Securities Appellate Tribunal
Sebi vs Tropical Securities And Investments ... on 1 January, 1800
ORDER
V.K. Chopra, Member 1.0 BACKGROUND 1.1 M/s Prudential Pharmaceuticals Ltd. was originally incorporated in the name of Pharmasia Drugs and Chemicals Pvt. Ltd. on June 25, 1985. The company became a deemed Public Limited Company w.e.f. February 06, 1993 and converted into a Public Limited Company by a resolution on November 03, 1994. A fresh certificate of incorporation consequent on the conversion of the company was issued on February 15, 1995. The company's name was also changed to M/s Prudential Pharmaceuticals Ltd. (hereinafter referred to in short as "PPL") w.e.f. February 22, 1995.
1.2 Securities and Exchange Board of India (hereinafter referred to as "SEBI) conducted an investigation into the alleged manipulation in the scrip of PPL for the period from July 09, 2001 to March 06, 2002 on the basis of the investigation report submitted by BSE. BSE in its investigation report stated that the major buying broker Tropical Securities and Investments Pvt. Ltd. (hereinafter referred to in short as "Noticee") bearing SEBI Registration No. INB010993738, had mostly bought shares of PPL for Pursarth Trading Company Pvt. Ltd. who had bought almost 4.53% of the paid up capital of PPL. It is also observed from the analysis of trade log and order log that the Noticee had entered into synchronised/structured deals with UTI Securities Ltd and M/s Pawankumar Parmeshwarlal Choudhary.
1.3 SEBI after considering the Investigation Report appointed an Enquiry Officer vide Order dated June 02, 2006 to enquire into the violations allegedly committed by the Noticee under the provisions of the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992 (hereinafter referred to as "Stock Broker Regulations") and Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulation, 1995 (hereinafter referred to as "PFUTP Regulations") as also Securities and Exchange Board of India Act, 1992(hereinafter referred to as "SEBI Act").
2.0 ENQUIRY PROCEEDINGS 2.1 The Enquiry Officer issued notice vide letter No. IVD/ID8/BM/SS/PPL/71361/2006 dated July 13, 2006 communicating the violations alleged to have been committed by it in terms of Regulation 6(1) of the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 (hereinafter referred to in short as "Enquiry Regulation").
2.2 The Noticee replied to the show cause notice vide letter dated July 29, 2006 and submitted the following:
The transactions were executed through BOLT system at BSE Our transactions for the relevant period were only on a few days and that too at the prevailing market rates.
We sold the shares and bought it back on the exchange. This was resorted for temporary funding to clear the pressure in the valan account and avoid default.
We have no connection/association whatsoever with the company or its promoters or its directors.
2.3 The Enquiry Officer granted an opportunity of hearing in the matter on August 23, 2006. Shri. Milan Dalal, authorized representative of the Noticee attended the hearing before the Enquiry Officer. The Enquiry Officer, after conducting an enquiry in accordance with the provisions of the Enquiry Regulations, submitted a report dated August 31, 2006 whereby he observed that the Noticee violated the provisions Regulation 4(b) & (c) of PFUTP and Regulation 7 read with Clause A(1) to (5) of Code of Conduct as specified in Schedule II of Stock Broker Regulations. He recommended suspension of registration of the Noticee for a period of one month.
3.0 SHOW CAUSE NOTICE
3.1 Pursuant to the receipt of the said Enquiry Report, a Show Cause Notice dated September 08, 2006 was issued to Noticee, along with a copy of the said Enquiry Report, advising them to show cause as to why the action, as recommended by the Enquiry Officer, should not be imposed on it. The Noticee submitted its reply to the said show cause notice, vide letter dated October 09, 2006.
4.0 REPLY OF THE NOTICEE TO THE SHOW CAUSE NOTICE.
4.1 The Noticee submitted that the impugned transactions in the scrip of PPL were carried out on the BOLT system of BSE at the relevant time in the normal and ordinary course of business. Because of the said nature of transactions, the Noticee submitted that there was no question of intentionally and deliberately entering deals in the scrip so as to hamper the stock exchange mechanism. They also submitted that they are voluntarily out of business for almost five years and they had already been penalized for their transactions in some other scrips. On this ground, the Noticee requested to cancel the recommendation of the Enquiry Officer and also requested for a personal hearing.
