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Showing contexts for: Intraday in V Hansprakash(Through Pariokar) vs State on 1 December, 2020Matching Fragments
7. As per the status report submitted by the State through the investigation conducted so far, the role alleged against the accused V. Hansprakash is as under:-
"1. He was the Head of Business Department and Chief Business Strategy Officer of the IL & FS Securities Services Ltd.
2. He also suggested that intraday benefits be extended over and above available collaterals to some selected client, which resulted in facilitation to the AFSPL.
the entire transaction as M/s AFSPL had already carried out the trade on exchange by availing the margins and ISSL is no more in a position to utilize the mutual funds to settle the trades of AFPSL with other trading members because of the freezing order passed by the Police.
23. The applicant has further submitted that he was the Vice President of the Business & Marketing team at ISSL during the period of the alleged transaction. The applicant further submits that he was merely a salaried employee of M/s ISSL and was never in charge of the Operations and Compliance Team of ISSL. Inter alia the applicant submits that the entire process of due diligence and KYC was performed by Operation Team. The securities and mutual funds operations as well as reporting to exchange was performed by the Operation Team. The Applicant further submits that he had no access to the collateral interface and exchange reporting module of ISSL. It is submitted by the applicant that in emails, the Applicant only suggested that intraday benefits should be extended to some clients as a part of the business strategy, subject to the confirmation of the final decision of the Operation Team of ISSL.
It was also observed that intra-day limits provided by ISSL to AFSPL were enhanced without sufficient collateral inflow (naked benefit) and were reduced at end of the day. During July 02, 2018 to December 27, 2018, there were 65 instances/trading days where total amount of intraday benefit extended to AFSPL by ISSL amounted to Rs. 2417.87 Signature Not Verified Digitally Signed By:SUMIT GHAI Signing Date:02.12.2020 18:17:09 This file is digitally signed by PS to HMJ ANU MALHOTRA.