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July 31, 2002
PR No. 143/2002
Sub : Amara Raja Batteries Pvt Ltd
SEBI investigated the role of brokers of BSE and NSE in the manipulation of scrip of Amara Raja Batteries Limited. during the period August 2000 to March 2001. It was prima facie found that brokers had violated the provisions of SEBI (Stock Brokers and Sub-brokers) Regulations 1992 and SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995.
An enquiry officer was appointed as per Regulation 28(1) of SEBI (Stock Brokers and Sub-brokers) Regulations 1992 to inquire into the affairs of M/s.Orbis Securities Pvt Ltd, Member, NSE, in its dealing in the scrip of Amara Raja Batteries Ltd and possible violation of the provisions of SEBI Act, 1992, SEBI (Stock Brokers and Sub-brokers) Regulations 1992 and SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995. The enquiry officer had inquired into the matter and submitted his report to the Board in respect of M/s. Orbis Securities Pvt Ltd.
M/s. Orbis Securities Pvt Ltd were inter-alia given an opportunity of personal hearing before Chairman, SEBI however, M/s. Orbis Securities Pvt. Ltd have not opted for the personal hearing before Chairman, SEBI. SEBI after considering the facts, reply and their written submissions found it appropriate to give M/s.Orbis Securities Pvt Ltd. a direction to be careful and cautious in future.
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