Order against M/s. Sanju Kabra in the matter of M/s. Global Capital Markets Ltd

Securities And Exchange Board Of India2 July 2008

Order No.WTM/TCN/ERO/17/JULY/2008

Ratio decidendi

The rule this decision rests on

Synchronised or negotiated trades are not illegal per se. Such a transaction violates the PFUTP Regulations only if it is executed with a view to manipulating the market, results in circular trading, is dubious in nature and executed to avoid regulatory detection, does not involve a real change of beneficial ownership, or is executed to create false volumes that upset market equilibrium. Intention is to be inferred from attending circumstances, including the nature, frequency and value of the transactions, circular trading, change of beneficial ownership, and prevailing market conditions.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

WTM/TCN/ERO/17/JULY/2008SECURITIES AND EXCHANGE BOARD OF INDIAORDERUNDER REGULATION 13 (4) OF THE SECURITIES AND EXCHANGE BOARDOF INDIA (PROCEDURE FOR HOLDING ENQUIRY BY ENQUIRY OFFICERAND IMPOSING PENALTY) REGULATIONS, 2002 AGAINST M/S. SANJUKABRA, MEMBER, THE CALCUTTA STOCK EXCHANGE ASSOCIATIONLTD. (SEBI REGISTRATION NO. INB031127419) IN THE MATTER OFM/S. GLOBAL CAPITAL MARKETS LTD.

1. The Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) had found rampant price manipulation in the shares of companies with low market capitalization, commonly referred to as “small cap stocks” or “penny stocks” during the year 2005. The Board, in order to protect the interest of investors and the integrity of the securities market had initiated investigation against several such companies which are listed and traded on the Calcutta Stock Exchange Association Ltd. (‘CSE’) and had taken action against the said companies, their promoters, brokers and unscrupulous traders who were found to have manipulated the prices of the shares of those companies.

2. M/s. Global Capital Markets Ltd. (‘Global’) was one such company whose shares had witnessed a sharp rise in their price during the period from 17- 06-2005 to 20-09-2005 on the CSE. The average price of the scrip of Global on the CSE went up from Rs.1.25/- on 17-06-2005 to Rs.15.10/- on 20-09-2005. Thus, the scrip had witnessed a price rise of around 1108% within a period of 2 months and 3 days at the said exchange. It was found that the financial performance of the company was poor to support the substantial price rise of its scrip. This steep price rise of the scrip of the company was the reason for warranting the immediate examination of the dealings in the shares of Global. The analysis of the trading data for above said period revealed that only three brokers – M/s. Sanju Kabra (the noticee), A V Shares & Stock Brokers Pvt. Ltd. and Shivam Stock Broking had contributed 90.97% of the total turnover of the shares of Global. Further analysis of the trading details revealed that most of the traders were executed as cross deals or matched deals. The cross deals and the deals that matched among the three brokers had constituted a major portion of the trades in the scrip and such trading pattern had artificially ramped up the price of the scrip. Since the findings of the preliminary examination prima facie established a case of violation of the provisions of the SEBI (Prohibition of Fraudulent and Unfair Practices Relating to the Securities Market) Regulations, 2003 (PFUTP Regulations) and the SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 (Broker Regulations) by various entities, pending inquiry, SEBI vide order dated 29-09-2005 had directed the noticee and others not to buy, sell or deal in securities in any manner, either directly or indirectly, till further directions. The trading in the shares of Global and other companies were also suspended till further directions.

3. After the passing of the ex-parte interim order as mentioned above, the Whole Time Member of SEBI had on 20-10-2005 directed that investigations be conducted to investigate into the affairs relating to buying, selling or dealing in the shares of Global and appointed an Investigating Officer for the said purpose. The said investigating officer was empowered to exercise powers under Section 11(3) and 11C of the SEBI Act, 1992 for the purposes of investigation. I note that pursuant to the passing of the interim order dated 29-09-2005, the noticee had filed its reply dated 14-10-2005. It had also filed its written submissions dated 08- 12-2005, wherein it had made its submissions with respect to the prima facie allegations made out in the interim order. The SEBI Board after examining the submissions of the noticee was not convinced and found that there was no extenuating factor to take a lenient view in the matter and pending investigations had vide order dated 12-01-2006 inter alia directed that the ex-parte interim order dated 29-09-2005 so far as it relates to the noticee and others (who were named therein) shall remain in force till further order that SEBI may pass on conclusion of the investigation proceedings.

4. On completion of the investigations in the matter, it appeared to the SEBI Board that the noticee (and others) had violated the provisions of the PFUTP Regulations and the Broker Regulations. As the SEBI Board was satisfied that there were sufficient grounds to enquire into affairs for the alleged violations of the noticee, an Enquiry Officer was appointed vide order dated 07-12-2006 for the purposes of conducting an enquiry against the noticee in accordance with the provisions of the SEBI (Procedure For Holding Enquiry By Enquiry Officer and Imposing Penalty) Regulations, 2002 (Enquiry Regulations). The said enquiry officer was substituted vide order dated 30-01-2008 and another enquiry officer was appointed in his place.

5. The Enquiry Officer had then issued a show cause notice dated 10-03- 2008 to the noticee in terms of Regulation 6 of the Enquiry Regulations. The said show cause notice had a copy of the findings of the investigations enclosed as relevant to the noticee. The noticee had replied to the show cause notice vide his reply dated 26-03-2008. I also note that the noticee was heard by the Enquiry Officer on 23-04-2008. After considering the submissions of the noticee and other material on record, the Enquiry Officer had found that the noticee has contravened the provisions of clauses (a), (e) and (o) of sub-regulation (2) of regulation 4 of the PFUTP Regulations and Regulation 7 read with Clause A (1), (2), (3), (4) and B (4) (a) of the Code of Conduct stipulated in Schedule II of the Brokers Regulations. I note that in view of the violations of the noticee, the Enquiry Officer had recommended that the certificate of registration of the noticee be suspended for a period of four months. He further recommended that suspension period may be set off against the period of prohibition already undergone by the noticee vide the SEBI interim order dated 29-09-2005. With the above recommendations the Enquiry Officer had submitted his report dated 26-05-2008 in accordance with Regulation 13 (1) of the Enquiry Regulations to the SEBI Board.

6. After consideration of the Enquiry Report, a show cause notice dated 09- 06-2008 was issued to the noticee enclosing a copy of the Enquiry Report of the Enquiry Officer calling upon the noticee to show cause as to why the action as recommended by the Enquiry Officer or that considered appropriate by the SEBI Board be not taken against it in terms of Regulation 13 (2) of the Enquiry Regulations. The noticee had replied to the show cause notice vide its letter dated 10-06-2008, wherein he had submitted that he had nothing to say in the matter and requested that he be released immediately so as to resume his business. I further note that the Hon’ble High Court at Calcutta had vide order dated 04-03-2008 in Writ Petition No. 1354 of 2007 (Sanju Kabra vs. SEBI and another) had directed the SEBI to conclude the proceedings initiated against the petitioner in respect of the transaction in Global and to place the final decision before the court on the returnable date and further directed that the writ petition be listed in the monthly list of July, 2008 for further consideration.

7. I have perused the show cause notice issued by the enquiry officer, the replies of the noticee, the interim orders dated 29-09-2005 and 12-01- 2006, the enquiry report and other material on record. On perusal of the said documents, the following issues arise for consideration:

a) Whether the noticee had violated the relevant provisions of the PFUTP Regulations while trading in the scrip of Global?

b) Whether the noticee had violated the relevant provisions of the Broker Regulations while dealing in the scrip of Global?

8. I note that the investigations had revealed that the noticee, A V Shares & Stock Brokers Pvt Ltd. (A V Shares) and Shivam Stock Broking Pvt. Ltd. (Shivam) had indulged in around 91% of the trade volumes in the scrip of Global at the CSE during the period of investigation. Global was also directed to furnish information during the investigations. The investigations had also probed into the dealings in the shares of Global by the noticee, A V Shares (broker), Shivam (broker) and clients viz. Salasar Stock Broking Ltd., Clock Sign Trading Co. Pvt. Ltd., AS Vanijya (P) Ltd., Anjani Vanijya (P) Ltd., Agarwal Brokerage Pvt. Ltd., Sangita Devi Agarwal, Tripti Vyapaar Pvt. Ltd., Suman Devi Agarwal and Safe Holdings Pvt. Ltd.

9. I note that the three brokers, viz. the noticee, A V Shares and Shivam had contributed nearly 91% of the trades in the scrip during the relevant period. It was noted that the transactions were during the period from 17-06-2005 to 16-09-2005. This is illustrated by the table below:

% w.r.t the Sl. Volume total volume Traded Traded up Name of the broker Buy/Sell traded at from Rs. to Rs. No. CSE 1 Sanju Kabra 1524210 43.23 1.25 13.50 A V Shares & Stock 2 1114300 31.60 1.30 2.80 Brokers Pvt Ltd. Shivam Stock Broking Pvt. 3 569140 16.14 4.25 13.50 Ltd. Total 3207650 90.97%

The trade details of the noticee can be understood by the table below, which would indicate the number of shares purchased and sold by the noticee on behalf of its clients.

Trade Data % to S. No. of % to No. of % to Broker Total no. Total No. shares Total shares Total of shares Buy & bought Buy sold Sell Sell 1 Sanju Kabra 1168910 66.30 355300 20.15 1524210 43.23 I note that a total of 35,25,815 shares of Global were traded at the exchange during the relevant period. I also note that the noticee had bought 1168910 shares which comprised nearly 66.30% of the total shares bought. The noticee has sold 355300 shares which comprised nearly 20.15% of the total shares sold in the exchange. Thus, the net traded quantity by the noticee is around 43.23%. I also note that the noticee has started trading in the scrip at a price of Rs.1.25/- upto Rs.13.50/-.

10. I note that the noticee had indulged in synchronized deals with the other two brokers (A V Shares and Shivam). The noticee has also indulged in cross deals for its clients. The deals which were synchronized with the other brokers can be seen from the table herein below:

Synchronized trades of Noticee with A V Shares and Shivam:

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 6/2/2005 15:11:03 4215 61808155 AV Share & Stock 100 1.95 B Sanju Kabra 6/2/2005 15:11:03 4215 32033560 Sanju Kabra 100 1.95 S AV Share & Stock 6/9/2005 11:35:04 4221 61808479 AV Share & Stock 9000 2.10 S Sanju Kabra 6/9/2005 11:35:20 4222 61808480 AV Share & Stock 1000 2.10 S Sanju Kabra 6/9/2005 11:35:20 4223 61808480 AV Share & Stock 9000 2.10 S Sanju Kabra 6/9/2005 11:35:30 4224 61808481 AV Share & Stock 1000 2.10 S Sanju Kabra 6/9/2005 11:35:30 4225 61808481 AV Share & Stock 9000 2.10 S Sanju Kabra 6/9/2005 11:35:39 4226 61808483 AV Share & Stock 1000 2.10 S Sanju Kabra 6/9/2005 11:35:39 4227 61808483 AV Share & Stock 9000 2.10 S Sanju Kabra 6/9/2005 11:35:50 4228 61808484 AV Share & Stock 1000 2.10 S Sanju Kabra 6/9/2005 11:35:50 4229 61808484 AV Share & Stock 9000 2.10 S Sanju Kabra 6/9/2005 11:36:02 4230 61808485 AV Share & Stock 1000 2.10 S Sanju Kabra 6/9/2005 11:36:02 4231 61808485 AV Share & Stock 9000 2.10 S Sanju Kabra 6/9/2005 11:36:10 4232 61808486 AV Share & Stock 1000 2.10 S Sanju Kabra 6/9/2005 11:36:10 4233 61808486 AV Share & Stock 9000 2.10 S Sanju Kabra 6/9/2005 11:36:18 4234 61808487 AV Share & Stock 1000 2.10 S Sanju Kabra

