To
All Trading Members of the Exchange
Sub: Order under Sections 11 and 11B of the Securities and Exchange Board of India Act, 1992 in the matter of Mishka Finance and Trading Limited in respect of Mr. Shrenik Nalin Zhaveri
Attention of the trading members is invited to the Exchange Notice No. 20150417-36 dated April 17, 2015, wherein SEBI vide its ad-interim ex-parte order no. WTM/RKA/ISD/30/2015 dated April 17, 2015 has, inter-alia, restrained Mishka Finance and Trading Ltd and 128 entities from accessing the securities market and buying, selling or dealing in securities, either directly or indirectly, in any manner, till further directions.
SEBI, now vide its Order No. WTM/RKA/ISD/135/2015 dated October 12, 2015, hereby confirms the directions issued vide the ad interim ex parte order qua the noticee, herein subject to permitting the noticee to the following directions :-
1. subscribe to units of the mutual funds including through SIP and redeem the units of the mutual funds so subscribed;
2. avail the benefits of corporate actions like rights issue, bonus issue, stock split, dividend, etc.
3. sell the securities lying in their demat accounts as on the date of the interim order, other than the shares of the companies which are suspended from trading by the concerned stock exchange, in orderly manner under the supervision of the stock exchanges so as not to disturb the market equilibrium and deposit the sale proceeds in a interest bearing escrow account with a nationalised bank.
Further, it is directed in the aforesaid SEBI Order that the sale proceeds lying in the aforesaid escrow account shall be dealt with and utilised under the supervision of the concerned stock exchange as provided hereunder :-
1. the sale proceeds may be kept in a fixed deposit with a nationalised bank or may be utilised for subscription to units of the mutual funds which shall always be held in the demat form and if such units are redeemed the proceeds thereof shall be credited to the aforesaid escrow account or may be utilised for subscription to the units mutual funds;
2. the noticee may utilise upto 25% of the value of their portfolio as on the date of the interim order for their business purposes and/or for meeting other exigencies.
This Order is effective from October 12, 2015.
A copy of the said order is attached herewith and also available on the SEBI website www.sebi.gov.in.
Trading members are advised to take note of the same and ensure compliance.
Ena Janvalekar Lipika Mahunta
Sr. Manager Assistant Manager
Surveillance & Supervision Surveillance & Supervision
Date : October 13, 2015
|