SAT lowers penalty against Shraddha Stock Broking to Rs 3 lakh
Agencies: Mumbai, Dec 04 2012, 21:28 IST
client who dealt in the shares through these trading members, it had said.
Shraddha Stock Broking also purchased 79,395 shares and sold 50,000 shares through KCG which amounted to 14.11 per cent of total market volume of 55.95 lakh shares.
Sebi had alleged that the stock broker was involved in self-trades which were in the nature of cross trades with entities, mainly MKJ Enterprises, Toplight Vinmay, Shankar, Eminent Sales, Sanatan Merchants, Sweet Solution and Mantu Housing and Projects.
Shraddha Stock Broking had taken large amount of interest free loan from these entities for trading in the scrip and is said to have made a profit of Rs 1.43 crore in the deal, Sebi
had said.
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