Order in the matter of AMS Finance and Securities Limited

WTM/TCN/93/ID3/DEC/2008 BEFORE THE SECURITIES AND EXCHANGE BOARD OF INDIA CORAM : Dr. T.C.NAIR, WHOLE TIME MEMBER IN THE MATTER OF AMS FINANCE & SECURITIES LTD (PAN: AAACA6746Q) FOR DEALING IN THE SCRIP OF SOUNDCRAFT INDUSTRIES LTD. Date of hearing : October 04, 2006 Appearances : For Noticees : Shri H S Kamdar, Rathi & Associates Shri Brijmohan Binani, Director, AMS Finance & Securities Ltd. For SEBI : Shri P.K. Bindlish, Chief General Manager Shri Ashok Nimbekar, Manager Ms. Kshama Chavan, Legal Officer ORDER UNDER SECTION 11 AND 11B OF SEBI ACT, 1992 READ WITH REGULATION 11 OF THE SEBI (PROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES RELATING TO THE SECURITIES MARKET) REGULATIONS, 1995 AND THE CORRESPIONDING REGULATIONS UNDER SEBI (PROHIBITION OF FRAUDULENT AND UNFAIR TRADE PRACTICES RELATING TO THE SECURITIES MARKET) REGULATIONS, 2003. 1.1 Soundcraft Industries Limited (hereinafter referred to as “SIL”/ “the Company”) is incorporated as a public limited company. The shares of the company are listed at the Bombay Stock Exchange Limited (hereinafter referred to as “BSE”) and the National Stock Exchange of India Limited (hereinafter referred to as “NSE”).

1.2 Shri Rajkumar Chainrai Basantani (hereinafter referred to as “Shri Basantani”) is the Chairman of the company, and is also an individual trading member of NSE. He is also one of the Directors of Kolar Sharex Pvt. Ltd., member, BSE.

1.3 As the scrip witnessed sharp fluctuations in the price and volume at both BSE and NSE during the period July 2, 2001 to January 2, 2002, SEBI initiated conducted investigation into the dealings in the scrip of SIL. It was observed from the investigation report that the fluctuation in the price was more than the change in indices with substantially fluctuating volumes during the relevant period. It was observed that a handful of brokers and clients had deliberately tried to establish a price in the scrip and maintained the price at specific level. These volumes were artificial as only a set of a few brokers and clients were involved throughout the trading in this scrip.

Investigation Report further noted that Shri Basantani along with other entities contributed 96% and 65% of the trading in the scrip at BSE and NSE respectively. These entities also included AMS Finance & Securities Ltd. (hereinafter referred to as “AMS Finance”).

1.4 It was alleged that AMS Finance had indulged in circular trading thereby creating artificial market volumes with the sole objective of creating interest in the scrip. It was alleged that AMS Finance had violated the provisions of Regulation 4 (a), (b), (c), (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995.

2.1 In view of the findings of the investigation, a show cause notice dated August 31, 2005 was issued to AMS Finance to show cause as to why suitable directions including restraining them from accessing the capital market and prohibiting from buying, selling or dealing in securities for a specified period should not be issued under section 11 (4) and section 11B of the SEBI Act, 1992 read with Regulation 11 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulation, 2003.

2.2 AMS Finance vide letter dated January 12, 2006 interalia submitted as under:

i. AMS Finance has over a period from July 2, 2001 to January 2, 2002 traded in 163687 shares of SIL. During the aforesaid period AMS Finance has also traded in the shares of other companies. The shares of SIL were traded by the company as part of its routine jobbing transactions. ii. AMS Finance was anware of the buy and sell orders being placed by the members and their clients simultaneously or within the time period of less than 15 seconds as is alleged. iii. They purchased the shares of SIL because of its potential and performance in the immediate preceding period. Further they reiterate that it has traded in shares of other companies and not only in SIL in its capacity as a jobber. iv. The allegation that RK Global Shares & Securities Ltd., Member of NSE, AMS Stock Management Pvt. Ltd., Member BSE and AMS Finance & Securities Ltd are related entities is denied.

v. The company purchased the shares of SIL not with a view to inflate, deflate, depress or cause fluctuations in the market price of the securities but because it perceived the scrip of SIL to be having good market potential. vi. AMF Finance is separate entity from AMS Stock Management. The directors of AMS Stock Management who look after the day to day management are also different and there is no overlapping in the management and working of both the companies. Further both have separate offices at different locations and the staff of both is also separate and distinct.

3.1 An opportunity of personal hearing was granted before me to AMS Finance on October 04, 2006 wherein AMS Finance attended the hearing and made submissions.

4.0 I have carefully considered the investigation report, show cause notice issued to AMS Finance and their oral and written submissions. My findings are as under:

4.1 I note that the company had passed 3 resolutions during the year 2001 for preferential allotment of shares. However, the shares were not allotted by SIL. From the records, it is noted that SIL was in negotiation with some financial institution for subscription of its shares on a preferential basis. As the negotiations failed, the company could not allot the shares within the prescribed time limit. The deal between the financial institutions and SIL did not materialize as the market price of the scrip at the relevant time was not at the level on which the preferential allotment was sought to be made. In view of this, an attempt was made by Shri Basantani, Chairman of SIL along with some of the brokers and clients related to SIL to maintain the price of the scrip at a desired level to attract investors at the price on which the preferential allotments were proposed to be made. In order to maintain the price these entities indulged in circular trading at BSE and synchronised trading at NSE as set out in subsequent paragraphs.