5.0 HEARING 5.1 Accordingly, the Noticee was advised to attend the personal hearing before me at SEBI's Head Office at Mumbai on February 26, 2007 which they attended and reiterated the submissions as they had already made in their reply to the Show Cause Notice. Therefore, I am proceeding in the matter on the basis of the submissions of the notice and the material before me.
6.0 CONSIDERATION OF ISSUES & FINDINGS 6.1 I have carefully examined the enquiry report, show cause notice, reply of the Noticee and submissions made at the time of hearing.
6.2 The Enquiry officer found that the Noticee executed synchronised trades in the scrip of PPL and thereby misutilised the stock exchange trading mechanism. In order to reach the said conclusion, he has examined the trading details including price and volume data and the transactions of major brokers during the investigation period from July 09, 2001 to March 06, 2002. During the said period, the Noticee purchased 2,48,075 shares of PPL (56.13%) and its counterparties sold 2,78,584 shares of PPL (63.02%).
6.3 The price of the scrip during the period from July 09, 2001 to March 06, 2002 has decreased from Rs. 54.20 to Rs. 8.00 and during the same period 4,41,970 shares were traded at BSE. Further, it is observed from the details of trades executed in the scrip PPL that whenever the Noticee and its counterparties viz. UTI Securities Limited and M/s Pawankumar Parmeshwarlal Choudhary were not trading in the scrip, the price was falling. These members have not traded in the scrip from July 18, 2001 to July 24, 2001 and during this period the price came down from Rs. 41 to Rs. 33.45 and during the period of August 01, 2001 to August 24, 2001 these brokers traded for 130 shares only and the price comes down from Rs. 22.15 to Rs. 16.50. Therefore, it can be observed from the above that whenever these brokers were not trading in the scrip of PPL price was falling and hence the brokers were supporting the price of the scrip.
6.4 I have also noted the financial performance of the company PPL for the financial years ended on March 31, 2001 and 2002 and quarters ended on December 31, 2001 and 2002. Though, the sales of the company increased by 28.46% from March 31, 2001 to March 31, 2002, but the profit of the company decreased by 27% due to substantial increase in the expenditure of the company from Rs. 8.27 crore to Rs. 10.75 crore. Further, EPS of the company declined by 21% during the financial year 2001-02 and the company declared dividend of 10% for the year ended on March 31, 2001. It can also be observed that the financial performance of the company was not satisfactory.
6.5 I find that the major client of Noticee was Pursarth Trading Company Private Limited (hereinafter referred to in short as "Pursarth") who was an associate concern of Noticee. I have noted that CFL Securities Ltd. and Harbinger Trading Company Private Ltd. are also associated with the Noticee as Shri. Milan Dalal is the Director of all these entities and he even gave a statement before the Investigating Officer on behalf of the aforesaid four entities. I have also noted that the Accountant of Pusarth one Shri Deepak Shah attended the personal hearing before me along with Shri Milan Dalal, Director of Noticee. They have not denied their connection/association.
6.6 I observe that Noticee traded for 25 days during the period of investigation and it bought 2,48,075 shares (85.44%) out of 2,90,339 shares traded during these 25 days at BSE. Out of its total purchases of 2,48,075 shares, it bought 2,33,421 shares for Pursarth and 14,629 shares it bought in its own trading account and sold 25 shares in its own trading account and 25 shares were bought for its client Ms. Veena M Dalal.
6.7 The Enquiry Officer has found that the Noticee had entered into synchronised/structured deals. The synchronized trade is a kind of transactions where the seller and buyer execute the trade for almost same quantity and price at substantially the same time. I find that synchronized deal per se is not illegal. On the other hand, the synchronized deal with fraudulent or deceptive intention to create misleading appearance of trading and to manipulate the price and volume of the scrip price to tamper the price discovery mechanism of stock exchange is no doubt a serious matter.