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 6/9/2005 11:36:18 4235 61808487 AV Share & Stock 9000 2.10 S Sanju Kabra 6/9/2005 11:36:29 4236 61808488 AV Share & Stock 1000 2.10 S Sanju Kabra 6/9/2005 11:36:29 4237 61808488 AV Share & Stock 9000 2.10 S Sanju Kabra 6/9/2005 11:36:37 4238 61808489 AV Share & Stock 1000 2.10 S Sanju Kabra 6/9/2005 11:36:37 4239 61808489 AV Share & Stock 9000 2.10 S Sanju Kabra 6/9/2005 11:35:04 4221 32033865 Sanju Kabra 9000 2.10 B AV Share & Stock 6/9/2005 11:35:20 4222 32033865 Sanju Kabra 1000 2.10 B AV Share & Stock 6/9/2005 11:35:20 4223 32033866 Sanju Kabra 9000 2.10 B AV Share & Stock 6/9/2005 11:35:30 4224 32033866 Sanju Kabra 1000 2.10 B AV Share & Stock 6/9/2005 11:35:30 4225 32033867 Sanju Kabra 9000 2.10 B AV Share & Stock 6/9/2005 11:35:39 4226 32033867 Sanju Kabra 1000 2.10 B AV Share & Stock 6/9/2005 11:35:39 4227 32033868 Sanju Kabra 9000 2.10 B AV Share & Stock 6/9/2005 11:35:50 4228 32033868 Sanju Kabra 1000 2.10 B AV Share & Stock 6/9/2005 11:35:50 4229 32033869 Sanju Kabra 9000 2.10 B AV Share & Stock 6/9/2005 11:36:02 4230 32033869 Sanju Kabra 1000 2.10 B AV Share & Stock 6/9/2005 11:36:02 4231 32033870 Sanju Kabra 9000 2.10 B AV Share & Stock 6/9/2005 11:36:10 4232 32033870 Sanju Kabra 1000 2.10 B AV Share & Stock 6/9/2005 11:36:10 4233 32033871 Sanju Kabra 9000 2.10 B AV Share & Stock 6/9/2005 11:36:18 4234 32033871 Sanju Kabra 1000 2.10 B AV Share & Stock 6/9/2005 11:36:18 4235 32033872 Sanju Kabra 9000 2.10 B AV Share & Stock 6/9/2005 11:36:29 4236 32033872 Sanju Kabra 1000 2.10 B AV Share & Stock 6/9/2005 11:36:29 4237 32033875 Sanju Kabra 9000 2.10 B AV Share & Stock 6/9/2005 11:36:37 4238 32033875 Sanju Kabra 1000 2.10 B AV Share & Stock 6/9/2005 11:36:37 4239 32033876 Sanju Kabra 9000 2.10 B AV Share & Stock 6/16/2005 11:31:41 4244 32034242 AV Share & Stock 10000 1.45 S Sanju Kabra 6/16/2005 11:33:07 4245 32034243 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:33:28 4246 32034244 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:33:47 4247 32034245 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:34:25 4248 32034246 AV Share & Stock 4000 1.45 S Sanju Kabra 6/16/2005 11:34:54 4249 32034247 AV Share & Stock 5000 1.45 S Sanju Kabra 6/16/2005 11:35:11 4250 32034248 AV Share & Stock 5000 1.45 S Sanju Kabra 6/16/2005 11:37:25 4251 32034249 AV Share & Stock 10000 1.45 S Sanju Kabra 6/16/2005 11:37:45 4252 32034251 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:37:45 4253 32034251 AV Share & Stock 5000 1.45 S Sanju Kabra 6/16/2005 11:37:45 4254 32034251 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:38:07 4255 32034253 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:38:07 4256 32034253 AV Share & Stock 5000 1.45 S Sanju Kabra 6/16/2005 11:38:07 4257 32034253 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:38:21 4258 32034254 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:38:21 4259 32034254 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:38:21 4260 32034254 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:38:21 4261 32034254 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:38:21 4262 32034254 AV Share & Stock 1500 1.45 S Sanju Kabra 6/16/2005 11:38:41 4263 32034255 AV Share & Stock 700 1.45 S Sanju Kabra 6/16/2005 11:38:41 4264 32034255 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:38:41 4265 32034255 AV Share & Stock 2300 1.45 S Sanju Kabra

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 6/16/2005 11:38:41 4266 32034255 AV Share & Stock 2400 1.45 S Sanju Kabra 6/16/2005 11:38:41 4267 32034255 AV Share & Stock 2100 1.45 S Sanju Kabra 6/16/2005 11:38:51 4268 32034256 AV Share & Stock 300 1.45 S Sanju Kabra 6/16/2005 11:38:51 4269 32034256 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:38:51 4270 32034256 AV Share & Stock 2800 1.45 S Sanju Kabra 6/16/2005 11:38:51 4271 32034256 AV Share & Stock 2900 1.45 S Sanju Kabra 6/16/2005 11:38:51 4272 32034256 AV Share & Stock 1500 1.45 S Sanju Kabra 6/16/2005 11:39:08 4273 32034258 AV Share & Stock 1100 1.45 S Sanju Kabra 6/16/2005 11:39:08 4274 32034258 AV Share & Stock 4000 1.45 S Sanju Kabra 6/16/2005 11:39:08 4275 32034258 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:39:08 4276 32034258 AV Share & Stock 2400 1.45 S Sanju Kabra 6/16/2005 11:42:07 4277 32034259 AV Share & Stock 100 1.45 S Sanju Kabra 6/16/2005 11:42:07 4278 32034259 AV Share & Stock 4000 1.45 S Sanju Kabra 6/16/2005 11:42:07 4279 32034259 AV Share & Stock 5000 1.45 S Sanju Kabra 6/16/2005 11:42:07 4280 32034259 AV Share & Stock 900 1.45 S Sanju Kabra 6/16/2005 11:42:18 4281 32034260 AV Share & Stock 1600 1.45 S Sanju Kabra 6/16/2005 11:42:18 4282 32034260 AV Share & Stock 4000 1.45 S Sanju Kabra 6/16/2005 11:42:18 4283 32034260 AV Share & Stock 4000 1.45 S Sanju Kabra 6/16/2005 11:42:18 4284 32034260 AV Share & Stock 400 1.45 S Sanju Kabra 6/16/2005 11:42:30 4285 32034261 AV Share & Stock 3600 1.45 S Sanju Kabra 6/16/2005 11:42:30 4286 32034261 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:42:30 4287 32034261 AV Share & Stock 3900 1.45 S Sanju Kabra 6/16/2005 11:42:51 4288 32034262 AV Share & Stock 1100 1.45 S Sanju Kabra 6/16/2005 11:42:51 4289 32034262 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:42:51 4290 32034262 AV Share & Stock 6400 1.45 S Sanju Kabra 6/16/2005 11:43:01 4291 32034263 AV Share & Stock 3600 1.45 S Sanju Kabra 6/16/2005 11:43:01 4292 32034263 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:43:01 4293 32034263 AV Share & Stock 3900 1.45 S Sanju Kabra 6/16/2005 11:43:16 4294 32034264 AV Share & Stock 1100 1.45 S Sanju Kabra 6/16/2005 11:43:16 4295 32034264 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:43:16 4296 32034264 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:43:16 4297 32034264 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:43:16 4298 32034264 AV Share & Stock 1900 1.45 S Sanju Kabra 6/16/2005 11:43:26 4299 32034265 AV Share & Stock 100 1.45 S Sanju Kabra 6/16/2005 11:43:26 4300 32034265 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:43:26 4301 32034265 AV Share & Stock 5000 1.45 S Sanju Kabra 6/16/2005 11:43:26 4302 32034265 AV Share & Stock 2200 1.45 S Sanju Kabra 6/16/2005 11:43:26 4303 32034265 AV Share & Stock 700 1.45 S Sanju Kabra 6/16/2005 11:43:38 4304 32034266 AV Share & Stock 1800 1.45 S Sanju Kabra 6/16/2005 11:43:38 4305 32034266 AV Share & Stock 2300 1.45 S Sanju Kabra 6/16/2005 11:43:38 4306 32034266 AV Share & Stock 2400 1.45 S Sanju Kabra 6/16/2005 11:43:38 4307 32034266 AV Share & Stock 2400 1.45 S Sanju Kabra 6/16/2005 11:43:38 4308 32034266 AV Share & Stock 1100 1.45 S Sanju Kabra 6/16/2005 11:43:58 4309 32034267 AV Share & Stock 1400 1.45 S Sanju Kabra 6/16/2005 11:43:58 4310 32034267 AV Share & Stock 2800 1.45 S Sanju Kabra 6/16/2005 11:43:58 4311 32034267 AV Share & Stock 2900 1.45 S Sanju Kabra

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 6/16/2005 11:43:58 4312 32034267 AV Share & Stock 2600 1.45 S Sanju Kabra 6/16/2005 11:43:58 4313 32034267 AV Share & Stock 300 1.45 S Sanju Kabra 6/16/2005 11:44:30 4314 32034268 AV Share & Stock 3700 1.45 S Sanju Kabra 6/16/2005 11:44:30 4315 32034268 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:44:30 4316 32034268 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:44:30 4317 32034268 AV Share & Stock 1300 1.45 S Sanju Kabra 6/16/2005 11:47:56 4318 32034270 AV Share & Stock 2700 1.45 S Sanju Kabra 6/16/2005 11:47:56 4319 32034270 AV Share & Stock 5000 1.45 S Sanju Kabra 6/16/2005 11:47:56 4320 32034270 AV Share & Stock 2300 1.45 S Sanju Kabra 6/16/2005 11:48:08 4321 32034271 AV Share & Stock 200 1.45 S Sanju Kabra 6/16/2005 11:48:08 4322 32034271 AV Share & Stock 4000 1.45 S Sanju Kabra 6/16/2005 11:48:08 4323 32034271 AV Share & Stock 4000 1.45 S Sanju Kabra 6/16/2005 11:48:08 4324 32034271 AV Share & Stock 1800 1.45 S Sanju Kabra 6/16/2005 11:48:16 4325 32034272 AV Share & Stock 2200 1.45 S Sanju Kabra 6/16/2005 11:48:16 4326 32034272 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:48:16 4327 32034272 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:48:16 4328 32034272 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:48:16 4329 32034272 AV Share & Stock 300 1.45 S Sanju Kabra 6/16/2005 11:48:24 4330 32034273 AV Share & Stock 2200 1.45 S Sanju Kabra 6/16/2005 11:48:24 4331 32034273 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:48:24 4332 32034273 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:48:24 4333 32034273 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:48:24 4334 32034273 AV Share & Stock 1300 1.45 S Sanju Kabra 6/16/2005 11:48:33 4335 32034274 AV Share & Stock 700 1.45 S Sanju Kabra 6/16/2005 11:48:33 4336 32034274 AV Share & Stock 5000 1.45 S Sanju Kabra 6/16/2005 11:48:33 4337 32034274 AV Share & Stock 2200 1.45 S Sanju Kabra 6/16/2005 11:48:33 4338 32034274 AV Share & Stock 2100 1.45 S Sanju Kabra 6/16/2005 11:48:48 4339 32034275 AV Share & Stock 400 1.45 S Sanju Kabra 6/16/2005 11:48:48 4340 32034275 AV Share & Stock 2300 1.45 S Sanju Kabra 6/16/2005 11:48:48 4341 32034275 AV Share & Stock 2400 1.45 S Sanju Kabra 6/16/2005 11:48:48 4342 32034275 AV Share & Stock 2400 1.45 S Sanju Kabra 6/16/2005 11:48:48 4343 32034275 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:48:56 4344 32034276 AV Share & Stock 2800 1.45 S Sanju Kabra 6/16/2005 11:48:56 4345 32034276 AV Share & Stock 2900 1.45 S Sanju Kabra 6/16/2005 11:48:56 4346 32034276 AV Share & Stock 2600 1.45 S Sanju Kabra 6/16/2005 11:48:56 4347 32034276 AV Share & Stock 1700 1.45 S Sanju Kabra 6/16/2005 11:49:05 4348 32034277 AV Share & Stock 300 1.45 S Sanju Kabra 6/16/2005 11:49:05 4349 32034277 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:49:05 4350 32034277 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:49:05 4351 32034277 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:49:05 4352 32034277 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:49:05 4353 32034277 AV Share & Stock 200 1.45 S Sanju Kabra 6/16/2005 11:49:13 4354 32034278 AV Share & Stock 1800 1.45 S Sanju Kabra 6/16/2005 11:49:13 4355 32034278 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:49:13 4356 32034278 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:49:13 4357 32034278 AV Share & Stock 2500 1.45 S Sanju Kabra

