PRESS RELEASE - SEBI

 September 29, 2008
PR No. 196/2008

Order against DGP Securities Ltd. in the matters of Ravalgaon Sugar Farms Ltd., Shrenuj & Co. Ltd. and Jagsonpal Pharmaceuticals Ltd.

Dr. T.C.Nair, Whole Time Member, SEBI has passed an order dated September 25, 2008, suspending the certificate of registration of the broker DGP Securities Ltd. for a period of one month for its dealings in the scrips of Ravalgaon Sugar Farms Ltd., Shrenuj & Co. Ltd., and Jagsonpal Pharmaceuticals Ltd. 
 
The broker had assisted its client in creation of artificial volumes in the shares of the aforesaid scrips. Further, it had also failed to exercise due skill and care as a stock broker. Thus, it violated regulation 4(b) and 4(c) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Markets) Regulations, 1995 and clauses A (1) to (4) of the Code of Conduct for Brokers as specified in Schedule II of the SEBI (Stock Broker and Sub Brokers) Regulations, 1992 read with Regulation 7 of SEBI (Stock Broker and Sub Brokers) Regulations, 1992. 
 
The order shall come into force after 21 days from the date of the order.
 

Mumbai

September 29, 2008

 


For full copy of order against DGP SECURITIES LTD., click here.