6.8 Hence, the issue to be decided in this case is whether the Noticee has carried out any such trades and to take a decision as to whether the penalty recommended by the Enquiry Officer against the Noticee is warranted or not. In order to decide the said issue, I felt it necessary to analyse the details of synchronised trades executed by the Noticee. (As given on next page) Details of synchronised trades of the Noticee with UTI Securities Ltd in the scrip of PPL Sell Member Code Sell Client Code Sell Order No Sell Order Date Sell Order Time Sell Order Price Sell Order Quantity Buy Member Code Buy Client Code Buy Order No. Buy Order Date Buy Order Time Buy Order Price Buy Order Quantity Trade No Traded Quantity Traded Price Trade Date Trade Time Time difference between buy and sell orders Price difference between buy and sell orders Quantity Difference between buy and sell orders D0767 UTICAP 76700100010009847 7/16/2001 10:11:57 51.25 50000 D0650 TT 65000200010012419 7/16/2001 10:11:54 51.25 50000 2 5000 51.25 7/16/2001 10:11:57 0:00:03 0 0 D0767 UTICAP 76700100010009847 7/16/2001 10:11:57 51.25 50000 D0650 TT 65000200010012419 7/16/2001 10:11:54 51.25 50000 3 5000 51.25 7/16/2001 10:11:57 0:00:03 0 0 D0767 UTICAP 76700100010009847 7/16/2001 10:11:57 51.25 50000 D0650 TT 65000200010012419 7/16/2001 10:11:54 51.25 50000 4 5000 51.25 7/16/2001 10:11:57 0:00:03 0 0 D0767 UTICAP 76700100010009847 7/16/2001 10:11:57 51.25 50000 D0650 TT 65000200010012419 7/16/2001 10:11:54 51.25 50000 5 5000 51.25 7/16/2001 10:11:57 0:00:03 0 0 D0767 UTICAP 76700100010009847 7/16/2001 10:11:57 51.25 50000 D0650 TT 65000200010012419 7/16/2001 10:11:54 51.25 50000 6 5000 51.25 7/16/2001 10:11:57 0:00:03 0 0 D0767 UTICAP 76700100010009847 7/16/2001 10:11:57 51.25 50000 D0650 TT 65000200010012419 7/16/2001 10:11:54 51.25 50000 7 5000 51.25 7/16/2001 10:11:57 0:00:03 0 0 D0767 UTICAP 76700100010009847 7/16/2001 10:11:57 51.25 50000 D0650 TT 65000200010012419 7/16/2001 10:11:54 51.25 50000 8 5000 51.25 7/16/2001 10:11:57 0:00:03 0 0 D0767 UTICAP 76700100010009847 7/16/2001 10:11:57 51.25 50000 D0650 TT 65000200010012419 7/16/2001 10:11:54 51.25 50000 9 5000 51.25 7/16/2001 10:11:57 0:00:03 0 0 D0767 UTICAP 76700100010009847 7/16/2001 10:11:57 51.25 50000 D0650 TT 65000200010012419 7/16/2001 10:11:54 51.25 50000 10 5000 51.25 7/16/2001 10:11:57 0:00:03 0 0 D0767 UTICAP 76700100010009847 7/16/2001 10:11:57 51.25 50000 D0650 TT 65000200010012419 7/16/2001 10:11:54 51.25 50000 11 5000 51.25 7/16/2001 10:11:57 0:00:03 0 0 D0767 UTICAP 76700100010009848 7/16/2001 10:12:33 51 50000 D0650 TT 65000200010012420 7/16/2001 10:12:35 51 50000 12 5000 51.00 7/16/2001 10:12:35 0:00:02 0 0 D0767 UTICAP 76700100010009848 7/16/2001 10:12:33 51 50000 D0650 TT 65000200010012420 7/16/2001 10:12:35 51 50000 13 5000 51.00 7/16/2001 10:12:35 0:00:02 0 0 D0767 UTICAP 76700100010009848 7/16/2001 10:12:33 51 50000 D0650 TT 