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 6/16/2005 11:49:13 4358 32034278 AV Share & Stock 1700 1.45 S Sanju Kabra 6/16/2005 11:49:22 4359 32034279 AV Share & Stock 800 1.45 S Sanju Kabra 6/16/2005 11:49:22 4360 32034279 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:49:22 4361 32034279 AV Share & Stock 2500 1.45 S Sanju Kabra 6/16/2005 11:49:22 4362 32034279 AV Share & Stock 2000 1.45 S Sanju Kabra 6/16/2005 11:49:22 4363 32034279 AV Share & Stock 2200 1.45 S Sanju Kabra 6/16/2005 11:31:41 4244 61808867 Sanju Kabra 10000 1.45 B AV Share & Stock 6/16/2005 11:33:07 4245 61808868 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:33:28 4246 61808868 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:33:47 4247 61808868 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:34:25 4248 61808868 Sanju Kabra 4000 1.45 B AV Share & Stock 6/16/2005 11:34:54 4249 61808869 Sanju Kabra 5000 1.45 B AV Share & Stock 6/16/2005 11:35:11 4250 61808869 Sanju Kabra 5000 1.45 B AV Share & Stock 6/16/2005 11:37:25 4251 61808870 Sanju Kabra 10000 1.45 B AV Share & Stock 6/16/2005 11:37:45 4252 61808871 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:37:45 4253 61808873 Sanju Kabra 5000 1.45 B AV Share & Stock 6/16/2005 11:37:45 4254 61808874 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:38:07 4255 61808875 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:38:07 4256 61808876 Sanju Kabra 5000 1.45 B AV Share & Stock 6/16/2005 11:38:07 4257 61808877 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:38:21 4258 61808878 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:38:21 4259 61808879 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:38:21 4260 61808880 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:38:21 4261 61808881 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:38:21 4262 61808882 Sanju Kabra 1500 1.45 B AV Share & Stock 6/16/2005 11:38:41 4263 61808882 Sanju Kabra 700 1.45 B AV Share & Stock 6/16/2005 11:38:41 4264 61808883 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:38:41 4265 61808884 Sanju Kabra 2300 1.45 B AV Share & Stock 6/16/2005 11:38:41 4266 61808885 Sanju Kabra 2400 1.45 B AV Share & Stock 6/16/2005 11:38:41 4267 61808886 Sanju Kabra 2100 1.45 B AV Share & Stock 6/16/2005 11:38:51 4268 61808886 Sanju Kabra 300 1.45 B AV Share & Stock 6/16/2005 11:38:51 4269 61808887 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:38:51 4270 61808888 Sanju Kabra 2800 1.45 B AV Share & Stock 6/16/2005 11:38:51 4271 61808889 Sanju Kabra 2900 1.45 B AV Share & Stock 6/16/2005 11:38:51 4272 61808890 Sanju Kabra 1500 1.45 B AV Share & Stock 6/16/2005 11:39:08 4273 61808890 Sanju Kabra 1100 1.45 B AV Share & Stock 6/16/2005 11:39:08 4274 61808891 Sanju Kabra 4000 1.45 B AV Share & Stock 6/16/2005 11:39:08 4275 61808892 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:39:08 4276 61808893 Sanju Kabra 2400 1.45 B AV Share & Stock 6/16/2005 11:42:07 4277 61808893 Sanju Kabra 100 1.45 B AV Share & Stock 6/16/2005 11:42:07 4278 61808894 Sanju Kabra 4000 1.45 B AV Share & Stock 6/16/2005 11:42:07 4279 61808895 Sanju Kabra 5000 1.45 B AV Share & Stock 6/16/2005 11:42:07 4280 61808896 Sanju Kabra 900 1.45 B AV Share & Stock 6/16/2005 11:42:18 4281 61808896 Sanju Kabra 1600 1.45 B AV Share & Stock 6/16/2005 11:42:18 4282 61808897 Sanju Kabra 4000 1.45 B AV Share & Stock 6/16/2005 11:42:18 4283 61808898 Sanju Kabra 4000 1.45 B AV Share & Stock

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 6/16/2005 11:42:18 4284 61808900 Sanju Kabra 400 1.45 B AV Share & Stock 6/16/2005 11:42:30 4285 61808900 Sanju Kabra 3600 1.45 B AV Share & Stock 6/16/2005 11:42:30 4286 61808871 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:42:30 4287 61808873 Sanju Kabra 3900 1.45 B AV Share & Stock 6/16/2005 11:42:51 4288 61808873 Sanju Kabra 1100 1.45 B AV Share & Stock 6/16/2005 11:42:51 4289 61808874 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:42:51 4290 61808902 Sanju Kabra 6400 1.45 B AV Share & Stock 6/16/2005 11:43:01 4291 61808902 Sanju Kabra 3600 1.45 B AV Share & Stock 6/16/2005 11:43:01 4292 61808875 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:43:01 4293 61808876 Sanju Kabra 3900 1.45 B AV Share & Stock 6/16/2005 11:43:16 4294 61808876 Sanju Kabra 1100 1.45 B AV Share & Stock 6/16/2005 11:43:16 4295 61808877 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:43:16 4296 61808878 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:43:16 4297 61808879 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:43:16 4298 61808880 Sanju Kabra 1900 1.45 B AV Share & Stock 6/16/2005 11:43:26 4299 61808880 Sanju Kabra 100 1.45 B AV Share & Stock 6/16/2005 11:43:26 4300 61808881 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:43:26 4301 61808903 Sanju Kabra 5000 1.45 B AV Share & Stock 6/16/2005 11:43:26 4302 61808882 Sanju Kabra 2200 1.45 B AV Share & Stock 6/16/2005 11:43:26 4303 61808883 Sanju Kabra 700 1.45 B AV Share & Stock 6/16/2005 11:43:38 4304 61808883 Sanju Kabra 1800 1.45 B AV Share & Stock 6/16/2005 11:43:38 4305 61808884 Sanju Kabra 2300 1.45 B AV Share & Stock 6/16/2005 11:43:38 4306 61808885 Sanju Kabra 2400 1.45 B AV Share & Stock 6/16/2005 11:43:38 4307 61808886 Sanju Kabra 2400 1.45 B AV Share & Stock 6/16/2005 11:43:38 4308 61808887 Sanju Kabra 1100 1.45 B AV Share & Stock 6/16/2005 11:43:58 4309 61808887 Sanju Kabra 1400 1.45 B AV Share & Stock 6/16/2005 11:43:58 4310 61808888 Sanju Kabra 2800 1.45 B AV Share & Stock 6/16/2005 11:43:58 4311 61808889 Sanju Kabra 2900 1.45 B AV Share & Stock 6/16/2005 11:43:58 4312 61808890 Sanju Kabra 2600 1.45 B AV Share & Stock 6/16/2005 11:43:58 4313 61808891 Sanju Kabra 300 1.45 B AV Share & Stock 6/16/2005 11:44:30 4314 61808891 Sanju Kabra 3700 1.45 B AV Share & Stock 6/16/2005 11:44:30 4315 61808892 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:44:30 4316 61808893 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:44:30 4317 61808894 Sanju Kabra 1300 1.45 B AV Share & Stock 6/16/2005 11:47:56 4318 61808894 Sanju Kabra 2700 1.45 B AV Share & Stock 6/16/2005 11:47:56 4319 61808895 Sanju Kabra 5000 1.45 B AV Share & Stock 6/16/2005 11:47:56 4320 61808896 Sanju Kabra 2300 1.45 B AV Share & Stock 6/16/2005 11:48:08 4321 61808896 Sanju Kabra 200 1.45 B AV Share & Stock 6/16/2005 11:48:08 4322 61808897 Sanju Kabra 4000 1.45 B AV Share & Stock 6/16/2005 11:48:08 4323 61808898 Sanju Kabra 4000 1.45 B AV Share & Stock 6/16/2005 11:48:08 4324 61808900 Sanju Kabra 1800 1.45 B AV Share & Stock 6/16/2005 11:48:16 4325 61808900 Sanju Kabra 2200 1.45 B AV Share & Stock 6/16/2005 11:48:16 4326 61808871 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:48:16 4327 61808874 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:48:16 4328 61808875 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:48:16 4329 61808877 Sanju Kabra 300 1.45 B AV Share & Stock

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 6/16/2005 11:48:24 4330 61808877 Sanju Kabra 2200 1.45 B AV Share & Stock 6/16/2005 11:48:24 4331 61808878 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:48:24 4332 61808879 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:48:24 4333 61808880 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:48:24 4334 61808881 Sanju Kabra 1300 1.45 B AV Share & Stock 6/16/2005 11:48:33 4335 61808881 Sanju Kabra 700 1.45 B AV Share & Stock 6/16/2005 11:48:33 4336 61808903 Sanju Kabra 5000 1.45 B AV Share & Stock 6/16/2005 11:48:33 4337 61808882 Sanju Kabra 2200 1.45 B AV Share & Stock 6/16/2005 11:48:33 4338 61808883 Sanju Kabra 2100 1.45 B AV Share & Stock 6/16/2005 11:48:48 4339 61808883 Sanju Kabra 400 1.45 B AV Share & Stock 6/16/2005 11:48:48 4340 61808884 Sanju Kabra 2300 1.45 B AV Share & Stock 6/16/2005 11:48:48 4341 61808885 Sanju Kabra 2400 1.45 B AV Share & Stock 6/16/2005 11:48:48 4342 61808886 Sanju Kabra 2400 1.45 B AV Share & Stock 6/16/2005 11:48:48 4343 61808887 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:48:56 4344 61808888 Sanju Kabra 2800 1.45 B AV Share & Stock 6/16/2005 11:48:56 4345 61808889 Sanju Kabra 2900 1.45 B AV Share & Stock 6/16/2005 11:48:56 4346 61808890 Sanju Kabra 2600 1.45 B AV Share & Stock 6/16/2005 11:48:56 4347 61808891 Sanju Kabra 1700 1.45 B AV Share & Stock 6/16/2005 11:49:05 4348 61808891 Sanju Kabra 300 1.45 B AV Share & Stock 6/16/2005 11:49:05 4349 61808892 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:49:05 4350 61808893 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:49:05 4351 61808894 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:49:05 4352 61808896 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:49:05 4353 61808897 Sanju Kabra 200 1.45 B AV Share & Stock 6/16/2005 11:49:13 4354 61808897 Sanju Kabra 1800 1.45 B AV Share & Stock 6/16/2005 11:49:13 4355 61808898 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:49:13 4356 61808900 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:49:13 4357 61808871 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:49:13 4358 61808874 Sanju Kabra 1700 1.45 B AV Share & Stock 6/16/2005 11:49:22 4359 61808874 Sanju Kabra 800 1.45 B AV Share & Stock 6/16/2005 11:49:22 4360 61808875 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:49:22 4361 61808877 Sanju Kabra 2500 1.45 B AV Share & Stock 6/16/2005 11:49:22 4362 61808878 Sanju Kabra 2000 1.45 B AV Share & Stock 6/16/2005 11:49:22 4363 61808879 Sanju Kabra 2200 1.45 B AV Share & Stock 6/20/2005 13:05:55 4365 61809072 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:05:55 4366 61809072 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:06:14 4367 61809073 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:06:14 4368 61809073 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:06:24 4369 61809074 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:06:24 4370 61809074 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:06:33 4371 61809075 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:06:33 4372 61809075 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:06:45 4373 61809076 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:06:45 4374 61809076 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:13:33 4375 61809077 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:13:33 4376 61809077 AV Share & Stock 5000 1.40 S Sanju Kabra

