On May 31, 2010, the Securities and Exchange Board of India imposed a penalty of Rs. 4,00,000/- (Rupees Four Lakhs Only) on Mr. Sunil Purohit for violation of SEBI regulations.
On May 28, 2010, the Securities and Exchange Board of India took action against Nandita Sen for violation of SEBI Regulation Act.
On May 31, 2010, the Securities and Exchange Board of India fined Mr. Krishna Agarwal Rs. 60, 000/- (Rupees Sixty thousand only). It is alleged that Mr. Agarwal created artificial volume and manipulated the price of the scrip of Wellworth Overseas Limited. He was also involved in synchronized/ structured/ circular, reversal trades, which resulted in creation of artificial volumes.
On May 31, 2010, the Securities and Exchange Board of India imposed a penalty of Rs. 50,000/- (Rupees Fifty thousand only) on Mr. Balbeer Singh of Bhajanpura, India. It is alleged that Mr. Singh aided and abetted Jalco Group in the manipulation of price/volume of M/s. GHCL Ltd. from November 2006 to March 2007.
On May 14, 2010 the Hong Kong Monetary Authority (HKMA) suspended Mr. Wai Ling Ko’s relevant particulars from the HKMA register maintained under section 20(1)(ea) of the Banking Ordinance for five months from 14 May 2010 to 13 October 2010. It is alleged that Mr. Ko, an employee of DBS Bank (Hong Kong) Limited, in the course of selling a client Constellation Credit Linked Note (Lehman Brothers related), had failed to diligently disclose and explain to the client the product risks involved, and did not ensure product suitability for the same client and also failed to complete the risk disclosure statement for the client in accordance with the bank’s internal control procedures.
On May 24, 2010, the Securities and Exchange Board of India has taken action against Suman Saini for violation of SEBI Regulation Act.
On May 21, 2010, the Securities and Exchange Board of India fined Mr. Bhupinder Singh Sawhney Rs. 1, 00,000/- (Rupees One Lakh only).
On June 02, 2010 the Hong Kong Securities & Futures Commission publicly reprimanded Mr. Frank Hu and two others and fined him $400,000 for negligence in handling a client’s trade orders.
On May 28, 2010, the Australian Securities and Investment Commission (ASIC) has charged Mr. Laurie (Lirim) Emini, a director of Opes Prime Stockbroking Limited (OPSL) with further offences arising from the investigation by ASIC into the company’s collapse. Mr. Emini has been charged with 22 offences of breaching his duties as a director of OPSL and another company of which he was a director, Leveraged Capital Pty Ltd (Leveraged Capital). ASIC alleges that Mr. Emini was intentionally dishonest and failed to exercise and discharge his duties in good faith in the best interests of OPSL and Leveraged Capital.
On May 21, 2010, the Securities and Exchange Board of India has taken action against Mr. Pankaj Shah for violation of SEBI Regulation Act.
On May 20, 2010, the Securities and Exchange Board of India imposed a penalty on Mr. Ganesh Raut of Rs. 5,00,000/- (Rupees Five Lakh only). It is alleged that Mr. Raut violated the SEBI regulations,2003.
As published by the Hong Kong Securities & Futures Commission on May 31, 2010, the Eastern Magistracy sentenced Mr. Kin Bon Leung to four weeks’ imprisonment, suspended for 12 months and ordered to pay a fine of $30,000 for false trading. The court also ordered Leung to pay the Securities and Futures Commission’s (SFC) investigation costs of $29,700. The SFC prohibited Mr. Leung from re-entering the industry for 12 months effective from 31 May 2010.
As published by the Hong Kong Securities & Futures Commission on May 27, 2010, the Eastern Magistracy convicted Mr. Kwok Leung Ng, a former account executive of Sun Hung Kai Investment Services Ltd, on one charge of market manipulation. It is alleged that Mr. Ng was given an instruction by a client to fix a higher closing price of shares of IRICO Group Electronics Co Ltd (IRICO), a company listed on the Stock Exchange of Hong Kong.
On May 21, 2010, the Securities and Exchange Board of India has taken action against Vijay Jhindal for violation of SEBI Regulation Act.
On May 24, 2010, the Securities and Exchange Board of India suspended the certificate of registration of stock broker, Mr. Bipin Vora bearing registration no. INB 010004416 for a period fifteen days. It is alleged that Mr. Vora employed fraudulent and unfair trade practices and has acted in contravention of the prescribed mechanism and thereby violated the Code of Conduct specified for brokers.
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