Order in respect of JMP Securities Private Limited

WTM/RKA/ISD/ 07 /2015 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA, MUMBAI ORDER Under sections 11, 11B and 11(4) of the Securities and Exchange Board of India Act, 1992 read with regulation 11(1) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 in respect of JMP Securities Private Limited (PAN: AAACJ8850C).

1. SEBI, vide an ad interim ex parte order dated September 21, 2011 (“interim order”), inter alia, had restrained JMP Securities Private Limited (“JMP”) from dealing in securities or instrument with Indian securities as underlying, in any manner whatsoever, pending investigation and until further orders. The said interim directions were issued based on the prima facie findings of fraudulent tradings by certain entities, including JMP, in the scrip of certain companies, namely, Asahi Infrastructure & Projects Ltd., IKF Technologies Ltd., Avon Corporation Ltd., K Sera Sera Ltd., CAT Technologies Ltd., Maars Software International Ltd. (hereinafter collectively referred to as the “Issuer Companies”). 2. The aforesaid interim directions were modified qua JMP by SEBI order dated May 11, 2012 ("confirmatory order"). Vide the said confirmatory order, JMP was allowed to sell the securities held by it in its demat accounts subject to the following conditions: (a) JMP shall deposit sale proceeds, in case of any sale, in a bank fixed deposit earning interest; and (b) JMP shall not withdraw and utilize funds from the said account including interest thereon without the prior permission of SEBI in this regard. 3. SEBI had further modified the interim directions, as modified by the confirmatory order, and permitted JMP to utilize only the sale proceeds of shares of companies other than the Issuer Companies and Cals Refineries Limited. 4. On completion of investigation in the mater, SEBI found that the allegations leveled against JMP in the interim order could not be conclusively established by the material available on record and has recommended revocation of directions issued qua JMP. In view of the same, the interim order needs to be disposed of and the restraint imposed on JMP vide the aforesaid

Order in respect of JMP Securities Private Limited interim order and subsequently modified vide the confirmatory order needs to be vacated. 5. I, therefore, in exercise of the powers conferred upon me under section 19 of the Securities and Exchange Board of India Act, 1992 read with sections 11, 11(4) and 11B thereof, hereby dispose of the interim order qua JMP Securities Private Limited and revoke the directions issued vide the aforesaid interim order and confirmatory order qua JMP Securities Private Limited with immediate effect. 6. A copy of this Order shall be served on the Stock Exchanges and Depositories, for necessary action.

Sd/-

DATE: FEBRUARY 9th, 2015 RAJEEV KUMAR AGARWAL PLACE: MUMBAI WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA