Modification in respect of order in the matter of Nissan Copper Ltd

SECURITIES AND EXCHANGE BOARD OF INDIA

ORDER

Modification in respect of order in the matter of Nissan Copper Ltd.

WTM/GA/132/ISD/2/07

1.      Whereas it was suspected that certain clients (viz. Vora group and Reniwal group) had created an artificial scarcity of shares of Nissan Copper Ltd. (hereinafter referred to as company) in the market possibly by entering into structured transactions with FIIs and subsequently made huge profit and the said clients traded with four different brokers following a similar pattern of order placing in a structured way and  

2.      Whereas the entire design seems to disguise their structured trades, where these entities entered their orders at the beginning of the day at unrealistic price and later updated the price in sync with the sell-order entry of the FIIs and these activities indicate a strong possibility of facilitating a safe exit for the FIIs and/or of a concerted activity to suck the liquidity of the stocks from the market into their possession and to create an artificial scarcity of shares in the market and

3.      Whereas to protect the interest of investors and the integrity of the securities market, I, in exercise of the powers conferred upon me in terms of Section 19 read with Section 11(1), Section 11(4)(b) & (d) and Section 11B of SEBI Act, 1992, pending investigation and passing of final order, inter alia directed vide order dated January 17, 2007 that six stock brokers including the above four brokers viz. Matrix Equitrade Pvt. Ltd., RSS Investments Ltd., Park Light Securities Ltd., Dimensional Securities Pvt. Ltd., Religare Securities Ltd. and H. Nyalchand Financial Services Ltd. shall not buy, sell or deal directly or indirectly in the shares of the company for the reasons stated in the said order and

4.      Whereas the name of one of the brokers was mentioned in the said order as Park Light Securities Ltd., and it has been subsequently noticed that the correct name of the said broker who dealt in Nissan Copper Ltd. in BSE Ltd. is Park Light Investment Pvt. Ltd and

5.      Therefore, I, hereby, direct that the name of the broker i.e. M/s. Park Light Securities Ltd. mentioned at paragraph 31(c) of the said order be substituted with Park Light Investment Pvt. Ltd., and the said order shall stand modified accordingly.