Penalty imposed by SEBI was justified as broker didn't follow due diligence in avoiding market manipulation: SAT

COMPANY LAW/SEBI: Where trader was indulged in synchronized trading of shares of company and placed buy and sell orders at price significantly away from last traded price thereby creating artificial volume on share of said company and no mechanism had been implemented by broker in avoiding synchronized trades which were clearly a negligence from side of broker, impugned order passed by SEBI imposing penalty upon trader and broker was justified

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