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SEBI: Where it was alleged that Noticee Nos. 1 & 2 had entered into repetitive self-trades in violation of provisions of Regulations 3(a), (b), (c) & (d) and 4(1), 4(2) (a) & (g) of PFUTP Regulations through Noticee No. 3 broker, however, there was no evidence to suggest that Noticee Nos. 1 & 2 had colluded with any other entity or promoters in creation of artificial volume and or in making any false corporate. Therefore, it could not be suggested that self-trades were executed to create an artificial volume. These self-trades had arisen due to technicalities of anonymous online trading system. Thus violations against Noticee Nos. 1 and 2 were not established, hence, there was no case to draw any adverse inference on Noticee 3 either that it had failed to adhere to the Code of Conduct as prescribed under Schedule II read with Regulation 7 of SEBI (Stock Broker and Sub broker) Regulations, 1992