4.2 I note that AMS Finance has dealt in the scrip at NSE through NSE member, R K Global Shares & Securities Ltd. AMS Stock Management Pvt. Ltd. (hereinafter referred to as “AMS Stock Management”) member of BSE who has also dealt in the scrip. Shri Vinod Bagri is the Director of AMS Stock Management who is husband of erstwhile director of AMS Finance, Smt. Alka Bagri. Also, the Director of AMS Stock Management, Shri Vinod Bagri and the Director of AMS Finance, Shri Brij Mohan Binani are brothers-in –law to each other. As such, AMS Finance and AMS Stock Management Pvt. Ltd. can be regarded as a group who actively dealt in the scrip. In all, this group was responsible for creation of approximately 17% of the volumes at BSE and 7% at NSE.

Client Broker % Exchange

Born Free Finance Pvt. Ltd. Kolar Sharex Pvt. Ltd. 27.63 BSE Panna Agrofine Pvt. Ltd. Kolar Sharex Pvt. Ltd. 2.93 BSE Dhanlaxmi Cotex Ltd. M R Share Broking Pvt. 21.33 BSE Ltd.

Client Broker % Exchange

Ashmita R Shah (introduced Parklight Investment Pvt. 14.13 BSE by Bharat H Jain) Ltd. through sub broker Gini Enterprises

Bharat H Jain (introduced by Parklight Investment Pvt. 5.6 BSE Tarun K Gandhi) Ltd. through sub broker Gini Enterprises Sparkling Securities Churiwala Securities Pvt. 7.42 BSE Ltd. Jain Investment (Ramila AMS Stock Management 16.81 BSE Jain) (introduced by Bharat H Jain) Jaitra Estate Developers Pvt. Rajkumar Chainirai 22.3 NSE Ltd. Basantani Panna Agrofine Pvt. Ltd. Rajkumar Chainirai 6.05 NSE Basantani Bharat H Jain (introduced by Makestar Securities Pvt. 10.97 NSE Asmita R Shah) Ltd. Dhanlaxmi Cotex Ltd VRM Share Broking Pvt. 7.29 NSE Ltd. Own Account VRM Share Broking Pvt. 2.43 NSE Ltd. Ashmita R Shah (introduced H Nyalchand Financial 7.88 NSE by Bharat H Jain) Services Ltd. through sub broker Gini Enterprises

Bharat H Jain (introduced by H Nyalchand Financial 1.73 NSE Tarun K Gandhi) Services Ltd. through sub broker Gini Enterprises AMS Finance & Securities R K Global Shares & 6.6 NSE Ltd. (introduced by R.K. Securities Ltd. Bhagchandka)

4.3 While AMS Finance was involved in structured deals at NSE with many entities including Basantani’s entity, viz., Jaitra Estate Holding

Pvt. Ltd., AMS Stock Management was involved as a broker in the circular trades at BSE with Basantani’s entity including Kolar Sharex Pvt. Ltd., Born Free Finance Pvt. Ltd. and Panna Agrofine Pvt. Ltd. From above, I find that the entities, viz., AMS Finance and AMS Stock Management had a network of relationship actively traded in conjunction with each other and at the behest of Basantani only.

4.4 NSE brokers including Rajkumar Chainrai Basantani, Mekaster Securities Pvt. Ltd., VRM Share Broking Pvt. Ltd., H Nyalchand Financial Services Ltd. and R K Global Shares & Securities Ltd. and their clients including AMS Finance had indulged in structured deals to create artificial price and volume in the scrip. I find that in all the structured deals, sell and buy orders were placed by the brokers and their clients either simultaneously or within the time period of less than 15 seconds. AMS Finance is involved in 111 structured deals with 4 brokers including 77 structured deals with Shri Basantani and related entity, viz., Jaitra Estate Holding Pvt. Ltd. The detailed list of the structured deals carried out by AMS Finance is placed at Annexure.

4.5 It is also observed that in order to maintain the price level for the purpose of making the preferential allotment successful, a set of few brokers at BSE including Kolar Sharex Pvt. Ltd. (KSPL), AMS Stock Management Pvt. Ltd. (AMS), Churiwala Securities Pvt. Ltd. (CSPL), M R Share Broking Pvt. Ltd. (MRSB) and Park Light Investment Pvt. Ltd. (PLIPL) indulged in circular trading at BSE in their attempt to create artificial volumes. I note that for the period from August 1, 2001 to September 28, 2001, total of 1,97,558 shares have been traded through circular trading among these brokers. The total volume traded in SIL shares during this period was 2,01,963. I thus note that during the above period, the circular trading contributed about 98% of the total volume in the scrip at BSE.

18210 shares 9837 14430 KSPL PLIPL MRSB 26977 shares 15310 6172 27551 shares 16085 7291 shares 10020 AMS 5038 2394 3135 7673 shares 4961 CSPL 4671 5545 shares 2300 shares

5268 shares

5790 shares

4.6 Thus, I observe that the two related entities, viz. entities, viz., AMS Finance & Securities Ltd. and AMS Stock Management Pvt. Ltd. entered into circular trading and structured deals. 7There was meeting of minds among them and also with Basantani entities. In fact, a cartel of entities was made by Shri Basantani and trades were executed by the cartel with the objective of creating market interest in the scrip. In other words, artificial price and volumes were created at both the exchanges.

