Adjudication Order in respect of Narayan Securities Limited and Galaxy Infraprojects and Developers Private Limited in the matter of Narayan Securities Limited

Last updated: 29 October 2020

Court :
SEBI

Brief :
Securities and Exchange Board of India (hereinafter referred to as, ‘SEBI’), initiated adjudication proceedings against Narayan Securities Limited (hereinafter referred to as, the ‘Noticee 1’) and Galaxy Infraprojects & Developers Private Limited (hereinafter referred to as, the ‘Noticee 2’) pursuant to investigation in the captioned matter. Noticee 1 and 2 are collectively referred to as ‘Noticees’.

Citation :
[ADJUDICATION ORDER NO. Order/MC/HP/2020-21/9410-9411]

BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA

[ADJUDICATION ORDER NO. Order/MC/HP/2020-21/9410-9411]

UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 AND UNDER SECTION 23‐I OF SECURITIES CONTRACTS (REGULATION) ACT, 1956 READ WITH RULE 5 OF SECURITIES CONTRACTS (REGULATION) (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 2005

In respect of –

1) Narayan Securities Limited (PAN: AAACN2728F) having address at 1/7, 3rd Floor, East Patel Nagar, Opposite Metro Pillar No. 178, New Delhi, Delhi - 110008
Email Id – nspl@narayansecurities.com, rameshsaraf@narayansecurities.com

2) Galaxy Infraprojects & Developers Private Limited (PAN: AACCG7477N) having address at Shop No. F-40, 1st floor, Raghuleela Mega Mall, Near Poisar Bus Depot, S. V. Road, Kandivali (West), Mumbai – 400067
Email Id - galaxyinfradev2007@gmail.com

In the matter of Narayan Securities Limited

BACKGROUND
1. Securities and Exchange Board of India (hereinafter referred to as, ‘SEBI’), initiated adjudication proceedings against Narayan Securities Limited (hereinafter referred to as, the ‘Noticee 1’) and Galaxy Infraprojects & Developers Private Limited (hereinafter referred to as, the ‘Noticee 2’) pursuant to investigation in the captioned matter. Noticee 1 and 2 are collectively referred to as ‘Noticees’.

2. Adjudication proceedings have been initiated against,
a) Noticees 1 and 2 under section 23H of Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as, ‘SCRA’) for alleged violations of Section 16 of SCRA read with SEBI Notification S.O.184(E) dated March 01, 2000, Section 13 and Section 18 of SCRA read with Section 2(i) of SCRA.

To know more in details find the attachment file