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

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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]

BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA
[ADJUDICATION ORDER NO. Order/KS/AE/2020-21/9414]

UNDER SECTION 15-I OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995

In respect of:
Adroit Financial Services Pvt. Ltd.
(PAN : AABCA1156D)

In the matter of The Byke Hospitality Ltd

 

BACKGROUND

1. 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).

2. It is noted from Investigation Report (IR) that Anant Dattaram Yalavatakar (hereinafter referred to as “Anant”) repeatedly entered into self-trades in TBHL scrip in BSE which created artificial volume in the scrip of TBHL during the IP, leading to false and misleading appearance of trading in the said scrip. It was further observed that Adroit Financial Services Pvt Ltd (hereinafter referred to as “Noticee”) was the broker on buy side as well as on the sell side of self-trades executed by Anant. It was, therefore, alleged that by acting as broker and counterparty broker for self-trades of Anant, Noticee failed to act with due skill, care and due diligence in the conduct of business. The Noticee was alleged to have facilitated manipulative, fraudulent and deceptive transactions, creating false market, detrimental to the investors interest, and failed to abide by the provisions of SEBI Act, 1992 and SEBI (Stock Brokers) Regulations, 2013 made thereunder. It was, thus, alleged that Noticee has violated the provisions of Clause A(2) of the Code of Conduct for Stock Brokers as specified under Schedule II read with Regulation 7 (as it stood prior to 27/09/2013) / Regulation 9(f) (with effect from 27/09/2013) of SEBI (Stock Brokers) Regulations, 2013 (hereinafter referred to as “Broker Regulations”), as applicable.

To know more in details find the attachment file

 

Guest
on 29 October 2020
Published in LAW
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