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 6/20/2005 13:13:44 4377 61809078 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:13:44 4378 61809078 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:14:19 4379 61809079 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:14:19 4380 61809079 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:14:28 4381 61809080 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:14:28 4382 61809080 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:14:36 4383 61809081 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:14:36 4384 61809081 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:14:44 4385 61809082 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:14:44 4386 61809082 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:14:57 4387 61809083 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:14:57 4388 61809083 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:03 4389 61809084 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:03 4390 61809084 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:11 4391 61809085 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:11 4392 61809085 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:19 4393 61809086 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:19 4394 61809086 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:29 4395 61809087 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:29 4396 61809087 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:37 4397 61809088 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:37 4398 61809088 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:45 4399 61809089 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:45 4400 61809089 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:52 4401 61809090 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:15:52 4402 61809090 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:16:10 4403 61809091 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:20:25 4404 61809092 AV Share & Stock 5000 1.40 S Sanju Kabra 6/20/2005 13:05:55 4365 32034486 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:05:55 4366 32034487 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:06:14 4367 32034488 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:06:14 4368 32034489 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:06:24 4369 32034490 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:06:24 4370 32034491 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:06:33 4371 32034492 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:06:33 4372 32034493 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:06:45 4373 32034494 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:06:45 4374 32034495 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:13:33 4375 32034496 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:13:33 4376 32034497 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:13:44 4377 32034498 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:13:44 4378 32034499 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:14:19 4379 32034500 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:14:19 4380 32034501 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:14:28 4381 32034502 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:14:28 4382 32034503 Sanju Kabra 5000 1.40 B AV Share & Stock

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 6/20/2005 13:14:36 4383 32034504 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:14:36 4384 32034505 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:14:44 4385 32034486 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:14:44 4386 32034487 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:14:57 4387 32034488 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:14:57 4388 32034489 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:03 4389 32034490 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:03 4390 32034491 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:11 4391 32034492 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:11 4392 32034493 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:19 4393 32034494 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:19 4394 32034495 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:29 4395 32034496 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:29 4396 32034497 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:37 4397 32034499 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:37 4398 32034500 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:45 4399 32034501 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:45 4400 32034502 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:52 4401 32034503 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:15:52 4402 32034504 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:16:10 4403 32034505 Sanju Kabra 5000 1.40 B AV Share & Stock 6/20/2005 13:20:25 4404 32034506 Sanju Kabra 5000 1.40 B AV Share & Stock 6/23/2005 15:06:42 4426 32034797 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:06:57 4427 32034799 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:06:57 4428 32034799 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:07:09 4429 32034800 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:07:09 4430 32034800 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:07:23 4431 32034802 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:07:23 4432 32034802 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:07:33 4433 32034803 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:07:33 4434 32034803 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:07:52 4435 32034804 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:07:52 4436 32034804 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:08:03 4437 32034806 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:08:03 4438 32034806 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:08:12 4439 32034807 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:08:12 4440 32034807 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:08:21 4441 32034808 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:08:21 4442 32034808 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:08:30 4443 32034809 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:08:30 4444 32034809 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:09:06 4445 32034811 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:09:06 4446 32034811 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:09:15 4447 32034812 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:09:15 4448 32034812 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:09:23 4449 32034813 AV Share & Stock 4300 1.60 S Sanju Kabra

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 6/23/2005 15:09:23 4450 32034813 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:09:33 4451 32034814 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:09:33 4452 32034814 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:09:42 4453 32034815 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:09:42 4454 32034815 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:09:51 4455 32034816 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:09:51 4456 32034816 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:09:59 4457 32034817 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:09:59 4458 32034817 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:10:08 4459 32034818 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:10:08 4460 32034818 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:10:16 4461 32034819 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:10:16 4462 32034819 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:10:24 4463 32034820 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:10:24 4464 32034820 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:10:43 4465 32034821 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:10:43 4466 32034821 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:10:53 4467 32034822 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:10:53 4468 32034822 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:11:01 4469 32034823 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:11:01 4470 32034823 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:11:09 4471 32034824 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:11:09 4472 32034824 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:11:20 4473 32034826 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:11:20 4474 32034826 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:11:34 4475 32034827 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:11:34 4476 32034827 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:11:42 4477 32034828 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:11:42 4478 32034828 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:11:52 4479 32034829 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:11:52 4480 32034829 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:12:01 4481 32034830 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:12:01 4482 32034830 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:12:09 4483 32034831 AV Share & Stock 4300 1.60 S Sanju Kabra 6/23/2005 15:12:09 4484 32034831 AV Share & Stock 5700 1.60 S Sanju Kabra 6/23/2005 15:06:42 4426 61809394 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:06:57 4427 61809394 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:06:57 4428 61809395 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:07:09 4429 61809395 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:07:09 4430 61809396 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:07:23 4431 61809396 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:07:23 4432 61809397 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:07:33 4433 61809397 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:07:33 4434 61809398 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:07:52 4435 61809398 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:07:52 4436 61809399 Sanju Kabra 5700 1.60 B AV Share & Stock

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 6/23/2005 15:08:03 4437 61809399 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:08:03 4438 61809400 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:08:12 4439 61809400 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:08:12 4440 61809401 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:08:21 4441 61809401 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:08:21 4442 61809402 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:08:30 4443 61809402 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:08:30 4444 61809403 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:09:06 4445 61809403 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:09:06 4446 61809404 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:09:15 4447 61809404 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:09:15 4448 61809405 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:09:23 4449 61809405 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:09:23 4450 61809406 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:09:33 4451 61809406 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:09:33 4452 61809407 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:09:42 4453 61809407 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:09:42 4454 61809408 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:09:51 4455 61809408 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:09:51 4456 61809409 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:09:59 4457 61809409 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:09:59 4458 61809410 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:10:08 4459 61809410 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:10:08 4460 61809411 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:10:16 4461 61809411 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:10:16 4462 61809412 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:10:24 4463 61809412 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:10:24 4464 61809413 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:10:43 4465 61809413 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:10:43 4466 61809414 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:10:53 4467 61809414 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:10:53 4468 61809415 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:11:01 4469 61809415 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:11:01 4470 61809416 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:11:09 4471 61809416 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:11:09 4472 61809417 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:11:20 4473 61809417 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:11:20 4474 61809418 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:11:34 4475 61809418 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:11:34 4476 61809419 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:11:42 4477 61809419 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:11:42 4478 61809420 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:11:52 4479 61809420 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:11:52 4480 61809421 Sanju Kabra 5700 1.60 B AV Share & Stock 6/23/2005 15:12:01 4481 61809421 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:12:01 4482 61809422 Sanju Kabra 5700 1.60 B AV Share & Stock

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 6/23/2005 15:12:09 4483 61809422 Sanju Kabra 4300 1.60 B AV Share & Stock 6/23/2005 15:12:09 4484 61809423 Sanju Kabra 5700 1.60 B AV Share & Stock 8/23/2005 15:12:33 4485 61812012 Sanju Kabra 10000 5.05 S Shivam Stock 8/23/2005 15:12:42 4486 61812013 Sanju Kabra 3000 5.05 S Shivam Stock 8/23/2005 15:12:51 4487 61812015 Sanju Kabra 6500 5.05 S Shivam Stock 8/23/2005 15:12:59 4488 61812017 Sanju Kabra 500 5.05 S Shivam Stock 8/23/2005 15:12:59 4489 61812017 Sanju Kabra 6000 5.05 S Shivam Stock 8/23/2005 15:13:10 4490 61812018 Sanju Kabra 4000 5.05 S Shivam Stock 8/23/2005 15:13:10 4491 61812018 Sanju Kabra 4000 5.05 S Shivam Stock 8/23/2005 15:13:32 4492 61812019 Sanju Kabra 5000 5.05 S Shivam Stock 8/23/2005 15:13:41 4493 61812021 Sanju Kabra 1000 5.05 S Shivam Stock 8/23/2005 15:13:41 4494 61812021 Sanju Kabra 8000 5.05 S Shivam Stock 8/23/2005 15:13:49 4495 61812023 Sanju Kabra 2000 5.05 S Shivam Stock 8/23/2005 15:13:49 4496 61812023 Sanju Kabra 2000 5.05 S Shivam Stock 8/23/2005 15:14:00 4497 61812024 Sanju Kabra 8000 5.05 S Shivam Stock 8/23/2005 15:14:00 4498 61812024 Sanju Kabra 400 5.05 S Shivam Stock 8/23/2005 15:14:09 4499 61812025 Sanju Kabra 4000 5.05 S Shivam Stock 8/23/2005 15:14:23 4500 61812026 Sanju Kabra 1600 5.05 S Shivam Stock 8/23/2005 15:14:34 4501 61812028 Sanju Kabra 1600 5.05 S Shivam Stock 8/25/2005 15:41:04 4502 61812191 Sanju Kabra 10000 4.25 S Shivam Stock 8/25/2005 15:41:10 4503 61812192 Sanju Kabra 3000 4.25 S Shivam Stock 8/31/2005 15:08:08 4511 61812276 Sanju Kabra 1000 7.30 S Shivam Stock 9/1/2005 15:15:51 4512 61812378 Sanju Kabra 1000 7.85 S Shivam Stock 9/2/2005 15:00:23 4513 32039167 Sanju Kabra 1600 8.50 S Shivam Stock 9/2/2005 15:00:23 4514 32039168 Sanju Kabra 1600 8.50 S Shivam Stock 9/5/2005 15:01:22 4515 32039256 Sanju Kabra 10000 9.25 S Shivam Stock 9/5/2005 15:01:29 4516 32039257 Sanju Kabra 10000 9.25 S Shivam Stock 9/5/2005 15:01:37 4517 32039258 Sanju Kabra 10000 9.25 S Shivam Stock 9/5/2005 15:01:44 4518 32039259 Sanju Kabra 10000 9.25 S Shivam Stock 9/8/2005 13:52:08 4521 32039542 Sanju Kabra 6000 8.95 B Shivam Stock 9/9/2005 11:41:11 4522 32039618 Sanju Kabra 4000 9.80 B Shivam Stock 9/12/2005 11:01:08 4523 61812752 Sanju Kabra 2550 10.65 B Shivam Stock 9/12/2005 11:01:08 4524 61812752 Sanju Kabra 2550 10.65 B Shivam Stock 9/12/2005 11:01:08 4525 61812752 Sanju Kabra 2550 10.65 B Shivam Stock 9/12/2005 11:01:08 4526 61812752 Sanju Kabra 2350 10.65 B Shivam Stock 9/12/2005 11:01:23 4527 61812753 Sanju Kabra 3200 10.65 B Shivam Stock 9/12/2005 11:01:23 4528 61812753 Sanju Kabra 3200 10.65 B Shivam Stock 9/12/2005 11:01:23 4529 61812753 Sanju Kabra 3200 10.65 B Shivam Stock 9/12/2005 11:01:23 4530 61812753 Sanju Kabra 400 10.65 B Shivam Stock 9/12/2005 11:01:38 4531 61812754 Sanju Kabra 4500 10.65 B Shivam Stock 9/12/2005 11:01:38 4532 61812754 Sanju Kabra 4500 10.65 B Shivam Stock 9/12/2005 11:01:38 4533 61812754 Sanju Kabra 1000 10.65 B Shivam Stock 9/12/2005 11:01:54 4534 61812755 Sanju Kabra 2000 10.65 B Shivam Stock 9/12/2005 11:01:54 4535 61812755 Sanju Kabra 2000 10.65 B Shivam Stock 9/12/2005 11:01:54 4536 61812755 Sanju Kabra 2000 10.65 B Shivam Stock 9/12/2005 11:01:54 4537 61812755 Sanju Kabra 2000 10.65 B Shivam Stock

