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P.K.MALHOTRA, S.S.N.MOORTHY
Marwadi Shares & Finance Ltd. – Appellant
Versus
Securities and Exchange Board of India – Respondent
P.K. Malhotra, Member & Presiding Officer (Offg.) - This appeal has been filed against the order dated February 28, 2011 passed by the adjudicating officer of the Securities and Exchange Board of India (the Board) holding the appellant guilty of violating the provisions of para 8, 9 and 2.2 of the Board's circular dated January 18, 2006 (January circular) read with para 4 sub-clause (c) of Suspicious Transactions Report mentioned under para 6 of Board's circular dated March 20, 2006 (March circular) and imposing a penalty of Rs. 25,000/- under Section 15HB of the Securities and Exchange Board of India Act, 1992 (the Sebi Act).
2. The appellant is a part of the Marwadi Group of Companies engaged in the business of providing various financial services. It is registered as a member of the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), MCX Stock Exchange Ltd. (MCX) and United Stock Exchange of India Ltd. (USE). It is also registered with the Board as a stock broker. The appellant had executed trades in the scrip of Rajoo Engineers Ltd. (the company) on behalf of three members of the Nathani family i.e. Mr. Shahin Nathani, Ms. Najmabanu Nathani and Ms. Hasnain Nathan
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