4.7 Considering that the circular trades and the structured deals were carried out with Basantani and related entities as counter parties, I find that AMS Finance & Securities Ltd. and AMS Stock Management Pvt. Ltd. were accomplices in the game plan executed by Basantani in creation of artificial price and volumes in the scrip.

4.8 From the above facts and circumstances, I find that by executing circular trades AMS Finance & Securities Ltd. has created artificial volume and price discovery in the scrip. Further the trading pattern also indicates they had traded in close association with Rajkumar Basantani to create artificial movement in price and the volumes of the scrip through a network of brokers. I note that the trading of the entities have contributed to significant volumes in the scrip. In view of the above, considering the large number of circular and structured transactions executed by the three entities. I find that they have violated the provisions of Regulation 4(a),(b),(c) and (d) of PFUTP Regulations, 1995.

4.9 It is pertinent to note here that pursuant to the repeal of 1995 Regulations, the corresponding provisions are contained in Regulations 3 and 4 of Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003. It is pertinent to note here that pursuant to the repeal of 1995 Regulations, the corresponding provisions are contained in Regulations 3 and 4 of Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade

Practices Relating to Securities Market) Regulations, 2003. Therefore, the present order is being passed under 2003 Regulations.

5.1 In view of the above, I, in exercise of powers conferred in terms of Section 19 read with Section 11 and 11 B of SEBI Act, 1992 read with Regulation of the SEBI (Prohibition of Fraudulent And Unfair Trade Practices relating to the Securities Market) Regulations, 1995 and the corresponding regulations under SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 2003, hereby direct that AMS Finance & Securities Ltd.(PAN: AAACA6746Q), be debarred from accessing the securities market and prohibited from buying, selling or dealing in securities, either directly or indirectly, for a period of six months. 5.2 This order shall come into effect immediately.

PLACE: MUMBAI T .C. NAIR DATE: 12.12.2008 WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA