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 9/12/2005 11:01:54 4538 61812755 Sanju Kabra 2000 10.65 B Shivam Stock 9/12/2005 11:02:14 4539 61812756 Sanju Kabra 2850 10.65 B Shivam Stock 9/12/2005 11:02:14 4540 61812756 Sanju Kabra 2850 10.65 B Shivam Stock 9/12/2005 11:02:14 4541 61812756 Sanju Kabra 2850 10.65 B Shivam Stock 9/12/2005 11:02:14 4542 61812756 Sanju Kabra 1450 10.65 B Shivam Stock 9/12/2005 14:44:30 4543 61812787 Sanju Kabra 6000 10.65 S Shivam Stock 9/12/2005 14:44:38 4544 61812788 Sanju Kabra 4000 10.65 S Shivam Stock 9/12/2005 14:45:17 4545 61812789 Sanju Kabra 6000 10.65 S Shivam Stock 9/13/2005 13:09:22 4547 32039764 Sanju Kabra 9670 10.55 S Shivam Stock 9/13/2005 13:09:35 4548 32039764 Sanju Kabra 330 10.55 S Shivam Stock 9/13/2005 13:09:35 4549 32039763 Sanju Kabra 9670 10.55 S Shivam Stock 9/13/2005 13:09:42 4550 32039763 Sanju Kabra 330 10.55 S Shivam Stock 9/13/2005 13:09:42 4551 32039762 Sanju Kabra 9670 10.55 S Shivam Stock 9/13/2005 13:10:06 4552 32039762 Sanju Kabra 330 10.55 S Shivam Stock 9/14/2005 10:39:09 4553 61812909 Sanju Kabra 2500 11.50 S Shivam Stock 9/14/2005 10:39:09 4554 61812909 Sanju Kabra 2500 11.50 S Shivam Stock 9/14/2005 10:39:09 4555 61812909 Sanju Kabra 2500 11.50 S Shivam Stock 9/14/2005 10:39:09 4556 61812909 Sanju Kabra 2500 11.50 S Shivam Stock 9/14/2005 10:39:25 4557 61812910 Sanju Kabra 2000 11.50 S Shivam Stock 9/14/2005 10:39:25 4558 61812910 Sanju Kabra 2000 11.50 S Shivam Stock 9/14/2005 10:39:25 4559 61812910 Sanju Kabra 2000 11.50 S Shivam Stock 9/14/2005 10:39:25 4560 61812910 Sanju Kabra 2000 11.50 S Shivam Stock 9/14/2005 10:39:25 4561 61812910 Sanju Kabra 2000 11.50 S Shivam Stock 9/14/2005 10:39:39 4562 61812911 Sanju Kabra 3200 11.50 S Shivam Stock 9/14/2005 10:39:39 4563 61812911 Sanju Kabra 3200 11.50 S Shivam Stock 9/14/2005 10:39:39 4564 61812911 Sanju Kabra 3200 11.50 S Shivam Stock 9/14/2005 10:39:39 4565 61812911 Sanju Kabra 400 11.50 S Shivam Stock 9/14/2005 11:02:49 4566 61812912 Sanju Kabra 3000 11.50 S Shivam Stock 9/14/2005 11:02:49 4567 61812912 Sanju Kabra 3000 11.50 S Shivam Stock 9/14/2005 11:02:49 4568 61812912 Sanju Kabra 3000 11.50 S Shivam Stock 9/14/2005 11:02:49 4569 61812912 Sanju Kabra 1000 11.50 S Shivam Stock 9/14/2005 11:03:03 4570 61812913 Sanju Kabra 3200 11.50 S Shivam Stock 9/14/2005 11:03:03 4571 61812913 Sanju Kabra 3200 11.50 S Shivam Stock 9/14/2005 11:03:03 4572 61812913 Sanju Kabra 3200 11.50 S Shivam Stock 9/14/2005 11:03:03 4573 61812913 Sanju Kabra 400 11.50 S Shivam Stock 9/14/2005 11:03:18 4574 61812914 Sanju Kabra 3500 11.50 S Shivam Stock 9/14/2005 11:03:18 4575 61812914 Sanju Kabra 3500 11.50 S Shivam Stock 9/14/2005 11:03:18 4576 61812914 Sanju Kabra 3000 11.50 S Shivam Stock 9/14/2005 11:03:31 4577 61812915 Sanju Kabra 2950 11.50 S Shivam Stock 9/14/2005 11:03:31 4578 61812915 Sanju Kabra 2950 11.50 S Shivam Stock 9/14/2005 11:03:31 4579 61812915 Sanju Kabra 2950 11.50 S Shivam Stock 9/14/2005 11:03:31 4580 61812915 Sanju Kabra 1150 11.50 S Shivam Stock 9/14/2005 13:46:10 4581 61812935 Sanju Kabra 10000 11.45 B Shivam Stock 9/14/2005 13:46:13 4582 61812936 Sanju Kabra 10000 11.45 B Shivam Stock 9/14/2005 13:46:17 4583 61812937 Sanju Kabra 10000 11.45 B Shivam Stock 9/14/2005 13:46:20 4584 61812938 Sanju Kabra 10000 11.45 B Shivam Stock

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 9/14/2005 13:46:25 4585 61812939 Sanju Kabra 10000 11.45 B Shivam Stock 9/15/2005 10:54:58 4586 61813016 Sanju Kabra 2500 12.40 B Shivam Stock 9/15/2005 10:54:58 4587 61813016 Sanju Kabra 2500 12.40 B Shivam Stock 9/15/2005 10:54:58 4588 61813016 Sanju Kabra 2500 12.40 B Shivam Stock 9/15/2005 10:54:58 4589 61813016 Sanju Kabra 2500 12.40 B Shivam Stock 9/15/2005 10:55:04 4590 61813017 Sanju Kabra 2950 12.40 B Shivam Stock 9/15/2005 10:55:04 4591 61813017 Sanju Kabra 2950 12.40 B Shivam Stock 9/15/2005 10:55:04 4592 61813017 Sanju Kabra 2950 12.40 B Shivam Stock 9/15/2005 10:55:04 4593 61813017 Sanju Kabra 1150 12.40 B Shivam Stock 9/15/2005 10:55:11 4594 61813018 Sanju Kabra 2550 12.40 B Shivam Stock 9/15/2005 10:55:11 4595 61813018 Sanju Kabra 2550 12.40 B Shivam Stock 9/15/2005 10:55:11 4596 61813018 Sanju Kabra 2550 12.40 B Shivam Stock 9/15/2005 10:55:11 4597 61813018 Sanju Kabra 2350 12.40 B Shivam Stock 9/15/2005 10:55:19 4598 61813019 Sanju Kabra 3500 12.40 B Shivam Stock 9/15/2005 10:55:19 4599 61813019 Sanju Kabra 3500 12.40 B Shivam Stock 9/15/2005 10:55:19 4600 61813019 Sanju Kabra 3000 12.40 B Shivam Stock 9/15/2005 10:55:25 4601 61813020 Sanju Kabra 3000 12.40 B Shivam Stock 9/15/2005 10:55:25 4602 61813020 Sanju Kabra 3000 12.40 B Shivam Stock 9/15/2005 10:55:25 4603 61813020 Sanju Kabra 3000 12.40 B Shivam Stock 9/15/2005 10:55:25 4604 61813020 Sanju Kabra 1000 12.40 B Shivam Stock 9/15/2005 10:55:32 4605 61813021 Sanju Kabra 2000 12.40 B Shivam Stock 9/15/2005 10:55:32 4606 61813021 Sanju Kabra 2000 12.40 B Shivam Stock 9/15/2005 10:55:32 4607 61813021 Sanju Kabra 2000 12.40 B Shivam Stock 9/15/2005 10:55:32 4608 61813021 Sanju Kabra 2000 12.40 B Shivam Stock 9/15/2005 10:55:32 4609 61813021 Sanju Kabra 2000 12.40 B Shivam Stock 9/15/2005 10:57:45 4610 61813022 Sanju Kabra 7400 12.50 S Shivam Stock 9/15/2005 10:57:45 4611 61813023 Sanju Kabra 2600 12.50 S Shivam Stock 9/15/2005 10:57:49 4612 61813023 Sanju Kabra 7400 12.50 S Shivam Stock 9/15/2005 10:57:49 4613 61813024 Sanju Kabra 400 12.50 S Shivam Stock 9/15/2005 10:57:52 4614 61813024 Sanju Kabra 9600 12.50 S Shivam Stock 9/15/2005 10:57:52 4615 61813025 Sanju Kabra 400 12.50 S Shivam Stock 9/15/2005 10:57:55 4616 61813025 Sanju Kabra 9600 12.50 S Shivam Stock 9/15/2005 10:57:55 4617 61813026 Sanju Kabra 400 12.50 S Shivam Stock 9/15/2005 10:57:59 4618 61813026 Sanju Kabra 8000 12.50 S Shivam Stock 9/15/2005 10:57:59 4619 61813027 Sanju Kabra 2000 12.50 S Shivam Stock 9/15/2005 10:58:02 4620 61813027 Sanju Kabra 8000 12.50 S Shivam Stock 9/15/2005 10:58:07 4621 61813028 Sanju Kabra 5000 12.50 S Shivam Stock 9/15/2005 10:58:07 4622 61813028 Sanju Kabra 5000 12.50 S Shivam Stock 9/15/2005 10:58:13 4623 61813029 Sanju Kabra 5000 12.50 S Shivam Stock 9/15/2005 10:58:23 4624 61813029 Sanju Kabra 1000 12.50 S Shivam Stock 9/15/2005 10:58:23 4625 61813029 Sanju Kabra 1000 12.50 S Shivam Stock 9/15/2005 10:58:23 4626 61813029 Sanju Kabra 1000 12.50 S Shivam Stock 9/15/2005 10:58:23 4627 61813029 Sanju Kabra 1000 12.50 S Shivam Stock 9/15/2005 10:58:23 4628 61813029 Sanju Kabra 1000 12.50 S Shivam Stock 9/15/2005 12:19:57 4629 61813042 Sanju Kabra 2500 12.50 B Shivam Stock 9/15/2005 12:19:57 4630 61813042 Sanju Kabra 2500 12.50 B Shivam Stock

