December 29, 2005
PR No. 172/2005

Order against M/s. J.G.A. Shah Share Brokers Pvt. Ltd.

Securities and Exchange Board of India (SEBI) has passed an order against M/s. J.G.A. Shah Share Brokers Private Ltd., Member, BSE Ltd. under Regulation 13(4) of SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 directing that the certificate of registration of J.G.A. Shah Share Brokers Pvt. Ltd., SEBI Regn No. INB 010995237, Member, BSE Ltd. be suspended for a period of 10 (ten) days in the matter of M/s. Vision Technology India Ltd. (VTIL).

The order has been passed by Shri Madhukar, Whole Time Member, SEBI on December 23, 2005.

SEBI had conducted an investigation into the dealings of VTIL for the period from December 1998 to March 2000, wherein sudden spurt in the price and volume was observed. It was seen that at BSE Ltd. the price had increased from Rs.4/- to Rs.150/- during this period. Investigations revealed that M/s. J.G.A. Shah Share Brokers Pvt. Ltd. was one of the top broker who have dealt in this scrip and enquiry proceedings were initiated.

On receipt of the report from Enquiry Officer, Show cause notice was issued to M/s. J.G.A. Shah Share Brokers Pvt. Ltd. After considering the submissions made by the broker, the broker has been found guilty of violating the provisions of Regulation 4(a) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 and the Certificate of Registration of the member has been suspended for period of 10 days.

The order will come into force after the expiry of three weeks from the date of the order.

Mumbai

December 29, 2005