65000200010012420 7/16/2001 10:12:35 51 50000 14 5000 51.00 7/16/2001 10:12:35 0:00:02 0 0 D0767 UTICAP 76700100010009848 7/16/2001 10:12:33 51 50000 D0650 TT 65000200010012420 7/16/2001 10:12:35 51 50000 15 5000 51.00 7/16/2001 10:12:35 0:00:02 0 0 D0767 UTICAP 76700100010009848 7/16/2001 10:12:33 51 50000 D0650 TT 65000200010012420 7/16/2001 10:12:35 51 50000 16 5000 51.00 7/16/2001 10:12:35 0:00:02 0 0 D0767 UTICAP 76700100010009848 7/16/2001 10:12:33 51 50000 D0650 TT 65000200010012420 7/16/2001 10:12:35 51 50000 17 5000 51.00 7/16/2001 10:12:35 0:00:02 0 0 D0767 UTICAP 76700100010009848 7/16/2001 10:12:33 51 50000 D0650 TT 65000200010012420 7/16/2001 10:12:35 51 50000 18 5000 51.00 7/16/2001 10:12:35 0:00:02 0 0 D0767 UTICAP 76700100010009848 7/16/2001 10:12:33 51 50000 D0650 TT 65000200010012420 7/16/2001 10:12:35 51 50000 19 5000 51.00 7/16/2001 10:12:35 0:00:02 0 0 D0767 UTICAP 76700100010009848 7/16/2001 10:12:33 51 50000 D0650 TT 65000200010012420 7/16/2001 10:12:35 51 50000 20 5000 51.00 7/16/2001 10:12:35 0:00:02 0 0 D0767 UTICAP 76700100010009848 7/16/2001 10:12:33 51 50000 D0650 TT 65000200010012420 7/16/2001 10:12:35 51 50000 21 5000 51.00 7/16/2001 10:12:35 0:00:02 0 0 D0767 UTICAP 76700100010009849 7/16/2001 10:13:04 51.25 50000 D0650 TT 65000200010012421 7/16/2001 10:13:04 51.25 50000 22 5000 51.25 7/16/2001 10:13:04 0:00:00 0 0 D0767 UTICAP 76700100010009849 7/16/2001 10:13:04 51.25 50000 D0650 TT 65000200010012421 7/16/2001 10:13:04 51.25 50000 23 5000 51.25 7/16/2001 10:13:04 0:00:00 0 0 D0767 UTICAP 76700100010009849 7/16/2001 10:13:04 51.25 50000 D0650 TT 65000200010012421 7/16/2001 10:13:04 51.25 50000 24 5000 51.25 7/16/2001 10:13:04 0:00:00 0 0 D0767 UTICAP 76700100010009849 7/16/2001 10:13:04 51.25 50000 D0650 TT 65000200010012421 7/16/2001 10:13:04 51.25 50000 25 5000 51.25 7/16/2001 10:13:04 0:00:00 0 0 D0767 UTICAP 76700100010009849 7/16/2001 10:13:04 51.25 50000 D0650 TT 65000200010012421 7/16/2001 10:13:04 51.25 50000 26 5000 51.25 7/16/2001 10:13:04 0:00:00 0 0 D0767 UTICAP 76700100010009849 7/16/2001 10:13:04 51.25 50000 D0650 TT 65000200010012421 7/16/2001 10:13:04 51.25 50000 27 5000 51.25 7/16/2001 10:13:04 0:00:00 0 0 D0767 UTICAP 76700100010009849 7/16/2001 10:13:04 51.25 50000 D0650 TT 65000200010012421 7/16/2001 10:13:04 51.25 50000 28 5000 51.25 7/16/2001 10:13:04 0:00:00 0 0 D0767 UTICAP 76700100010009849 7/16/2001 10:13:04 51.25 50000 D0650 TT 65000200010012421 7/16/2001 10:13:04 51.25 50000 29 5000 51.25 7/16/2001 10:13:04 0:00:00 0 0 D0767 UTICAP 76700100010009849 7/16/2001 10:13:04 51.25 50000 D0650 TT 65000200010012421 7/16/2001 10:13:04 51.25 50000 30 5000 51.25 7/16/2001 10:13:04 0:00:00 0 0 D0767 UTICAP 76700100010009849 7/16/2001 10:13:04 51.25 50000 D0650 TT 65000200010012421 7/16/2001 10:13:04 51.25 50000 31 5000 51.25 7/16/2001 10:13:04 0:00:00 0 0 D0767 UTICAP 76700100010009850 7/16/2001 10:13:37 51 25000 D0650 TT 65000200010012422 