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 9/15/2005 12:19:57 4631 61813042 Sanju Kabra 2500 12.50 B Shivam Stock 9/15/2005 12:19:57 4632 61813042 Sanju Kabra 2500 12.50 B Shivam Stock 9/15/2005 12:20:03 4633 61813043 Sanju Kabra 3500 12.50 B Shivam Stock 9/15/2005 12:20:03 4634 61813043 Sanju Kabra 3500 12.50 B Shivam Stock 9/15/2005 12:20:03 4635 61813043 Sanju Kabra 3000 12.50 B Shivam Stock 9/15/2005 12:20:08 4636 61813044 Sanju Kabra 4500 12.50 B Shivam Stock 9/15/2005 12:20:08 4637 61813044 Sanju Kabra 4500 12.50 B Shivam Stock 9/15/2005 12:20:08 4638 61813044 Sanju Kabra 1000 12.50 B Shivam Stock 9/15/2005 12:20:15 4639 61813045 Sanju Kabra 3100 12.50 B Shivam Stock 9/15/2005 12:20:15 4640 61813045 Sanju Kabra 3100 12.50 B Shivam Stock 9/15/2005 12:20:15 4641 61813045 Sanju Kabra 3100 12.50 B Shivam Stock 9/15/2005 12:20:15 4642 61813045 Sanju Kabra 700 12.50 B Shivam Stock 9/15/2005 12:20:20 4643 61813046 Sanju Kabra 2900 12.50 B Shivam Stock 9/15/2005 12:20:20 4644 61813046 Sanju Kabra 2900 12.50 B Shivam Stock 9/15/2005 12:20:20 4645 61813046 Sanju Kabra 2900 12.50 B Shivam Stock 9/15/2005 12:20:20 4646 61813046 Sanju Kabra 1300 12.50 B Shivam Stock 9/15/2005 12:20:26 4647 61813047 Sanju Kabra 5100 12.50 B Shivam Stock 9/15/2005 12:20:26 4648 61813047 Sanju Kabra 4900 12.50 B Shivam Stock 9/15/2005 12:20:32 4649 61813048 Sanju Kabra 5500 12.50 B Shivam Stock 9/15/2005 12:20:32 4650 61813048 Sanju Kabra 4500 12.50 B Shivam Stock 9/15/2005 12:21:19 4651 61813049 Sanju Kabra 3100 12.45 B Shivam Stock 9/15/2005 12:21:19 4652 61813049 Sanju Kabra 3100 12.45 B Shivam Stock 9/15/2005 12:21:48 4653 61813050 Sanju Kabra 5000 12.50 S Shivam Stock 9/16/2005 11:33:33 4660 32040053 Sanju Kabra 10000 13.45 B Shivam Stock 9/16/2005 11:33:36 4661 32040054 Sanju Kabra 10000 13.45 B Shivam Stock 9/16/2005 11:33:44 4662 32040055 Sanju Kabra 6450 13.45 B Shivam Stock 9/16/2005 11:33:44 4663 32040055 Sanju Kabra 3550 13.45 B Shivam Stock 9/16/2005 11:33:50 4664 32040056 Sanju Kabra 9950 13.45 B Shivam Stock 9/16/2005 11:33:50 4665 32040056 Sanju Kabra 50 13.45 B Shivam Stock 9/16/2005 11:34:01 4666 32040057 Sanju Kabra 8750 13.45 B Shivam Stock 9/16/2005 11:34:01 4667 32040057 Sanju Kabra 1250 13.45 B Shivam Stock 9/16/2005 11:34:08 4668 32040058 Sanju Kabra 7600 13.50 B Shivam Stock 9/16/2005 11:34:08 4669 32040058 Sanju Kabra 2400 13.50 B Shivam Stock 9/16/2005 11:34:14 4670 32040059 Sanju Kabra 7630 13.50 B Shivam Stock 9/16/2005 11:34:14 4671 32040059 Sanju Kabra 2370 13.50 B Shivam Stock 9/16/2005 11:34:21 4672 32040060 Sanju Kabra 9950 13.50 B Shivam Stock 9/16/2005 11:34:21 4673 32040060 Sanju Kabra 50 13.50 B Shivam Stock 9/16/2005 11:34:29 4674 32040061 Sanju Kabra 8750 13.50 B Shivam Stock 9/16/2005 11:34:29 4675 32040061 Sanju Kabra 1250 13.50 B Shivam Stock 9/19/2005 13:25:32 4726 32040316 AV Share & Stock 1200 14.60 B Shivam Stock 9/19/2005 13:25:32 4727 32040316 AV Share & Stock 8500 14.60 B Shivam Stock 9/19/2005 13:25:32 4728 32040316 AV Share & Stock 300 14.60 B Shivam Stock 9/19/2005 13:25:50 4729 32040317 AV Share & Stock 4200 14.60 B Shivam Stock 9/19/2005 13:25:50 4730 32040317 AV Share & Stock 5800 14.60 B Shivam Stock 9/19/2005 13:26:05 4731 32040318 AV Share & Stock 10000 14.60 B Shivam Stock 9/19/2005 13:16:38 4676 32040295 Sanju Kabra 2350 14.50 S Shivam Stock

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 9/19/2005 13:16:38 4677 32040295 Sanju Kabra 2350 14.50 S Shivam Stock 9/19/2005 13:16:38 4678 32040295 Sanju Kabra 800 14.50 S Shivam Stock 9/19/2005 13:16:38 4679 32040296 Sanju Kabra 1550 14.50 S Shivam Stock 9/19/2005 13:16:38 4680 32040296 Sanju Kabra 2350 14.50 S Shivam Stock 9/19/2005 13:16:38 4681 32040296 Sanju Kabra 600 14.50 S Shivam Stock 9/19/2005 13:16:49 4682 32040296 Sanju Kabra 2950 14.50 S Shivam Stock 9/19/2005 13:16:49 4683 32040296 Sanju Kabra 2550 14.50 S Shivam Stock 9/19/2005 13:16:49 4684 32040297 Sanju Kabra 400 14.50 S Shivam Stock 9/19/2005 13:16:49 4685 32040297 Sanju Kabra 2950 14.50 S Shivam Stock 9/19/2005 13:16:49 4686 32040297 Sanju Kabra 1150 14.50 S Shivam Stock 9/19/2005 13:17:01 4687 32040297 Sanju Kabra 2800 14.50 S Shivam Stock 9/19/2005 13:17:01 4688 32040297 Sanju Kabra 1700 14.50 S Shivam Stock 9/19/2005 13:17:01 4689 32040298 Sanju Kabra 1100 14.50 S Shivam Stock 9/19/2005 13:17:01 4690 32040298 Sanju Kabra 2800 14.50 S Shivam Stock 9/19/2005 13:17:01 4691 32040298 Sanju Kabra 1600 14.50 S Shivam Stock 9/19/2005 13:17:08 4692 32040298 Sanju Kabra 1500 14.50 S Shivam Stock 9/19/2005 13:17:08 4693 32040299 Sanju Kabra 1450 14.50 S Shivam Stock 9/19/2005 13:17:08 4694 32040299 Sanju Kabra 2950 14.50 S Shivam Stock 9/19/2005 13:17:08 4695 32040299 Sanju Kabra 2950 14.50 S Shivam Stock 9/19/2005 13:17:08 4696 32040299 Sanju Kabra 1150 14.50 S Shivam Stock 9/19/2005 13:17:15 4697 32040299 Sanju Kabra 1000 14.50 S Shivam Stock 9/19/2005 13:17:15 4698 32040300 Sanju Kabra 500 14.50 S Shivam Stock 9/19/2005 13:17:15 4699 32040300 Sanju Kabra 1500 14.50 S Shivam Stock 9/19/2005 13:17:15 4700 32040300 Sanju Kabra 1500 14.50 S Shivam Stock 9/19/2005 13:17:15 4701 32040300 Sanju Kabra 1500 14.50 S Shivam Stock 9/19/2005 13:17:15 4702 32040300 Sanju Kabra 1000 14.50 S Shivam Stock 9/19/2005 13:17:15 4703 32040301 Sanju Kabra 500 14.50 S Shivam Stock 9/19/2005 13:17:33 4704 32040301 Sanju Kabra 2550 14.50 S Shivam Stock 9/19/2005 13:17:33 4705 32040301 Sanju Kabra 2550 14.50 S Shivam Stock 9/19/2005 13:17:33 4706 32040301 Sanju Kabra 2550 14.50 S Shivam Stock 9/19/2005 13:17:33 4707 32040301 Sanju Kabra 1850 14.50 S Shivam Stock 9/19/2005 13:17:33 4708 32040302 Sanju Kabra 500 14.50 S Shivam Stock 9/19/2005 13:17:40 4709 32040302 Sanju Kabra 3250 14.50 S Shivam Stock 9/19/2005 13:17:40 4710 32040302 Sanju Kabra 1750 14.50 S Shivam Stock 9/19/2005 13:17:40 4711 32040303 Sanju Kabra 1500 14.50 S Shivam Stock 9/19/2005 13:17:40 4712 32040303 Sanju Kabra 3250 14.50 S Shivam Stock 9/19/2005 13:17:40 4713 32040303 Sanju Kabra 250 14.50 S Shivam Stock 9/19/2005 13:18:08 4714 32040303 Sanju Kabra 2000 14.50 S Shivam Stock 9/19/2005 13:18:08 4715 32040303 Sanju Kabra 500 14.50 S Shivam Stock 9/19/2005 13:18:08 4716 32040304 Sanju Kabra 1500 14.50 S Shivam Stock 9/19/2005 13:18:08 4717 32040304 Sanju Kabra 2000 14.50 S Shivam Stock 9/19/2005 13:18:08 4718 32040304 Sanju Kabra 800 14.50 S Shivam Stock 9/20/2005 15:29:10 4732 32040576 Sanju Kabra 10000 15.10 S Shivam Stock 9/20/2005 15:48:04 4733 32040598 Sanju Kabra 3550 15.10 S Shivam Stock 9/20/2005 15:48:04 4734 32040598 Sanju Kabra 3550 15.10 S Shivam Stock 9/20/2005 15:48:04 4735 32040598 Sanju Kabra 2900 15.10 S Shivam Stock

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 9/20/2005 15:48:08 4736 32040599 Sanju Kabra 6000 15.10 S Shivam Stock 9/20/2005 15:48:11 4737 32040599 Sanju Kabra 3500 15.10 S Shivam Stock 9/20/2005 15:48:15 4738 32040599 Sanju Kabra 500 15.10 S Shivam Stock 9/20/2005 15:48:15 4739 32040600 Sanju Kabra 8000 15.10 S Shivam Stock 9/20/2005 15:48:19 4740 32040600 Sanju Kabra 2000 15.10 S Shivam Stock 9/20/2005 15:48:19 4741 32040601 Sanju Kabra 6450 15.10 S Shivam Stock 9/20/2005 15:48:21 4742 32040601 Sanju Kabra 3350 15.10 S Shivam Stock 9/20/2005 15:48:24 4743 32040601 Sanju Kabra 200 15.10 S Shivam Stock 9/20/2005 15:48:24 4744 32040602 Sanju Kabra 4050 15.10 S Shivam Stock 9/20/2005 15:48:28 4745 32040602 Sanju Kabra 3000 15.10 S Shivam Stock 9/20/2005 15:48:31 4746 32040602 Sanju Kabra 2950 15.10 S Shivam Stock 9/20/2005 15:48:31 4747 32040603 Sanju Kabra 900 15.10 S Shivam Stock 9/20/2005 15:48:33 4748 32040603 Sanju Kabra 1750 15.10 S Shivam Stock 9/20/2005 15:48:42 4749 32040603 Sanju Kabra 2500 15.10 S Shivam Stock 9/20/2005 15:48:42 4750 32040603 Sanju Kabra 2500 15.10 S Shivam Stock 9/20/2005 15:48:42 4751 32040603 Sanju Kabra 2350 15.10 S Shivam Stock 9/20/2005 15:48:42 4752 32040604 Sanju Kabra 150 15.10 S Shivam Stock 9/20/2005 15:48:42 4753 32040604 Sanju Kabra 2500 15.10 S Shivam Stock 9/20/2005 15:48:56 4754 32040604 Sanju Kabra 2350 15.10 S Shivam Stock 9/20/2005 15:49:07 4755 32040604 Sanju Kabra 5000 15.10 S Shivam Stock 9/20/2005 15:49:07 4756 32040605 Sanju Kabra 5000 15.10 S Shivam Stock 9/20/2005 15:49:12 4757 32040605 Sanju Kabra 5000 15.10 S Shivam Stock 9/20/2005 15:49:12 4758 32040606 Sanju Kabra 3550 15.10 S Shivam Stock 9/20/2005 15:49:15 4759 32040606 Sanju Kabra 6450 15.10 S Shivam Stock 9/20/2005 15:49:15 4760 32040607 Sanju Kabra 3350 15.10 S Shivam Stock 9/20/2005 15:49:18 4761 32040607 Sanju Kabra 1258 15.10 S Shivam Stock 9/20/2005 15:49:21 4762 32040607 Sanju Kabra 5392 15.10 S Shivam Stock 9/20/2005 15:49:21 4763 32040608 Sanju Kabra 4266 15.10 S Shivam Stock 9/20/2005 15:49:24 4764 32040608 Sanju Kabra 5734 15.10 S Shivam Stock 9/20/2005 15:49:24 4765 32040609 Sanju Kabra 3025 15.10 S Shivam Stock 9/20/2005 15:49:31 4766 32040609 Sanju Kabra 3654 15.10 S Shivam Stock 9/20/2005 15:49:35 4767 32040609 Sanju Kabra 3321 15.10 S Shivam Stock 9/20/2005 15:49:35 4768 32040610 Sanju Kabra 5179 15.10 S Shivam Stock 9/20/2005 15:49:53 4769 32040610 Sanju Kabra 2200 15.10 S Shivam Stock 9/20/2005 15:49:53 4770 32040610 Sanju Kabra 2200 15.10 S Shivam Stock 9/20/2005 15:49:53 4771 32040610 Sanju Kabra 421 15.10 S Shivam Stock 9/20/2005 15:49:53 4772 32040611 Sanju Kabra 1779 15.10 S Shivam Stock 9/20/2005 15:49:53 4773 32040611 Sanju Kabra 2200 15.10 S Shivam Stock 9/20/2005 15:49:53 4774 32040611 Sanju Kabra 1200 15.10 S Shivam Stock 9/20/2005 15:50:10 4775 32040611 Sanju Kabra 4821 15.10 S Shivam Stock 9/21/2005 14:05:26 4776 32040677 Sanju Kabra 9100 14.75 B Shivam Stock 9/21/2005 14:05:26 4777 32040677 Sanju Kabra 900 14.75 B Shivam Stock 9/21/2005 14:05:37 4778 32040678 Sanju Kabra 7800 14.75 B Shivam Stock 9/21/2005 14:05:37 4779 32040678 Sanju Kabra 2200 14.75 B Shivam Stock 9/21/2005 14:05:45 4780 32040679 Sanju Kabra 7990 14.75 B Shivam Stock 9/21/2005 14:05:45 4781 32040679 Sanju Kabra 2010 14.75 B Shivam Stock