Trade Dt Trd Time Trade No Trd Pr Trd Qty Buy Order Buy Order Buy Order Number Buy TM Name Buy Client Code Buy Limit Sell Order Sell Order Sell Order Number Sell TM Name Sell Client Code Sell Limit Date Entry Time Price Date Entry Price time 6-Jul-01 11:54:35 200107060150841 499.35 500 6-Jul-01 11:54:35 200107060300133 R K GLOBAL AMS Finance & Secu499.35 6-Jul-01 11:54:26 200107060299955 V R M Dhanlaxmi Cotex Ltd499.35 6-Jul-01 12:52:26 200107060208055 498.30 500 6-Jul-01 12:52:26 200107060389479 MEKASTER Bharat H Jain 498.30 6-Jul-01 12:52:11 200107060389169 R K GLOBAL AMS Finance & Secu498.30 9-Jul-01 11:16:56 200107090096831 499.00 500 9-Jul-01 11:16:56 200107090197180 R K GLOBAL AMS Finance & Secu499.00 9-Jul-01 11:16:56 200107090197169 BASANTANI Jaitra Estate Holding 499.00 9-Jul-01 11:17:09 200107090096981 499.00 500 9-Jul-01 11:17:06 200107090197397 R K GLOBAL AMS Finance & Secu499.00 9-Jul-01 11:17:09 200107090197467 BASANTANI Jaitra Estate Holding 499.00 9-Jul-01 12:36:39 200107090140878 498.00 500 9-Jul-01 12:36:39 200107090282341 R K GLOBAL AMS Finance & Secu498.00 9-Jul-01 12:36:39 200107090282342 V R M Dhanlaxmi Cotex Ltd498.00 9-Jul-01 14:02:58 200107090203443 500.50 200 9-Jul-01 14:02:58 200107090377502 R K GLOBAL AMS Finance & Secu501.00 9-Jul-01 14:02:54 200107090377397 BASANTANI Jaitra Estate Holding 500.50 9-Jul-01 11:00:50 200107090081965 503.00 10 9-Jul-01 11:00:50 200107090170707 BASANTANI Jaitra Estate Holding 503.00 9-Jul-01 11:00:41 200107090170434 R K GLOBAL AMS Finance & Secu503.00 16-Jul-01 12:12:35 200107160183767 501.25 25 16-Jul-01 12:12:34 200107160340222 BASANTANI Jaitra Estate Holding 501.25 16-Jul-01 12:12:35 200107160340254 R K GLOBAL AMS Finance & Secu500.50 16-Jul-01 12:12:39 200107160183822 500.50 50 16-Jul-01 12:12:39 200107160340338 BASANTANI Jaitra Estate Holding 501.00 16-Jul-01 12:12:35 200107160340254 R K GLOBAL AMS Finance & Secu500.50 19-Jul-01 15:10:28 200107190421523 501.45 200 19-Jul-01 15:10:28 200107190666198 R K GLOBAL AMS Finance & Secu501.55 19-Jul-01 15:10:26 200107190666066 BASANTANI Jaitra Estate Holding 501.45 24-Jul-01 10:54:26 200107240107503 503.25 100 24-Jul-01 10:54:25 200107240196701 BASANTANI Jaitra Estate Holding 504.00 24-Jul-01 10:54:16 200107240196359 R K GLOBAL AMS Finance & Secu503.25 24-Jul-01 11:50:28 200107240165116 502.00 45 24-Jul-01 11:50:20 200107240291743 BASANTANI Jaitra Estate Holding 502.00 24-Jul-01 11:50:28 200107240291945 R K GLOBAL AMS Finance & Secu502.00 24-Jul-01 13:08:57 200107240244971 501.50 50 24-Jul-01 13:08:57 200107240414970 BASANTANI Jaitra Estate Holding 501.50 24-Jul-01 13:08:42 200107240414613 R K GLOBAL AMS Finance & Secu501.50 27-Jul-01 11:32:01 200107270178527 501.00 20 27-Jul-01 11:32:00 200107270311355 BASANTANI Jaitra Estate Holding 501.00 27-Jul-01 11:32:01 200107270311370 R K GLOBAL AMS Finance & Secu501.00 27-Jul-01 12:47:01 200107270267758 503.25 185 27-Jul-01 12:47:01 200107270448411 BASANTANI Jaitra Estate Holding 503.25 27-Jul-01 12:46:55 200107270448236 R K GLOBAL AMS Finance & Secu503.25 30-Jul-01 13:40:33 200107300289900 503.25 50 30-Jul-01 13:40:24 200107300482565 R K GLOBAL AMS Finance & Secu503.25 30-Jul-01 13:40:33 200107300482740 BASANTANI Jaitra Estate Holding 502.15 30-Jul-01 10:45:48 200107300091883 503.50 100 30-Jul-01 10:45:48 200107300176563 BASANTANI Jaitra Estate Holding 504.00 30-Jul-01 10:45:35 200107300175923 R K GLOBAL AMS Finance & Secu503.50 30-Jul-01 13:24:45 200107300275737 502.90 100 30-Jul-01 13:24:44 200107300461309 BASANTANI Jaitra Estate Holding 503.00 30-Jul-01 13:24:30 200107300460819 R K GLOBAL AMS Finance & Secu502.90 7-Aug-01 12:29:35 200108070223494 507.00 75 7-Aug-01 12:29:35 200108070402973 R K GLOBAL AMS Finance & Secu507.00 7-Aug-01 12:29:33 200108070402936 BASANTANI Jaitra Estate Holding 507.00 8-Aug-01 11:52:44 200108080201560 506.65 200 8-Aug-01 11:52:44 200108080359456 R K GLOBAL AMS Finance & Secu507.00 8-Aug-01 11:52:40 200108080359344 BASANTANI Jaitra Estate Holding 506.65 10-Aug-01 12:04:27 200108100192115 505.55 150 10-Aug-01 12:04:27 200108100356845 R K GLOBAL AMS Finance & Secu505.65 10-Aug-01 12:04:22 200108100356705 BASANTANI Jaitra Estate Holding 505.55 13-Aug-01 14:47:33 200108130329033 503.95 250 13-Aug-01 14:47:33 200108130553188 BASANTANI Jaitra Estate Holding 504.00 13-Aug-01 14:47:28 200108130552991 R K GLOBAL AMS Finance & Secu503.95 17-Aug-01 10:34:07 200108170089201 504.05 100 17-Aug-01 10:34:07 200108170179748 R K GLOBAL AMS Finance & Secu504.25 17-Aug-01 10:33:56 200108170179240 BASANTANI Jaitra Estate Holding 504.05 17-Aug-01 11:28:47 200108170168984 503.45 150 17-Aug-01 11:28:47 200108170312931 R K GLOBAL AMS Finance & Secu503.50 17-Aug-01 11:28:38 200108170312637 BASANTANI Jaitra Estate Holding 503.45 17-Aug-01 11:28:47 200108170168985 503.50 50 17-Aug-01 11:28:47 200108170312931 R K GLOBAL AMS Finance & Secu503.50 17-Aug-01 11:28:46 200108170312904 BASANTANI Jaitra Estate Holding 503.50 17-Aug-01 11:44:40 200108170193923 503.70 150 17-Aug-01 11:44:40 200108170349097 R K GLOBAL AMS Finance & Secu503.75 17-Aug-01 11:44:25 200108170348326 BASANTANI Jaitra Estate Holding 503.70 20-Aug-01 10:40:45 200108200082219 492.45 200 20-Aug-01 10:40:45 200108200166094 R K GLOBAL AMS Finance & Secu492.50 20-Aug-01 10:40:37 200108200165780 BASANTANI Jaitra Estate Holding 492.45 20-Aug-01 12:38:48 200108200200134 488.50 250 20-Aug-01 12:38:48 200108200360764 