7/16/2001 10:13:38 51 25000 32 2500 51.00 7/16/2001 10:13:39 0:00:01 0 0 D0767 UTICAP 76700100010009850 7/16/2001 10:13:37 51 25000 D0650 TT 65000200010012422 7/16/2001 10:13:38 51 25000 33 2500 51.00 7/16/2001 10:13:39 0:00:01 0 0 D0767 UTICAP 76700100010009850 7/16/2001 10:13:37 51 25000 D0650 TT 65000200010012422 7/16/2001 10:13:38 51 25000 34 2500 51.00 7/16/2001 10:13:39 0:00:01 0 0 D0767 UTICAP 76700100010009850 7/16/2001 10:13:37 51 25000 D0650 TT 65000200010012422 7/16/2001 10:13:38 51 25000 35 2500 51.00 7/16/2001 10:13:39 0:00:01 0 0 D0767 UTICAP 76700100010009850 7/16/2001 10:13:37 51 25000 D0650 TT 65000200010012422 7/16/2001 10:13:38 51 25000 36 2500 51.00 7/16/2001 10:13:39 0:00:01 0 0 D0767 UTICAP 76700100010009850 7/16/2001 10:13:37 51 25000 D0650 TT 65000200010012422 7/16/2001 10:13:38 51 25000 37 2500 51.00 7/16/2001 10:13:39 0:00:01 0 0 D0767 UTICAP 76700100010009850 7/16/2001 10:13:37 51 25000 D0650 TT 65000200010012422 7/16/2001 10:13:38 51 25000 38 2500 51.00 7/16/2001 10:13:39 0:00:01 0 0 D0767 UTICAP 76700100010009850 7/16/2001 10:13:37 51 25000 D0650 TT 65000200010012422 7/16/2001 10:13:38 51 25000 39 2500 51.00 7/16/2001 10:13:39 0:00:01 0 0 D0767 UTICAP 76700100010009850 7/16/2001 10:13:37 51 25000 D0650 TT 65000200010012422 7/16/2001 10:13:38 51 25000 40 2500 51.00 7/16/2001 10:13:39 0:00:01 0 0 D0767 UTICAP 76700100010009850 7/16/2001 10:13:37 51 25000 D0650 TT 65000200010012422 7/16/2001 10:13:38 51 25000 41 2500 51.00 7/16/2001 10:13:39 0:00:01 0 0 D0767 UTICAP 76700100010009851 7/16/2001 10:14:10 51.25 20000 D0650 TT 65000200010012423 7/16/2001 10:14:10 51.25 20000 42 2000 51.25 7/16/2001 10:14:11 0:00:00 0 0 D0767 UTICAP 76700100010009851 7/16/2001 10:14:10 51.25 20000 D0650 TT 65000200010012423 7/16/2001 10:14:10 51.25 20000 43 2000 51.25 7/16/2001 10:14:11 0:00:00 0 0 D0767 UTICAP 76700100010009851 7/16/2001 10:14:10 51.25 20000 D0650 TT 65000200010012423 7/16/2001 10:14:10 51.25 20000 44 2000 51.25 7/16/2001 10:14:11 0:00:00 0 0 D0767 UTICAP 76700100010009851 7/16/2001 10:14:10 51.25 20000 D0650 TT 65000200010012423 7/16/2001 10:14:10 51.25 20000 45 2000 51.25 7/16/2001 10:14:11 0:00:00 0 0 D0767 UTICAP 76700100010009851 7/16/2001 10:14:10 51.25 20000 D0650 TT 65000200010012423 7/16/2001 10:14:10 51.25 20000 46 2000 51.25 7/16/2001 10:14:11 0:00:00 0 0 D0767 UTICAP 76700100010009851 7/16/2001 10:14:10 51.25 20000 D0650 TT 65000200010012423 7/16/2001 10:14:10 51.25 20000 47 2000 51.25 7/16/2001 10:14:11 0:00:00 0 0 D0767 UTICAP 76700100010009851 7/16/2001 10:14:10 51.25 20000 D0650 TT 65000200010012423 7/16/2001 10:14:10 51.25 20000 48 2000 51.25 7/16/2001 10:14:11 0:00:00 0 0 D0767 UTICAP 76700100010009851 7/16/2001 10:14:10 51.25 20000 D0650 TT 65000200010012423 7/16/2001 10:14:10 51.25 20000 49 2000 51.25 7/16/2001 10:14:11 0:00:00 0 0 D0767 UTICAP 76700100010009851 7/16/2001 10:14:10 51.25 20000 D0650 TT 65000200010012423 7/16/2001 