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 9/21/2005 14:06:01 4782 32040680 Sanju Kabra 9700 14.75 B Shivam Stock 9/21/2005 14:06:01 4783 32040680 Sanju Kabra 300 14.75 B Shivam Stock 9/21/2005 14:06:06 4784 32040681 Sanju Kabra 10000 14.75 B Shivam Stock 9/21/2005 14:06:11 4785 32040682 Sanju Kabra 6880 14.75 B Shivam Stock 9/21/2005 14:06:11 4786 32040682 Sanju Kabra 3120 14.75 B Shivam Stock 9/21/2005 14:06:18 4787 32040683 Sanju Kabra 7350 14.75 B Shivam Stock 9/21/2005 14:06:18 4788 32040683 Sanju Kabra 2650 14.75 B Shivam Stock 9/21/2005 14:06:26 4789 32040684 Sanju Kabra 4800 14.75 B Shivam Stock 9/21/2005 14:06:26 4790 32040684 Sanju Kabra 200 14.75 B Shivam Stock 9/21/2005 14:06:38 4791 32040685 Sanju Kabra 9770 14.80 B Shivam Stock 9/21/2005 14:06:38 4792 32040685 Sanju Kabra 230 14.80 B Shivam Stock 9/21/2005 14:06:43 4793 32040686 Sanju Kabra 6440 14.80 B Shivam Stock 9/21/2005 14:06:43 4794 32040686 Sanju Kabra 3560 14.80 B Shivam Stock 9/21/2005 14:06:47 4795 32040687 Sanju Kabra 6330 14.80 B Shivam Stock 9/21/2005 14:06:47 4796 32040687 Sanju Kabra 3670 14.80 B Shivam Stock 9/21/2005 14:06:57 4797 32040688 Sanju Kabra 8770 14.80 B Shivam Stock 9/21/2005 14:06:57 4798 32040688 Sanju Kabra 1230 14.80 B Shivam Stock 9/21/2005 14:07:04 4799 32040689 Sanju Kabra 9310 14.80 B Shivam Stock 9/21/2005 14:07:04 4800 32040689 Sanju Kabra 690 14.80 B Shivam Stock 9/21/2005 14:07:21 4801 32040690 Sanju Kabra 5480 14.80 B Shivam Stock 9/21/2005 14:07:21 4802 32040690 Sanju Kabra 4520 14.80 B Shivam Stock 9/21/2005 14:07:38 4803 32040691 Sanju Kabra 6800 14.80 B Shivam Stock 9/21/2005 14:07:38 4804 32040691 Sanju Kabra 3200 14.80 B Shivam Stock 9/21/2005 14:07:48 4805 32040692 Sanju Kabra 4980 14.80 B Shivam Stock 9/21/2005 14:07:48 4806 32040692 Sanju Kabra 20 14.80 B Shivam Stock 9/23/2005 15:42:56 4808 32040940 Sanju Kabra 1000 14.00 S Shivam Stock 9/26/2005 15:01:54 4809 32041062 Sanju Kabra 10000 14.50 B Shivam Stock 9/26/2005 15:01:59 4810 32041056 Sanju Kabra 10000 14.45 B Shivam Stock 9/26/2005 15:02:02 4811 32041059 Sanju Kabra 10000 14.45 B Shivam Stock 9/26/2005 15:02:09 4812 32041051 Sanju Kabra 10000 14.40 B Shivam Stock 9/26/2005 15:02:12 4813 32041053 Sanju Kabra 10000 14.40 B Shivam Stock 9/26/2005 15:02:20 4814 32041048 Sanju Kabra 10000 14.35 B Shivam Stock 9/26/2005 15:02:23 4815 32041049 Sanju Kabra 10000 14.35 B Shivam Stock 9/26/2005 15:02:26 4816 91686374 Sanju Kabra 10000 14.35 B Shivam Stock 9/26/2005 15:02:32 4817 32041041 Sanju Kabra 10000 14.30 B Shivam Stock 9/26/2005 15:02:36 4818 32041042 Sanju Kabra 10000 14.30 B Shivam Stock 9/26/2005 15:02:39 4819 32041043 Sanju Kabra 10000 14.30 B Shivam Stock 9/26/2005 15:02:43 4820 32041044 Sanju Kabra 10000 14.30 B Shivam Stock 9/26/2005 15:02:47 4821 32041045 Sanju Kabra 10000 14.30 B Shivam Stock 9/26/2005 15:02:51 4822 32041046 Sanju Kabra 10000 14.30 B Shivam Stock 9/26/2005 15:02:58 4823 32041065 Sanju Kabra 1000 14.40 B Shivam Stock 9/26/2005 15:03:00 4824 32041066 Sanju Kabra 9000 14.40 B Shivam Stock 9/27/2005 16:32:47 4825 32041363 Sanju Kabra 10000 14.40 B Shivam Stock 9/27/2005 16:33:52 4826 32041364 Sanju Kabra 10000 14.40 B Shivam Stock 9/27/2005 16:33:55 4827 32041365 Sanju Kabra 10000 14.40 B Shivam Stock 9/27/2005 16:33:57 4828 32041366 Sanju Kabra 10000 14.40 B Shivam Stock

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 9/27/2005 16:34:23 4829 32041367 Sanju Kabra 5000 14.40 B Shivam Stock 9/27/2005 16:34:42 4830 32041368 Sanju Kabra 5000 14.40 B Shivam Stock 9/28/2005 14:59:11 4833 32041459 Sanju Kabra 4000 14.40 B Shivam Stock 9/28/2005 14:59:21 4834 32041460 Sanju Kabra 3500 14.40 B Shivam Stock 9/28/2005 14:59:46 4835 32041461 Sanju Kabra 2500 14.40 B Shivam Stock 9/28/2005 14:59:46 4836 32041461 Sanju Kabra 6500 14.40 B Shivam Stock 9/28/2005 14:59:59 4837 32041462 Sanju Kabra 3000 14.40 B Shivam Stock 9/28/2005 15:00:13 4838 32041463 Sanju Kabra 500 14.40 B Shivam Stock 9/28/2005 15:00:13 4839 32041463 Sanju Kabra 6300 14.40 B Shivam Stock 9/28/2005 15:00:22 4840 32041464 Sanju Kabra 1200 14.40 B Shivam Stock 9/28/2005 15:00:31 4841 32041465 Sanju Kabra 2500 14.40 B Shivam Stock 9/28/2005 15:00:31 4842 32041465 Sanju Kabra 1000 14.40 B Shivam Stock 9/28/2005 15:00:44 4843 32041466 Sanju Kabra 4800 14.40 B Shivam Stock 9/28/2005 15:00:56 4844 32041467 Sanju Kabra 4200 14.40 B Shivam Stock 9/28/2005 15:00:56 4845 32041467 Sanju Kabra 800 14.40 B Shivam Stock 9/28/2005 15:01:30 4846 32041468 Sanju Kabra 9200 14.40 B Shivam Stock 9/28/2005 15:01:30 4847 32041468 Sanju Kabra 800 14.40 B Shivam Stock 9/28/2005 15:02:16 4848 32041469 Sanju Kabra 9200 14.40 B Shivam Stock 9/28/2005 15:02:16 4849 32041469 Sanju Kabra 800 14.40 B Shivam Stock 9/28/2005 15:02:29 4850 32041470 Sanju Kabra 9200 14.40 B Shivam Stock 9/28/2005 15:02:43 4851 32041473 Sanju Kabra 10000 14.45 B Shivam Stock 9/28/2005 15:02:51 4852 32041475 Sanju Kabra 10000 14.45 B Shivam Stock 9/28/2005 15:02:57 4853 32041477 Sanju Kabra 10000 14.45 B Shivam Stock 9/28/2005 15:03:02 4854 32041479 Sanju Kabra 10000 14.45 B Shivam Stock 9/28/2005 15:03:15 4855 32041480 Sanju Kabra 10000 14.45 B Shivam Stock 9/28/2005 15:03:19 4856 32041481 Sanju Kabra 10000 14.45 B Shivam Stock 9/28/2005 15:03:23 4857 32041482 Sanju Kabra 10000 14.45 B Shivam Stock 9/28/2005 15:03:27 4858 32041484 Sanju Kabra 10000 14.45 B Shivam Stock 9/28/2005 15:03:31 4859 32041485 Sanju Kabra 10000 14.45 B Shivam Stock 9/28/2005 15:03:35 4860 32041486 Sanju Kabra 10000 14.45 B Shivam Stock 9/28/2005 15:03:43 4861 32041487 Sanju Kabra 10000 14.50 B Shivam Stock 9/28/2005 15:03:45 4862 32041488 Sanju Kabra 10000 14.50 B Shivam Stock 9/28/2005 15:03:48 4863 32041489 Sanju Kabra 10000 14.50 B Shivam Stock 9/28/2005 15:03:51 4864 32041491 Sanju Kabra 10000 14.50 B Shivam Stock 9/28/2005 15:03:53 4865 32041492 Sanju Kabra 10000 14.50 B Shivam Stock 9/28/2005 15:03:56 4866 32041493 Sanju Kabra 10000 14.50 B Shivam Stock 9/28/2005 15:03:59 4867 32041494 Sanju Kabra 10000 14.50 B Shivam Stock 9/28/2005 15:04:02 4868 32041495 Sanju Kabra 10000 14.50 B Shivam Stock 9/28/2005 15:09:20 4869 32041499 Sanju Kabra 2500 14.40 S Shivam Stock 9/28/2005 15:09:20 4870 32041499 Sanju Kabra 1500 14.40 S Shivam Stock 9/28/2005 15:09:20 4871 32041501 Sanju Kabra 1000 14.40 S Shivam Stock 9/28/2005 15:09:20 4872 32041501 Sanju Kabra 2500 14.40 S Shivam Stock 9/28/2005 15:09:20 4873 32041502 Sanju Kabra 2500 14.40 S Shivam Stock 9/28/2005 15:09:31 4874 32041502 Sanju Kabra 2550 14.40 S Shivam Stock 9/28/2005 15:09:31 4875 32041502 Sanju Kabra 2550 14.40 S Shivam Stock 9/28/2005 15:09:31 4876 32041502 Sanju Kabra 1400 14.40 S Shivam Stock

