is no justification to inter....
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.... was a "walk-in-client" and his annual income was only around ` 5 lakh. The said client had allegedly provided exit to certain retail allottees and QIBs and the losses incurred by him was partly offset through funds from TPL received through layered fund transfers. His client ledger was allegedly manipulated to indicate that he had sufficient funds to trade, whereas funds were actually received much later after the trading day. Grishma had allegedly utilized the funds/securities of other clients for making the margin payments of Mr. Jivraj Zala towards his trades. The interim order had mentioned that Grishma's client, Mr. Jivraj Zala had indulged in structured trades/trade reversals with Ms. Lopa. The submissio....