10:14:10 51.25 20000 50 2000 51.25 7/16/2001 10:14:11 0:00:00 0 0 D0767 UTICAP 76700100010009851 7/16/2001 10:14:10 51.25 20000 D0650 TT 65000200010012423 7/16/2001 10:14:10 51.25 20000 51 2000 51.25 7/16/2001 10:14:11 0:00:00 0 0 D0767 UTICAP 76700100010009852 7/16/2001 10:15:07 51.3 1000 D0650 TT 65000200010012424 7/16/2001 10:15:06 51.3 1000 52 100 51.30 7/16/2001 10:15:07 0:00:01 0 0 D0767 UTICAP 76700100010009852 7/16/2001 10:15:07 51.3 1000 D0650 TT 65000200010012424 7/16/2001 10:15:06 51.3 1000 53 100 51.30 7/16/2001 10:15:07 0:00:01 0 0 D0767 UTICAP 76700100010009852 7/16/2001 10:15:07 51.3 1000 D0650 TT 65000200010012424 7/16/2001 10:15:06 51.3 1000 54 100 51.30 7/16/2001 10:15:07 0:00:01 0 0 D0767 UTICAP 76700100010009852 7/16/2001 10:15:07 51.3 1000 D0650 TT 65000200010012424 7/16/2001 10:15:06 51.3 1000 55 100 51.30 7/16/2001 10:15:07 0:00:01 0 0 D0767 UTICAP 76700100010009852 7/16/2001 10:15:07 51.3 1000 D0650 TT 65000200010012424 7/16/2001 10:15:06 51.3 1000 56 100 51.30 7/16/2001 10:15:07 0:00:01 0 0 D0767 UTICAP 76700100010009852 7/16/2001 10:15:07 51.3 1000 D0650 TT 65000200010012424 7/16/2001 10:15:06 51.3 1000 57 100 51.30 7/16/2001 10:15:07 0:00:01 0 0 D0767 UTICAP 76700100010009852 7/16/2001 10:15:07 51.3 1000 D0650 TT 65000200010012424 7/16/2001 10:15:06 51.3 1000 58 100 51.30 7/16/2001 10:15:07 0:00:01 0 0 D0767 UTICAP 76700100010009852 7/16/2001 10:15:07 51.3 1000 D0650 TT 65000200010012424 7/16/2001 10:15:06 51.3 1000 59 100 51.30 7/16/2001 10:15:07 0:00:01 0 0 D0767 UTICAP 76700100010009852 7/16/2001 10:15:07 51.3 1000 D0650 TT 65000200010012424 7/16/2001 10:15:06 51.3 1000 60 100 51.30 7/16/2001 10:15:07 0:00:01 0 0 D0767 UTICAP 76700100010009852 7/16/2001 10:15:07 51.3 1000 D0650 TT 65000200010012424 7/16/2001 10:15:06 51.3 1000 61 100 51.30 7/16/2001 10:15:07 0:00:01 0 0 6.9 I find that the Noticee had executed 60 instances of synchronised trades with UTI Securities Ltd in a single day i.e on July 16, 2001 within a time gap from 10:11:57 to 10:15:07. The Noticee bought a total of 1,96,000 shares of PPL in a single day i.e on July 16, 2001. UTI Securities Limited sold 1,96,000 shares of PPL on behalf of UTI Bank Ltd. and the shares were bought by the Noticee through structured deals on behalf of its related client Pursarth. However, I find that there was no repetition of such transaction by UTI Securities Limited.
6.10 However, the Noticee entered into several synchronised/structured trades with BSE Member M/s Pawankumar Parmeshwarlal Choudhary also. In this regard it is noted that M/s Choudhary has sold 82,534 shares and out of that 33,410 shares were bought by the Noticee. It is observed that 12,810 shares were bought by the Noticee through structured trades where the Noticee placed 6 buy orders for 13,150 shares and M/s Choudhary also placed 6 sell orders for 12,850 shares. Details of these trades are given hereunder (As given on next page).