TradeDate Time TradeNo OrderNo MemberCode Qty Price Buy/ Counter PartyCode Sell 9/28/2005 15:09:31 4877 32041504 Sanju Kabra 1150 14.40 S Shivam Stock 9/28/2005 15:09:31 4878 32041504 Sanju Kabra 1850 14.40 S Shivam Stock 9/28/2005 15:09:31 4879 32041505 Sanju Kabra 500 14.40 S Shivam Stock 9/28/2005 15:09:39 4880 32041505 Sanju Kabra 3500 14.40 S Shivam Stock 9/28/2005 15:09:39 4881 32041505 Sanju Kabra 2800 14.40 S Shivam Stock 9/28/2005 15:09:39 4882 32041506 Sanju Kabra 700 14.40 S Shivam Stock 9/28/2005 15:09:39 4883 32041506 Sanju Kabra 1000 14.40 S Shivam Stock 9/28/2005 15:09:39 4884 32041508 Sanju Kabra 2000 14.40 S Shivam Stock 9/28/2005 15:09:48 4885 32041508 Sanju Kabra 1500 14.40 S Shivam Stock 9/28/2005 15:09:48 4886 32041509 Sanju Kabra 2100 14.40 S Shivam Stock 9/28/2005 15:09:48 4887 32041509 Sanju Kabra 2700 14.40 S Shivam Stock 9/28/2005 15:09:48 4888 32041510 Sanju Kabra 900 14.40 S Shivam Stock 9/28/2005 15:09:48 4889 32041510 Sanju Kabra 2800 14.40 S Shivam Stock 9/28/2005 15:09:52 4890 32041510 Sanju Kabra 1300 14.40 S Shivam Stock

From the table, I note that on 06-02-2005, A V Shares placed a buy order (order no. 61808155) for purchase of 100 shares @ Rs.1.95/- and the corresponding order (order no. 32033560) was placed by the noticee for the sale of 100 shares @ Rs.1.95/-. The said order matches and fructifies into a trade (trade no. 4215). The same pattern is observed for numerous trades from the above table. Thus, from the above table it is clear that the noticee has synchronized trades with the other two brokers. The extent of trades between the clients in the terminal of the noticee with other brokers A V Shares and Shivam in the scrip of Global during the relevant period is as below:

A V Shares & Stock Shivam Stock Name and Sanju Kabra Sl Brokers Pvt. Ltd Broking address of No the broker Qty % Qty % Qty % 1 Sanju Kabra ---- ---- 894800 58.7% 568800 37.3%

From the above table, I note that the trades in 894800 shares were in the nature of synchronized trades with A V Shares. It is also observed that 5, 68,800 shares out of 15,24,210 shares which comprised 37.3% volume of the noticee were synchronized transactions in nature with Shivam. It is further observed that the broker and Shivam were sharing the same office address i.e. 2, India Exchange Place, 1st Floor, Room No. 2, Kolkata -700 001.

11. The major clients of the noticee were Clock Sign Trading Co. Pvt. Ltd., Anjani Vanijya Pvt. Ltd., A.S. Vanijya (P) Ltd., Agarwal Brokerage Pvt. Ltd., Sangeeta Devi Agarwal and Tripti Vyapar Pvt. Ltd. The concentration positions of the major clients of the broker for the relevant period of investigation are given below:

Broker: Sanju Kabra Name of the client % to broker’s Qty. volume Clock Sign Trading 874300 35 Co. Pvt. Ltd. Anjani Vanijya Pvt. 346400 14 Ltd. A.S. Vanijya(P) Ltd. 200000 8 Agarwal Brokerage 152510 6 Pvt. Ltd. Sangeeta Devi 150000 6 Agarwal Tripti Vyapar Pvt. Ltd. 150000 6 TOTAL 1873210 75

The above table shows that the above clients have traded in 75% of the total volume traded by the noticee in the scrip. The detailed transactions of the clients in the scrip of Global through the noticee are tabulated below:

% to the % to the Name of the brokers brokers S. Client client Buy Qty. buy Sale Qty. sale No. Code transaction transaction in Global in Global Clock Sign Trading Co. Pvt. Ltd. 873700 46% 1 C001 700 -- 207, M.D. Road, Kolkata. Anjani Vanijya Pvt. 345400 18% 2 A166 1000 --

% to the % to the Name of the brokers brokers S. Client client Buy Qty. buy Sale Qty. sale No. Code transaction transaction in Global in Global Ltd. 6, Brabourne Road, Ground Floor, Room No. G9, Kolkata-700001. A.S. Vanijya(P) Ltd. 6, Brabourne Road, Ground Floor, 11% 3 A167 200000 -- -- Room No. G9, Kolkata-700001. Agarwal Brokerage Pvt. Ltd. 6, Brabourne Road, 150510 8% 2000 -- 4 A063 Ground Floor, Room No. G9, Kolkata-700001. Sangeeta Devi Agarwal Surendta steels 8% 5 S429 150000 -- -- Pvt. Ltd. Guwhati-781001. Tripti Vyapar Pvt. Ltd. 6, Brabourne Road, 150000 8% 6 T022 -- -- Ground Floor, Room No. G9, Kolkata-700001. TOTAL 1869610 99.00% 3700 0.2%

I find that the noticee had purchased a total of 1889520 shares (bought position) of the shares of Global at the exchange during the period under investigation. It is noticed that the above mentioned clients had bought 1869610 shares through the noticee, which comprised about 99% of the total buy volume of the noticee. These clients had aggregate sale volume of 3700 shares out of 1734800 shares which comprised 0.2% of total sale volume of the broker. I also find that:

a) Clock Sign Trading Co. Pvt. Ltd. had alone purchased 873700 shares which comprised 46% of Sanju Kabra’s trading volume. During the period when Clock Sign Trading Co. Pvt. Ltd. was active the price of the scrip had gone up from Rs.1.40/- to Rs.6.75/-.

b) From the client registration forms of Anjani Vanijya Pvt. Ltd., A.S. Vanijya (P) Ltd., Agarwal Brokerage Pvt. Ltd., Sangeeta Devi Agarwal and Tripti Vyapar Pvt. Ltd. it is seen that they were sharing the same office address located at No. 6, Brabourne Road, Ground Floor, Room No. G9, Kolkata- 700001. The said entities had a combined buy position of 9, 95,610 shares which comprised about 53% of total buy volume of the noticee. It is also noted that Anjani Vanijya Pvt. Ltd., A.S. Vanijya (P) Ltd., Agarwal Brokerage Pvt. Ltd., and Tripti Vyapar Pvt. Ltd. were sharing the same telephone.

c) Praveen Kumar Singh was the common director in Anjani Vanijya Pvt. Ltd. and A.S. Vanijya (P) Ltd. Jagannath Agarwal was the director of Agarwal Brokerage Pvt. Ltd. and Tripti Vyapar Pvt. Ltd. Satyabhama Agarwal was the director of both A.S. Vanijya (P) Ltd. and Tripti Vyapar Pvt. Ltd.

12. Therefore, based on the fact that certain clients shared common addresses also coupled with the fact that the clients (companies) had common directors as shown above, it can be inferred that the clients Anjani Vanijya Pvt. Ltd., A.S. Vanijya (P) Ltd., Agarwal Brokerage Pvt. Ltd., and Tripti Vyapar Pvt. Ltd. belonged to the same group.

13. I further find that most of the trades in the scrip executed through the noticee client to client trades which had been executed on a single terminal of the noticee. The noticee had allowed clients to place simultaneously both buy and sale orders of same quantity at the same price which led to the price rise in the scrip of Global. From the trade data provided in the earlier part of this order, trades were matched and synchronized between the clients of the noticee or with the clients of the other two brokers (A V Shares and Shivam). Therefore, it is evident from the above that the noticee had indulged in synchronized trades and cross deals in the scrip of Global. From the trade data, I find that the price of the scrip has been slowly and steadily taken up by the trades executed by the three brokers (including the noticee) and their clients. As observed by the Hon’ble Securities Appellate Tribunal in Ketan Parekh Vs. Securities & Exchange Board of India (Appeal No. 2 of 2004), that ‘synchronisation’ or a negotiated deal ipso facto is not illegal and that a synchronised transaction will, however, be illegal or violative of the Regulations if it is executed with a view to manipulate the market or if it results in circular trading or is dubious in nature and is executed with a view to avoid regulatory detection or does not involve change of beneficial ownership or is executed to create false volumes resulting in upsetting the market equilibrium.

The Tribunal further observed that whether a transaction has been executed with the intention to manipulate the market or defeat its mechanism will depend upon the intention of the parties which could be inferred from the attending circumstances because direct evidence in such cases may not be available. The Tribunal observed that the intention of the parties can be noted from various factors which may be the nature of the transaction executed, the frequency with which such transactions are undertaken, the value of the transactions, whether they involve circular trading and whether there is real change of beneficial ownership, the conditions then prevailing in the market etc. In the present case against the noticee, the synchronized deals and the cross deals as brought above, the frequency of trades in the market and the fact that the price of a company like Global which did not have strong fundamentals at that point in time shooting up abnormally, would be attending circumstances which substantiates the violations against the noticee.

14. I also note that the Hon’ble SAT in Chirag Pujara vs. SEBI (Appeal No. 175 of 2007) has observed that executing matching trades with a prior understanding is by itself a serious violation of the Regulations which jeopardizes the integrity of the market. The trade data tabulated above would show that the noticee has matched and synchronized trades with A V Shares and Shivam. Such matching and synchronizing would not happen unless and until there is a prior understanding and meeting of minds. I also place reliance on the observations of the Hon’ble SAT made in the matter of Triumph International Finance Ltd. Vs. Securities and Exchange Board of India (Appeal No. 35 of 2002). In the said appeal, the Hon’ble Tribunal had observed as below – “The question that arises for consideration is – could it be said that the appellant was innocent and whether such large number of trades could have matched on the screen without the knowledge and active involvement of the appellant as a broker. The answer has to be in the negative. It is the broker who plays a pivotal role in synchronizing the trades with the counter broker and matches the same through the exchange mechanism by punching the buy and sell orders simultaneously. It is true that the brokers act on the advice of their clients but it is they who actually implement the game plan.”

15. Thus, I find that the noticee by his acts has created false or misleading appearance of trading in the shares of Global along with the other brokers and clients, which was responsible for the market manipulation in the scrip. Therefore, I conclude that the noticee has violated the provisions of clauses (a) and (e) of sub-regulation (2) of regulation 4 of the PFUTP Regulations. Further, by its acts the noticee has not maintained high standards of integrity, promptitude and fairness in the conduct of his stock broking business. The noticee has not acted with due skill, care and diligence in the conduct of his business. Also, as stated above, the noticee has indulged in manipulative and deceptive transactions with hands together with the other brokers and the clients which had distorted the market equilibrium and had detrimentally interfered with the fair and smooth functioning of the market. Therefore, I find noticee guilty of having contravened the provisions of Regulation 7 read with clauses A (1), (2), (3) and (4) of the Code of Conduct prescribed for stock brokers in the Broker Regulations.

16. With respect to the violation of the provisions of Regulation 4(2) (o) of the PFUTP Regulations and Clause B (4) (a) of the Broker Regulations, I find that the investigations and the enquiry report has not brought out enough material to show that the noticee had advocated trades in the shares of Global for the sole purpose of generating brokerage or commission. Thus, I am inclined to absolve the noticee of the charge of violating the above said provisions.

17. With respect to the penalty on the noticee for the said violations, I find that the Enquiry Officer has recommended that the certificate of registration of the noticee be suspended for a period of four (4) months. He has also observed while recommending the said penalty that period of debarment of already undergone by the noticee may be set-off. In view of the facts and circumstances of the case as discussed above, I am in agreement with the recommendations of the enquiry officer with respect to the penalty.

18. Therefore, I, in exercise of powers under Section 19 of the SEBI Act, 1992 and Regulation 13 (4) of the Enquiry Regulations, 2002, hereby direct that the certificate of registration granted by the SEBI to the noticee (M/s. Sanju Kabra) be suspended for a period of 4 months. The said period shall be set-off against the period of debarment already undergone by the noticee. This order shall come into force with immediate effect.

DATE: 02-07-2008 T C NAIR PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA

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