Adjudication order in respect of Adroit Financial services Pvt Ltd in the matter of The Byke Hospitality Ltd

Last updated: 29 October 2020

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Quick Summary

The Securities and Exchange Board of India (SEBI) has issued an adjudication order against Adroit Financial Services Pvt. Ltd. The company was found to have acted as a broker for self-trades executed by an individual in The Byke Hospitality Ltd (TBHL) scrip. These trades created artificial volume and a misleading appearance of trading activity, which is detrimental to investor interests. Adroit Financial Services was found to have failed in exercising due skill, care, and diligence, thereby violating SEBI regulations.

Court :
SEBI

Brief :
Securities and Exchange Board of India (hereinafter referred to as “SEBI”) conducted an investigation for the period April 08, 2011 to April 13, 2011 (hereinafter referred to as “Investigation Period / IP”) in the scrip of The Byke Hospitality Ltd (hereinafter referred to as “TBHL / scrip”) for the period from March 1, 2013 to December 31, 2013. The scrip is listed on the Bombay Stock Exchange Ltd. (BSE) as well as the National Stock Exchange of India Ltd. (NSE).

Citation :
[ADJUDICATION ORDER NO. Order/KS/AE/2020-21/9414]

Daily Limit Reached