2011 (2) TMI 1577

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....Both the scrips are listed on the Bombay Stock Exchange Ltd., Mumbai and the National Stock Exchange of India Ltd. (for short BSE and NSE respectively). The appellant traded for a period of 15 days during the period from April 1, 2008 to May 15, 2008 which is the investigation period. There were only 30 trading days during this period. The appellant is said to have executed circular trades in both the scrips on both the exchanges. Her statement was recorded by the investigating officer during the course of the investigations whereafter adjudication proceedings were initiated against her. She was served with a show cause notice alleging violation of Regulation 4 of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unf....

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....r trades were executed among a group of traders including the appellant is enough to establish the link as, without her, the chain or link would have broken. The trades executed by the appellant along with the others clearly show that on April 1, 2008 one Rajnish Jain who is also part of the group transferred 1000 shares of Allcargo on BSE to the appellant and another 255 shares to Anjana Mehta who was also a part of the group. Anjana Mehta, in turn, transferred those 255 shares to the appellant and the appellant transferred 1255 shares (1000 shares received from Rajnish Jain directly and 255 shares received from Anjana Mehta) to Rajnish Jain. The circle, thus, got completed. The shares which started from Rajnish Jain were received back by ....