R K GLOBAL AMS Finance & Secu494.00 20-Aug-01 12:38:35 200108200360481 BASANTANI Jaitra Estate Holding 488.50 20-Aug-01 14:02:25 200108200269276 469.50 50 20-Aug-01 14:02:25 200108200465442 R K GLOBAL AMS Finance & Secu469.50 20-Aug-01 14:02:17 200108200465165 BASANTANI Jaitra Estate Holding 469.50 21-Aug-01 12:36:40 200108210220539 474.70 1,000.00 21-Aug-01 12:36:40 200108210394583 R K GLOBAL AMS Finance & Secu474.70 21-Aug-01 12:36:27 200108210394281 NYALCHAND Asmita R Shah 474.70 21-Aug-01 13:58:15 200108210305364 473.00 1,000.00 21-Aug-01 13:58:15 200108210513588 R K GLOBAL AMS Finance & Secu473.00 21-Aug-01 13:58:07 200108210513266 NYALCHAND Asmita R Shah 473.00 21-Aug-01 9:57:34 200108210005189 484.00 2,000.00 21-Aug-01 9:57:33 200108210017667 NYALCHAND Asmita R Shah 484.00 21-Aug-01 9:57:34 200108210017700 R K GLOBAL AMS Finance & Secu484.00 6-Sep-01 14:37:14 200109060522419 482.60 250 6-Sep-01 14:37:11 200109060789090 R K GLOBAL AMS Finance & Secu482.60 6-Sep-01 14:37:14 200109060789195 BASANTANI Jaitra Estate Holding 482.00 6-Sep-01 14:46:08 200109060537274 482.75 500 6-Sep-01 14:46:05 200109060810501 R K GLOBAL AMS Finance & Secu482.75 6-Sep-01 14:46:08 200109060810618 BASANTANI Jaitra Estate Holding 482.55 6-Sep-01 15:12:38 200109060597592 482.00 250 6-Sep-01 15:12:37 200109060887988 R K GLOBAL AMS Finance & Secu482.00 6-Sep-01 15:12:38 200109060888036 BASANTANI Jaitra Estate Holding 482.00 10-Sep-01 9:57:20 200109100004035 500.00 200 10-Sep-01 9:57:20 200109100015118 BASANTANI Jaitra Estate Holding 502.00 10-Sep-01 9:57:09 200109100013944 R K GLOBAL AMS Finance & Secu500.00 10-Sep-01 9:57:30 200109100004492 499.50 200 10-Sep-01 9:57:30 200109100016202 BASANTANI Jaitra Estate Holding 502.00 10-Sep-01 9:57:24 200109100015514 R K GLOBAL AMS Finance & Secu499.50 10-Sep-01 10:02:07 200109100016822 501.50 200 10-Sep-01 10:02:07 200109100042834 BASANTANI Jaitra Estate Holding 501.90 10-Sep-01 10:02:02 200109100042365 R K GLOBAL AMS Finance & Secu501.50 10-Sep-01 10:02:17 200109100017289 501.50 100 10-Sep-01 10:02:17 200109100043742 BASANTANI Jaitra Estate Holding 501.50 10-Sep-01 10:02:02 200109100042365 R K GLOBAL AMS Finance & Secu501.50 10-Sep-01 10:02:34 200109100017975 501.00 100 10-Sep-01 10:02:34 200109100045243 BASANTANI Jaitra Estate Holding 501.90 10-Sep-01 10:02:19 200109100043875 R K GLOBAL AMS Finance & Secu501.00 10-Sep-01 10:02:48 200109100018612 500.50 150 10-Sep-01 10:02:48 200109100046411 BASANTANI Jaitra Estate Holding 501.00 10-Sep-01 10:02:39 200109100045663 R K GLOBAL AMS Finance & Secu500.50 10-Sep-01 10:18:46 200109100058041 497.50 48 10-Sep-01 10:18:46 200109100120478 BASANTANI Jaitra Estate Holding 497.50 10-Sep-01 10:18:45 200109100120414 R K GLOBAL AMS Finance & Secu497.50 11-Sep-01 13:30:48 200109110322676 492.00 10 11-Sep-01 13:30:39 200109110544583 R K GLOBAL AMS Finance & Secu492.15 11-Sep-01 13:30:36 200109110544514 BASANTANI Jaitra Estate Holding 492.00 11-Sep-01 9:57:01 200109110003522 495.00 200 11-Sep-01 9:57:01 200109110015502 BASANTANI Jaitra Estate Holding 497.00 11-Sep-01 9:57:00 200109110015384 R K GLOBAL AMS Finance & Secu495.00 11-Sep-01 10:02:26 200109110018375 498.50 250 11-Sep-01 10:02:26 200109110050305 BASANTANI Jaitra Estate Holding 498.50 11-Sep-01 10:02:24 200109110050135 R K GLOBAL AMS Finance & Secu498.50 11-Sep-01 10:02:36 200109110018662 498.50 50 11-Sep-01 10:02:36 200109110051167 BASANTANI Jaitra Estate Holding 498.90 11-Sep-01 10:02:24 200109110050135 R K GLOBAL AMS Finance & Secu498.50 11-Sep-01 10:02:42 200109110018907 498.00 200 11-Sep-01 10:02:42 200109110051740 BASANTANI Jaitra Estate Holding 498.90 11-Sep-01 10:02:37 200109110051300 R K GLOBAL AMS Finance & Secu498.00 11-Sep-01 10:02:50 200109110019162 498.00 50 11-Sep-01 10:02:50 200109110052400 BASANTANI Jaitra Estate Holding 499.00 11-Sep-01 10:02:37 200109110051300 R K GLOBAL AMS Finance & Secu498.00 11-Sep-01 10:18:03 200109110052861 497.00 50 11-Sep-01 10:18:03 200109110120654 BASANTANI Jaitra Estate Holding 497.00 11-Sep-01 10:18:00 200109110120486 R K GLOBAL AMS Finance & Secu497.00 13-Sep-01 12:23:19 200109130299481 493.95 200 13-Sep-01 12:23:19 200109130494515 R K GLOBAL AMS Finance & Secu494.00 13-Sep-01 12:23:11 200109130494190 BASANTANI Jaitra Estate Holding 493.95 13-Sep-01 12:24:27 200109130300550 493.75 250 13-Sep-01 12:24:27 200109130496509 R K GLOBAL AMS Finance & Secu494.50 13-Sep-01 12:24:20 200109130496343 BASANTANI Jaitra Estate Holding 493.75 14-Sep-01 9:59:44 200109140010865 500.00 100 14-Sep-01 9:59:44 200109140029555 BASANTANI Jaitra Estate Holding 501.00 14-Sep-01 9:59:30 200109140028243 R K GLOBAL AMS Finance & Secu500.00 14-Sep-01 9:59:55 200109140011397 498.00 100 14-Sep-01 9:59:55 200109140030642 BASANTANI Jaitra Estate Holding 501.00 14-Sep-01 9:59:54 200109140030517 R K GLOBAL AMS Finance & Secu498.00 14-Sep-01 10:00:04 200109140011857 498.00 100 14-Sep-01 10:00:04 200109140031467 BASANTANI Jaitra Estate Holding 501.00 14-Sep-01 9:59:54 200109140030517 R K GLOBAL AMS Finance & Secu498.00 14-Sep-01 10:06:14 200109140028506 497.00 200 14-Sep-01 10:06:14 200109140064903 BASANTANI Jaitra Estate Holding 497.90 14-Sep-01 10:06:08 200109140064482 R K GLOBAL AMS Finance & Secu497.00 17-Sep-01 11:46:00 200109170249831 483.00 60 17-Sep-01 11:45:51 200109170390744 R K GLOBAL AMS Finance & Secu483.00 17-Sep-01 11:46:00 200109170391048 BASANTANI Jaitra Estate Holding 479.05

