BEFORE THE ADJUDICATING OFFICER

SECURITIES AND EXCHANGE BOARD OF

[ADJUDICATION ORDER NO. VSS/AO-204/2009]

______

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 BY ADJUDICATING OFFICER) RULES, 1995

In respect of

Narendra Shah

(PAN. AAPPS6559P)

Drishti Securities Pvt. Limited

(PAN. AAACD1960B)

FACTS OF THE CASE IN BRIEF

1. The shares of Suryadeep Salt Refinery and Chemicals Works Limited (hereinafter referred to as ‘SSR/Company’) are listed on Bombay (hereinafter referred to as “BSE”), Stock Exchange (hereinafter referred to as “ASE”) and (hereinafter referred to as “VSE”). SEBI conducted investigation into trading in the shares of SSR in BSE. The investigation covered the period from February 3, 2003 to June 6, 2003 (hereinafter referred to as “investigation period - I”) and January 5, 2004 to March 29, 2004 (hereinafter referred to as “investigation period - II”).

Page 1 of 40 2. During Investigation Period – I, the price of the scrip increased from Rs.4.60 (February 3, 2003) to Rs.57.25 (High on June 6, 2003) by hitting the upper circuit limit on some days.

3. During the Investigation Period – II, on most of the days, the scrip opened at lower circuit limit and was traded at the same rate throughout the day. The price declined from Rs.41.15 to Rs.3.85 by hitting the lower circuit limit almost on all days.

4. The findings of the investigation led to the allegation that Shri. Narendra Shah (hereinafter individually referred to as “NS”) and Drishti Securities Pvt. Limited (Director: Narendra Shah) (hereinafter individually referred to as “DSPL”) - (hereinafter collectively referred to as the“Noticees”) had violated provisions of regulations 4(1), 4(2)(a), (b), (g) and (n) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP” Regulations) and 7(1) and 7(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as “SAST”).

APPOINTMENT OF ADJUDICATING OFFICER

5. Mr. Piyoosh Gupta was appointed as Adjudicating Officer vide order dated September 17, 2007 under section 15 I of the SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Rules’) to inquire into and adjudge under section 15A (b) and 15 HA of the SEBI Act.

6. Consequent upon the transfer of Mr. Piyoosh Gupta, the undersigned was appointed as the Adjudicating Officer vide order dated November 19, 2007.

Page 2 of 40 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING

7. Show Cause Notice (EAD-5/VSS/JR/126040/2008) dated May 20, 2008 (hereinafter referred to as “SCN”) was issued to the Noticees under rule 4 of the Rules to show cause as to why an inquiry should not be initiated against them and penalty be not imposed under sections 15A(b) and 15HA of SEBI Act for the failure to comply with the provisions of regulations 7(1) and 7(2) of SAST and provisions of 4(1), 4(2)(a), (b), (g) and (n) of PFUTP, respectively.

8. The Noticees did not reply to the SCN.

9. In the interest of natural justice and in order to conduct an inquiry in terms of rule 4(3) of the Rules, the Noticees were granted an opportunity of personal hearing on August 20, 2009 vide notice dated July 21, 2009. NS appeared on behalf of the Noticees and submitted the following: It is submitted that Action Financial Services (India) Ltd., the broker, had traded using our client code for rotating the shares of Suryadeep Salt Refinery and Chemicals Works Ltd. If we had purchased so many shares, we ought to have made payment to the broker. But, we had not made for all the purchases. It is submitted that you may seek the details of payments received from us by Action which will evidence our submission that our client codes were used by Action for its benefit.

As far as acquisition of more than 5% shares, I deny having acquired that many shares. I undertake to submit the BO account statement of Narendra Shah and Drishti for the period from January 01, 2005 to December 31, 2005, on or before August 31, 2009.

10. The Noticees vide letter dated August 21, 2009 submitted copy of Demat statements of the Noticees, details of which are as under :

No. Name of the Period. Name of the DP Account Holder.

