trading transactions and the Adjudicating Officer
Page No.# 10/97
analyzed the trade logs and observed that the trades executed by Rakhi Trading
matched with ... regular trading, other investors have been excluded from participating in
these trades. The fact that when the trade was not synchronising, the traders placed
their trading for 30 days in the shares of the company the trades
of six days are impugned. As regards the synchronised trades ... placed and executed on
the relevant date. Some inadvertent or accidental synchronised trades
may have occurred which cannot be ipso facto called as illegal
change of
ownership of securities by repetitive synchronized trades and / or
3
reversal trades. The AO after considering the material evidence on
record and after ... trading of
the appellant with the other noticees indicated synchronised trades
which created a misleading appearance of trading in the scrip and
generated artificial volume
Securities and Exchange
Board of India (Prohibition of Fraudulent and Unfair Trade Practices
relating to Securities Market) Regulations, 2003 (hereinafter referred
to as 'PSUTP ... were charged for creating artificial volume in the market through
synchronised trades on BSE Ltd. (BSE) and National Stock
Exchange of India Ltd. (NSE) platform
they are of people of no means.
(vi) Price escalation through synchronised trading within limited parties,
mostly entities controlled by the entry operators.
(vii) Statement
penalising a group of investors and brokers for punching in synchronised
trades on the stock exchange platform, solely for the purposes of tax evasion ... screen of the
Stock Exchanges are not genuine and that the synchronised trades do affect the integrity
of the stock market.
9. Now coming
complaint that there were synchronisation of
logging-in of traders, creation of artificial volumes, false market in
the shares, circular trading, churning of the same
Apex Court of the country
has rejected this plea that every trading activity done on BSE platform does
not have scope of manipulation ... through screen-based trading and hence
anonymous. Such conclusion would be overlooking the prior meeting
of minds involving synchronisation of b. and sell order
M.P. Power Management Company Limited vs M/S Sky Power Southeast Solar India ... on
Karnataka Power Transmission ... vs Jsw Energy Limited on 22 November, 2022
Author: K.M. Joseph