Trade Dt Trd Time Trade No Trd Pr Trd Qty Buy Order Buy Order Buy Order Number Buy TM Name Buy Client Code Buy Limit Sell Order Sell Order Sell Order Number Sell TM Name Sell Client Code Sell Limit Date Entry Time Price Date Entry Price time 17-Sep-01 9:58:19 200109170009994 480.00 190 17-Sep-01 9:58:19 200109170021552 BASANTANI Jaitra Estate Holding 485.50 17-Sep-01 9:58:18 200109170021477 R K GLOBAL AMS Finance & Secu480.00 17-Sep-01 10:15:59 200109170066574 483.00 100 17-Sep-01 10:15:59 200109170112060 BASANTANI Jaitra Estate Holding 483.00 17-Sep-01 10:15:48 200109170111252 R K GLOBAL AMS Finance & Secu483.00 17-Sep-01 10:16:03 200109170066775 483.00 100 17-Sep-01 10:16:03 200109170112316 BASANTANI Jaitra Estate Holding 483.00 17-Sep-01 10:15:48 200109170111252 R K GLOBAL AMS Finance & Secu483.00 18-Sep-01 10:02:56 200109180031178 488.05 50 18-Sep-01 10:02:51 200109180057791 BASANTANI Jaitra Estate Holding 488.05 18-Sep-01 10:02:56 200109180058428 R K GLOBAL AMS Finance & Secu488.00 18-Sep-01 10:03:07 200109180031820 488.00 148 18-Sep-01 10:03:07 200109180059564 BASANTANI Jaitra Estate Holding 488.00 18-Sep-01 10:02:56 200109180058428 R K GLOBAL AMS Finance & Secu488.00 18-Sep-01 10:07:28 200109180049673 491.00 200 18-Sep-01 10:07:28 200109180087555 BASANTANI Jaitra Estate Holding 491.00 18-Sep-01 10:07:20 200109180086648 R K GLOBAL AMS Finance & Secu491.00 18-Sep-01 10:12:24 200109180066141 495.75 200 18-Sep-01 10:12:24 200109180116117 BASANTANI Jaitra Estate Holding 495.90 18-Sep-01 10:12:10 200109180114750 R K GLOBAL AMS Finance & Secu495.75 21-Sep-01 13:07:07 200109210378627 489.00 200 21-Sep-01 13:07:06 200109210609041 R K GLOBAL AMS Finance & Secu489.00 21-Sep-01 13:07:07 200109210609085 MEKASTER Bharat H Jain 488.95 21-Sep-01 13:07:49 200109210379307 488.75 150 21-Sep-01 13:07:49 200109210610412 R K GLOBAL AMS Finance & Secu489.00 21-Sep-01 13:07:45 200109210610302 MEKASTER Bharat H Jain 488.75 25-Sep-01 15:19:44 200109250615490 492.00 2 25-Sep-01 15:19:35 200109250916233 R K GLOBAL AMS Finance & Secu492.00 25-Sep-01 15:19:30 200109250915890 BASANTANI Jaitra Estate Holding 492.00 4-Oct-01 14:28:54 200110040431517 473.45 200 4-Oct-01 14:28:54 200110040682329 R K GLOBAL AMS Finance & Secu473.50 4-Oct-01 14:28:48 200110040681901 V R M Own Account 473.45 4-Oct-01 11:06:19 200110040157612 483.75 200 4-Oct-01 11:06:19 200110040292758 MEKASTER Bharat H Jain 484.00 4-Oct-01 11:06:08 200110040292296 R K GLOBAL AMS Finance & Secu483.75 8-Oct-01 13:34:17 200110080339298 469.95 5 8-Oct-01 13:34:05 200110080556947 R K GLOBAL AMS Finance & Secu469.95 8-Oct-01 13:34:17 200110080557250 BASANTANI Jaitra Estate Holding 469.95 10-Oct-01 12:34:37 200110100329761 477.55 100 10-Oct-01 12:34:32 200110100525979 R K GLOBAL AMS Finance & Secu477.55 10-Oct-01 12:34:24 200110100525614 BASANTANI Jaitra Estate Holding 477.55 10-Oct-01 12:35:05 200110100330640 477.50 150 10-Oct-01 12:35:05 200110100527600 R K GLOBAL AMS Finance & Secu477.65 10-Oct-01 12:34:51 200110100526920 BASANTANI Jaitra Estate Holding 477.50 9-Nov-01 10:46:22 200111090158634 441.90 300 9-Nov-01 10:46:21 200111090289052 R K GLOBAL AMS Finance & Secu442.00 9-Nov-01 10:46:19 200111090288917 V R M Own Account 441.90 9-Nov-01 10:23:07 200111090098088 443.25 300 9-Nov-01 10:23:07 200111090186174 MEKASTER Bharat H Jain 443.25 9-Nov-01 10:23:07 200111090186198 R K GLOBAL AMS Finance & Secu443.20 12-Nov-01 12:14:37 200111120259795 419.45 250 12-Nov-01 12:14:37 200111120460973 R K GLOBAL AMS Finance & Secu420.00 12-Nov-01 12:14:33 200111120460836 BASANTANI Jaitra Estate Holding 419.45 12-Nov-01 12:04:18 200111120246735 449.50 250 12-Nov-01 12:04:17 200111120440726 BASANTANI Jaitra Estate Holding 449.50 12-Nov-01 12:04:18 200111120440752 R K GLOBAL AMS Finance & Secu449.45 13-Nov-01 10:33:41 200111130096420 432.90 300 13-Nov-01 10:33:41 200111130201872 R K GLOBAL AMS Finance & Secu432.95 13-Nov-01 10:33:41 200111130201860 NYALCHAND Asmita R Shah 432.90 13-Nov-01 12:24:00 200111130300805 430.50 200 13-Nov-01 12:24:00 200111130513400 R K GLOBAL AMS Finance & Secu435.00 13-Nov-01 12:23:46 200111130512973 V R M Own Account 430.50 13-Nov-01 10:28:08 200111130084475 430.00 500 13-Nov-01 10:28:07 200111130179700 MEKASTER Bharat H Jain 430.00 13-Nov-01 10:28:08 200111130179732 R K GLOBAL AMS Finance & Secu429.95 14-Nov-01 17:20:15 200111140075285 454.45 500 14-Nov-01 17:20:15 200111140145005 R K GLOBAL AMS Finance & Secu454.50 14-Nov-01 17:20:07 200111140144313 NYALCHAND Asmita R Shah 454.45 14-Nov-01 17:17:48 200111140066564 449.00 500 14-Nov-01 17:17:48 200111140130213 V R M Own Account 449.00 14-Nov-01 17:17:43 200111140129678 R K GLOBAL