Details of synchronised trades of the Noticee with M/s Pawankumar Parmeshwarlal Choudhary Trade No Buy Order No Buy Order Time Buy Order Price Buy Order Quantity Buy Member Code Buy Client Code Traded Quantity Trade Price Trade Date Trade Time Sell Order No Sell Order Time Sell Order Price Sell Order Quantity Sell Member Code Sell Client Code Difference between sell time and buy time order Difference between price of buy and sell order Difference between quantity of buy and sell order 99 65000100010009434 14:20:36 52.85 200 D0650 TT1 200 52.85 7/9/2001 14:20:36 55000100010005269 14:20:29 52.85 200 D0550 1108 0:00:07 0 0 168 65000200010012237 12:58:41 51.4 3000 D0650 TT1 300 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 169 65000200010012237 12:58:41 51.4 3000 D0650 TT1 200 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 170 65000200010012237 12:58:41 51.4 3000 D0650 TT1 100 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 171 65000200010012237 12:58:41 51.4 3000 D0650 TT1 300 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 172 65000200010012237 12:58:41 51.4 3000 D0650 TT1 100 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 173 65000200010012237 12:58:41 51.4 3000 D0650 TT1 200 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 174 65000200010012237 12:58:41 51.4 3000 D0650 TT1 300 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 175 65000200010012237 12:58:41 51.4 3000 D0650 TT1 300 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 176 65000200010012237 12:58:41 51.4 3000 D0650 TT1 200 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 177 65000200010012237 12:58:41 51.4 3000 D0650 TT1 100 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 178 65000200010012237 12:58:41 51.4 3000 D0650 TT1 300 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 179 65000200010012237 12:58:41 51.4 3000 D0650 TT1 100 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 180 65000200010012237 12:58:41 51.4 3000 D0650 TT1 200 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 181 65000200010012237 12:58:41 51.4 3000 D0650 TT1 300 51.40 7/10/2001 12:58:41 55000100010005287 12:58:38 51.4 3000 D0550 1003 0:00:03 0 0 271 65000200010012271 12:40:33 49.95 2000 D0650 TT 200 49.95 7/11/2001 12:40:41 55000100010005300 12:40:40 49.95 2000 D0550 1003 0:00:07 0 0 272 65000200010012271 12:40:33 49.95 2000 D0650 TT 200 49.95 7/11/2001 12:40:41 55000100010005300 12:40:40 49.95 2000 D0550 1003 0:00:07 0 0 273 65000200010012271 12:40:33 49.95 2000 D0650 TT 100 49.95 7/11/2001 12:40:41 55000100010005300 12:40:40 49.95 2000 D0550 1003 0:00:07 0 0 274 65000200010012271 12:40:33 49.95 2000 D0650 TT 100 49.95 7/11/2001 12:40:41 55000100010005300 12:40:40 49.95 2000 D0550 1003 0:00:07 0 0 275 65000200010012271 12:40:33 49.95 2000 D0650 TT 200 49.95 7/11/2001 12:40:41 55000100010005300 12:40:40 49.95 2000 D0550 1003 0:00:07 0 0 276 65000200010012271 12:40:33 49.95 2000 D0650 TT 200 49.95 7/11/2001 12:40:41 55000100010005300 12:40:40 49.95 2000 D0550 1003 0:00:07 0 0 277 65000200010012271 12:40:33 49.95 2000 D0650 TT 200 49.95 7/11/2001 12:40:41 55000100010005300 12:40:40 49.95 2000 D0550 1003 0:00:07 0 0 278 65000200010012271 12:40:33 49.95 2000 D0650 TT 200 49.95 7/11/2001 12:40:41 55000100010005300 12:40:40 49.95 2000 D0550 1003 0:00:07 0 0 279 65000200010012271 12:40:33 49.95 2000 D0650 TT 100 49.95 7/11/2001 12:40:41 55000100010005300 12:40:40 49.95 2000 D0550 1003 0:00:07 0 0 280 65000200010012271 12:40:33 49.95 2000 D0650 TT 100 49.95 7/11/2001 12:40:41 55000100010005300 12:40:40 49.95 2000 D0550 1003 0:00:07 0 0 281 65000200010012271 12:40:33 49.95 2000 D0650 TT 200 49.95 7/11/2001 12:40:41 55000100010005300 12:40:40 49.95 2000 D0550 1003 0:00:07 0 0 282 65000200010012271 12:40:33 49.95 2000 D0650 TT 200 49.95 7/11/2001 12:40:41 55000100010005300 12:40:40