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Restraining trader from accessing securities market for 6 months was unwarranted as he had no link with buyer

October 17, 2020[2020] 120 236 (SAT - Mumbai)

SEBI : Investigation by SEBI revealed that appellant, trader and investor in capital market traded in scrip's of company 'AVIL' which led to positive contribution to last traded price of scrip's, which was manipulative and fraudulent and violative of regulations 3 and 4 - SEBI thus, passed order restraining appellant from accessing securities market for a period of six months

• Held, appellant had executed only one trade and there was no finding that appellant had any connection with buyer or that appellant executed trades in premediated manner, penalty of debarring appellant for six months was wholly unwarranted and could not be sustained.

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