AMS Finance & Secu449.00 15-Nov-01 11:52:13 200111150269570 459.45 300 15-Nov-01 11:52:13 200111150434414 R K GLOBAL AMS Finance & Secu459.50 15-Nov-01 11:52:13 200111150434379 NYALCHAND Asmita R Shah 459.45 15-Nov-01 12:46:01 200111150387334 461.45 400 15-Nov-01 12:46:01 200111150592084 R K GLOBAL AMS Finance & Secu461.50 15-Nov-01 12:45:59 200111150591971 V R M Own Account 461.45 20-Nov-01 10:54:18 200111200243205 474.40 300 20-Nov-01 10:54:18 200111200380283 R K GLOBAL AMS Finance & Secu474.50 20-Nov-01 10:54:16 200111200380108 MEKASTER Bharat H Jain 474.40 20-Nov-01 11:00:23 200111200260538 473.00 200 20-Nov-01 11:00:16 200111200406797 R K GLOBAL AMS Finance & Secu473.00 20-Nov-01 11:00:23 200111200407329 BASANTANI Jaitra Estate Holding 473.00 20-Nov-01 10:28:36 200111200150208 475.50 500 20-Nov-01 10:28:33 200111200238123 NYALCHAND 7235 475.55 20-Nov-01 10:28:33 200111200238115 R K GLOBAL AMS Finance & Secu475.50 21-Nov-01 11:37:49 200111210276382 444.20 500 21-Nov-01 11:37:49 200111210475571 R K GLOBAL AMS Finance & Secu444.30 21-Nov-01 11:37:48 200111210475525 MEKASTER Bharat H Jain 444.20 21-Nov-01 11:07:27 200111210201310 455.90 500 21-Nov-01 11:07:27 200111210363531 V R M Own Account 456.00 21-Nov-01 11:07:26 200111210363487 R K GLOBAL AMS Finance & Secu455.90 22-Nov-01 11:03:10 200111220236088 455.90 500 22-Nov-01 11:03:10 200111220393922 MEKASTER Bharat H Jain 456.00 22-Nov-01 11:03:08 200111220393834 R K GLOBAL AMS Finance & Secu455.90 23-Nov-01 10:35:57 200111230148060 451.25 350 23-Nov-01 10:35:57 200111230269283 R K GLOBAL AMS Finance & Secu451.30 23-Nov-01 10:35:56 200111230269185 NYALCHAND Asmita R Shah 451.25 23-Nov-01 10:46:01 200111230183939 451.75 150 23-Nov-01 10:46:01 200111230323151 R K GLOBAL AMS Finance & Secu452.00 23-Nov-01 10:45:58 200111230322872 NYALCHAND Asmita R Shah 451.75 23-Nov-01 11:01:31 200111230233073 449.90 500 23-Nov-01 11:01:31 200111230396655 V R M Own Account 449.95 23-Nov-01 11:01:29 200111230396534 R K GLOBAL AMS Finance & Secu449.90 26-Nov-01 15:12:44 200111260762004 449.45 200 26-Nov-01 15:12:44 200111261126225 BASANTANI Jaitra Estate Holding 449.50 26-Nov-01 15:12:41 200111261126004 R K GLOBAL AMS Finance & Secu449.45 12-Dec-01 10:21:26 200112120106796 464.90 500 12-Dec-01 10:21:26 200112120205953 R K GLOBAL AMS Finance & Secu465.00 12-Dec-01 10:21:26 200112120205931 NYALCHAND Asmita R Shah 464.90 12-Dec-01 10:35:00 200112120150920 457.00 500 12-Dec-01 10:35:00 200112120281633 V R M Own Account 457.00 12-Dec-01 10:34:53 200112120280962 R K GLOBAL AMS Finance & Secu457.00 13-Dec-01 10:18:28 200112130093598 458.95 200 13-Dec-01 10:18:28 200112130186772 R K GLOBAL AMS Finance & Secu459.00 13-Dec-01 10:18:26 200112130186595 BASANTANI Jaitra Estate Holding 458.95 13-Dec-01 10:18:47 200112130094728 458.75 200 13-Dec-01 10:18:47 200112130188670 R K GLOBAL AMS Finance & Secu459.00 13-Dec-01 10:18:44 200112130188378 BASANTANI Jaitra Estate Holding 458.75 13-Dec-01 10:19:37 200112130098277 459.45 100 13-Dec-01 10:19:37 200112130194033 R K GLOBAL AMS Finance & Secu459.50 13-Dec-01 10:19:29 200112130193256 BASANTANI Jaitra Estate Holding 459.45 19-Dec-01 10:52:17 200112190197707 447.95 300 19-Dec-01 10:52:17 200112190349921 R K GLOBAL AMS Finance & Secu448.00 19-Dec-01 10:52:16 200112190349807 BASANTANI Jaitra Estate Holding 447.95 20-Dec-01 10:26:00 200112200148999 457.95 300 20-Dec-01 10:26:00 200112200241636 R K GLOBAL AMS Finance & Secu458.00 20-Dec-01 10:25:55 200112200241201 BASANTANI Jaitra Estate Holding 457.95 21-Dec-01 10:19:07 200112210100139 447.45 500 21-Dec-01 10:19:07 200112210180063 R K GLOBAL AMS Finance & Secu447.50 21-Dec-01 10:19:01 200112210179517 NYALCHAND Asmita R Shah 447.45 21-Dec-01 10:22:52 200112210112864 448.25 200 21-Dec-01 10:22:52 200112210200419 R K GLOBAL AMS Finance & Secu448.30 21-Dec-01 10:22:49 200112210200100 BASANTANI Jaitra Estate Holding 448.25 26-Dec-01 10:28:17 200112260127494 438.75 200 26-Dec-01 10:28:17 200112260218546 R K GLOBAL AMS Finance & Secu439.00 26-Dec-01 10:28:14 200112260218298 BASANTANI Jaitra Estate Holding 438.75 26-Dec-01 10:29:37 200112260131878 438.90 100 26-Dec-01 10:29:37 200112260225742 R K GLOBAL AMS Finance & Secu439.00 26-Dec-01 10:29:33 200112260225431 BASANTANI Jaitra Estate Holding 438.90 27-Dec-01 10:05:18 200112270034718 444.25 250 27-Dec-01 10:05:18 200112270076956 R K GLOBAL AMS Finance & Secu444.50 27-Dec-01 10:05:12 200112270076335 BASANTANI Jaitra Estate Holding 444.25 27-Dec-01 10:06:27 200112270040488 443.95 300 27-Dec-01 10:06:27 200112270085710 R K GLOBAL AMS Finance & Secu444.00 27-Dec-01 10:06:26 200112270085573 BASANTANI Jaitra Estate Holding 443.95