1. DSPL 01.09.2005 – 15.09.2005 Sahara India Financial Corporation Limited.

2. NS 01.04.2005 – 30.04.2005 Integrated Enterprise India Limited.

Page 3 of 40

3. DSPL 01.08.2005 – 31.08.2005 Sahara India Financial Corporation Limited.

4. NS 01.10.2005 – 31.10.2005 Sahara India Financial Corporation Limited.

5. DSPL 01.09.2005 – 30.09.2005 Sahara India Financial Corporation Limited.

6. DSPL 01.12.2005 – 31.12.2005 Sahara India Financial Corporation Limited.

7. DSPL 01.10.2005 – 31.10.2005 Sahara India Financial Corporation Limited.

11. In order to examine the veracity of the allegations made by the Noticees during the personal hearing against Action Financial Services (India) Ltd (hereinafter referred to as “AFSL”), notice/s dated September 04, 2009 and September 10, 2009 were sent to AFSL advising it, inter alia, to submit details of trading done in the scrip of SSR on behalf of the Noticees.

12. AFSL replied vide letter/s dated September 22, 2009 and September 23, 2009 submitting, inter alia, the following: ¾ We wish to inform you that we have not traded in the scrip of SSRCWL using the client code of Narendra Shah & Drishti securities Pvt Limited (DSPL) during the above mention period. ¾ As we have not done any transaction using his code & therefore no detail to give. ¾ Transaction was done only by DSPL & not Narendra Shah during the investigation period. The detail of the transaction is enclosed herewith as Annexure I. ¾ We enclose here with the ledger statement of DSPL for the above period as Annexure II. (NSE and BSE ledgor). ¾ The details of payment received including cheque number, date, amount, bank from the cheque was drawn etc. are not available with us as the records were washed out during the heavy rain in July 2005 from our godown. ¾ We wish to inform you that we have transferred the stock to his beneficiary account no. 1009410 DP ID IN.

Page 4 of 40 13. As the aforesaid submissions of AFSL were contradicting the allegations of the Noticees, it was felt desirable to seek the details of the transactions of the Noticees in the scrip of SSR from NSDL to validate the versions of both the parties. Accordingly, NSDL was advised to furnish the details vide letters dated September 30, 2009 and November 13, 2009, regarding transfer/movement of shares of SSR in the beneficiary owner account No.10009410 DP ID IN 302662 (which was in the name of DSPL).

14. NSDL furnished the details of transactions (Transaction Statement) in the aforesaid beneficiary owner account of DSPL, vide letter dated November 18, 2009, in the equity shares of SSR.

CONSIDERATION OF ISSUES AND FINDINGS

15. I have carefully perused the allegations made in the SCN, submissions of the Noticees, copy of the Demat statement submitted by the Noticees, copy of the Transaction Statement received from NSDL and other material available on record. The issues that arise for consideration in the present case are : a. Whether the Noticees had violated regulations 4(1), 4(2) (a), (b), (g) and (n) of PFUTP Regulations? b. Whether the Noticees had violated regulations 7(1) and 7(2) of SAST? c. Does the violation, if any, on the part of the Noticees attract monetary penalty under section 15 HA and15A (b) of SEBI Act? d. If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of SEBI Act?

16. Violation of provisions of PFUTP a. The relevant provisions of PFUTP Regulations are as under:

PFUTP Regulations 4. Prohibition of manipulative, fraudulent and unfair trade practices

Page 5 of 40 (1) Without prejudice to the provisions of regulation 3, no person shall indulge in a fraudulent or an unfair trade practice in securities (2) Dealing in securities shall be deemed to be a fraudulent or an unfair trade practice if it involves fraud and may include all or any of the following, namely: - (a) indulging in an act which creates false or misleading appearance of trading in the securities market; (b) dealing in a security not intended to effect transfer of beneficial ownership but intended to operate only as a device to inflate, depress or cause fluctuations in the price of such security for wrongful gain or avoidance of loss; (c) … (d) … (e) … (f) … (g) entering into a transaction in securities without intention of performing it or without intention of change of ownership of such security. (h) … (i) … (j) … (k) … (l) … (m) circular transactions in respect of a security entered into between intermediaries in order to increase commission to provide a false appearance of trading in such security or to inflate, depress or cause fluctuations in the price of such security;

b. As per the investigation of SEBI, the Noticees traded through the following brokers in the scrip of SSR during the investigation period.

DRISHTI SECURITIES NARENDRA SHAH

Sanghavi Brothers D.K. Modi Action Financial Raminklal Brokerage Ltd. Securities Ltd. Services Ltd. Ratilal.

