ASHIKA STOCK BROKING LIMITED Vs. SECURITIES AND EXCHANGE
SECURITIES APPELLATE TRIBUNAL
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N.K.Sodhi, Presiding Officer (Oral) -
(1.) THIS appeal is directed against the order dated July 19, 2011 passed by
the whole time member modifying the ad -interim ex -parte order issued
against the appellant. By an ex -parte order dated December 2, 2010, the
appellant which is a stock broker had been restrained from taking new
clients and for executing proprietary trades pending investigations. The
investigations are still going on. By the impugned order, the whole time
member has modified his earlier order and allowed the appellant to take
on fresh clients but the restraint order regarding proprietary trades is
continuing. During the course of the hearing, the appellant states that
it is willing to furnish an undertaking in writing to the respondent
Board that it shall not buy, sell or deal in securities on its own /
proprietary account pending further orders in the proceedings before the
Board. If such an undertaking is furnished within a week from today, the
direction issued to the appellant in paragraph 28(c) of the impugned
order shall stand vacated. This course is being adopted having regard to
the peculiar facts and circumstances of the present case. The Board is
directed to conclude the investigations expeditiously. It is made clear
that the furnishing of the undertaking and the acceptance thereof by the
respondent Board shall be without prejudice to the rights of the parties.
The learned senior counsel appearing for the appellant informs us that
his client is holding some shares as margin and that if a need arises to
dispose of those shares, liberty may be reserved to the appellant to
apply in that regard. Liberty as prayed for.
The appeal stands disposed of as above with no order as to costs.;
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