Time Difference 0:00:09 0:00:15 0:00:00 0:00:03 0:00:00 0:00:04 0:00:09 0:00:01 0:00:04 0:00:02 0:00:09 0:00:08 0:00:15 0:00:01 0:00:06 0:00:09 0:00:13 0:00:14 0:00:02 0:00:04 0:00:05 0:00:05 0:00:11 0:00:09 0:00:01 0:00:15 0:00:08 0:00:13 0:00:08 0:00:13 0:00:08 0:00:01 0:00:03 0:00:03 0:00:01 0:00:11 0:00:06 0:00:05 0:00:15 0:00:15 0:00:09 0:00:01 0:00:03 0:00:01 0:00:02 0:00:12 0:00:05 0:00:13 0:00:03 0:00:08 0:00:07 0:00:14 0:00:01 0:00:10 0:00:06 0:00:09

Time Difference 0:00:01 0:00:11 0:00:15 0:00:05 0:00:11 0:00:08 0:00:14 0:00:01 0:00:04 0:00:05 0:00:06 0:00:11 0:00:12 0:00:08 0:00:14 0:00:02 0:00:00 0:00:04 0:00:01 0:00:00 0:00:14 0:00:01 0:00:08 0:00:05 0:00:00 0:00:02 0:00:02 0:00:07 0:00:00 0:00:01 0:00:01 0:00:02 0:00:01 0:00:03 0:00:02 0:00:03 0:00:00 0:00:07 0:00:02 0:00:03 0:00:08 0:00:01 0:00:05 0:00:06 0:00:03 0:00:03 0:00:04 0:00:06 0:00:01