Order against M/s. ASK Holding Pvt. Ltd., Shri Vinod Khetan and Shri Sandeep Merchant in the matter of dealing in the scrip of M/s. AKL Soft and Infosys Ltd.,
Securities and Exchange Board of India (SEBI) has conducted investigations in the scrip of M/s. AKL Soft and Infosys Ltd. due to high trading activity in the otherwise illiquid scrip. It was alleged that M/s. ASK Holding Pvt. Ltd., Shri Vinod Khetan and Shri Sandeep Merchant have violated clause (b), (c) & (d) of Regulation 4 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995.
After considering the submission made by these entities SEBI has passed an Order warning them to remain careful in their conduct and desist from undertaking transactions of the nature carried out in the scrip of AKL Soft and Infosys Ltd, or any other irregularity relating to securities market in future.
The Order has been passed by Shri Madhukar, Whole Time Member, on September 16, 2005 under Section 19 read with Sections 11(4)(b) and Section 11B of the Securities and Exchange Board of India Act, 1992 read with Regulation 11 SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003.
A full text of the above Order is available on the website: www.sebi.gov.in
Mumbai
September 30, 2005