Adjudication Order in respect of Narayan Securities Limited and Galaxy Infraprojects and Developers Private Limited in the matter of Narayan Securities Limited

Last updated: 29 October 2020

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Quick Summary

This adjudication order from the Securities and Exchange Board of India (SEBI) concerns Narayan Securities Limited and Galaxy Infraprojects & Developers Private Limited. SEBI initiated proceedings against both companies for alleged violations of the Securities Contracts (Regulation) Act, 1956. The specific sections cited relate to market manipulation and fraudulent practices.

Court :
SEBI

Brief :
Securities and Exchange Board of India (hereinafter referred to as, ‘SEBI’), initiated adjudication proceedings against Narayan Securities Limited (hereinafter referred to as, the ‘Noticee 1’) and Galaxy Infraprojects & Developers Private Limited (hereinafter referred to as, the ‘Noticee 2’) pursuant to investigation in the captioned matter. Noticee 1 and 2 are collectively referred to as ‘Noticees’.

Citation :
[ADJUDICATION ORDER NO. Order/MC/HP/2020-21/9410-9411]

BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA

[ADJUDICATION ORDER NO. Order/MC/HP/2020-21/9410-9411]

UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 AND UNDER SECTION 23‐I OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 READ WITH RULE 5 OF SECURITIES CONTRACTS (REGULATION) (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 2005

In respect of –

1) Narayan Securities Limited (PAN: AAACN2728F) having address at 1/7, 3rd Floor, East Patel Nagar, Opposite Metro Pillar No. 178, New Delhi, Delhi - 110008
Email Id – nspl@narayansecurities.com, rameshsaraf@narayansecurities.com

2) Galaxy Infraprojects & Developers Private Limited (PAN: AACCG7477N) having address at Shop No. F-40, 1st floor, Raghuleela Mega Mall, Near Poisar Bus Depot, S. V. Road, Kandivali (West), Mumbai – 400067
Email Id - galaxyinfradev2007@gmail.com

In the matter of Narayan Securities Limited

BACKGROUND
1. Securities and Exchange Board of India (hereinafter referred to as, ‘SEBI’), initiated adjudication proceedings against Narayan Securities Limited (hereinafter referred to as, the ‘Noticee 1’) and Galaxy Infraprojects & Developers Private Limited (hereinafter referred to as, the ‘Noticee 2’) pursuant to investigation in the captioned matter. Noticee 1 and 2 are collectively referred to as ‘Noticees’.

2. Adjudication proceedings have been initiated against,
a) Noticees 1 and 2 under section 23H of Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as, ‘SCRA’) for alleged violations of Section 16 of SCRA read with SEBI Notification S.O.184(E) dated March 01, 2000, Section 13 and Section 18 of SCRA read with Section 2(i) of SCRA.

To know more in details find the attachment file

FAQ :

The parties involved are Narayan Securities Limited and Galaxy Infraprojects & Developers Private Limited.

The proceedings are based on alleged violations of Section 16, Section 13, and Section 18 of the Securities Contracts (Regulation) Act, 1956, read with SEBI Notification S.O.184(E) dated March 01, 2000, and Section 2(i) of the SCRA.

The order is issued by the Adjudicating Officer of the Securities and Exchange Board of India (SEBI).

The order is issued 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, and under Section 23-I of the Securities Contracts (Regulation) Act, 1956, read with Rule 5 of the Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalties) Rules, 2005.