Purchased Sold Purchased Sold. Purchased Sold Purchased Sold 213400 209200 300 82300 2,58,500 71200 0 31000

Page 6 of 40 c. Based on the above, I find that the total purchases of DSPL was 2,58,500 shares and total sale was 1,02,200 shares. Similarly, Narendra Shah purchased a total of 2,13,700 shares and sold 2,91,500 shares of SSR during the relevant period. d. The telephone number mentioned on the letter head of DSPL is registered in the name of NS. Further, the address mentioned in the client registration form of DSPL, letterhead of DSPL and MTNL Directory is also similar. NS is the director on the Board of DSPL. Both of them traded in the scrip of SSR during the investigation period. During the adjudication proceedings, both were represented by NS. Hence, the Noticees had a common objective and community of interest while dealing in the scrip of SSR and consequently, their deeds and misdeeds have been examined together. e. Accordingly, the cumulative purchase and sale of the Noticees in the shares of SSR were 4,72,200 and 3,93,700 shares, respectively. f. The Noticees and AFSL (through whom DSPL traded) were the main traders in the scrip of SSR in the market, which can be seen from the following table:

Buy Buy Sell Sell Traded Pair Buy Broker /Client orders trades Sell broker /Client Orders Trades Quantity Action Financial Services 444- Ltd (Kusum Parekh,Bakul Harikishan Hiralal (Kusum 267 Parekh) 13 132 Parekh) 13 132 83700 Sanghavi Brothers 141- Brokerage Ltd. (Narendra Raminklal Ratilal Shah (Kimraj 571 Shah) 4 40 Mehta ) 4 40 35900 Action Financial Services Sanghavi Brothers Ltd(Narendra Shah- 141- Brokerage Ltd. (Narendra drishti,Taruna Jain, Meena 444 Shah) 3 30 Kishore Jain) 3 30 28000 444- Action Financial Services Raminklal Ratilal Shah( Kimraj 571 Ltd(drishti- Narendra Shah) 2 20 Mehta) 2 2020000 Sanghavi Brothers Brokerage 444- Action Financial Services Ltd. (Narendra Shah,Chetan 141 Ltd(drishti- Narendra Shah) 6 57 Kalyanji Falguni Kalyanji) 6 57 57000

Page 7 of 40 007- M/s. Anantrai A. Parekh & Action Financial Services Ltd 444 Sons (Deepak Garodia) 11 58 (Ketan Shah) 13 58 44200 Total 39 337 41 337 268800

g. There were 30 trades for 28,000 shares undertaken between Sanghavi Brothers Brokerage Ltd. (141) on the buy side and AFSL on sell side. These 30 trades had taken place on May 22, 2003 for one day only. On buy side, the client was Narendra Shah. On sell side DSPL appeared for a reversal of 9,300 shares. The reversal was done with a time difference of 52 seconds. h. 57 trades for 57,000 shares were undertaken between AFSL on the buy side and Sanghavi Brothers Brokerage Ltd. (141) on sell side. On buy side, the client was DSPL and on sell side the client was Narendra Shah for 30,000 shares. i. On perusal of the copy of the Demat statements submitted by the Noticees, I find that the same pertain to the year 2005, whereas the cumulative investigation period (both phase I and II) was from February 2003 to March 2004. Therefore, the details furnished by the Noticees through these Demat statements have no relevance to the case on hand, as they pertain to different period of time. j. The details of the transactions in the scrip of SSR as submitted by NSDL in the account of DSPL - DP ID: IN302662, Client ID: 10009410 - during the period from February 01, 2003 to March 31, 2004, are as under:

Date Order No Description Opening Debit Credit Closing Balance Balance 01‐Feb‐2003 8043027 BY SAHARA INDIA FIN COR LTD/ 10008759 0.00 0.00 200,000.00 200,000.00 03‐Feb‐2003 75108 TO CM SANGHAVI BROTHERS BRK LT / T 2 T/ 0203214 200,000.00 12,000.00 0.00 188,000.00 05‐Feb‐2003 76081 TO CM D.K.MODI SECURITIES PLTD / T 2 T/ 0203215 188,000.00 22,300.00 0.00 165,700.00 10‐Feb‐2003 78567 TO STOCK HLDG CORP OF I LTD/ 14287214 165,700.00 130,000.00 0.00 35,700.00 27‐Feb‐2003 8051345 BY LIMITED/ 10483896 35,700.00 0.00 400.00 36,100.00 10‐Mar‐2003 8054791 BY SAHARA INDIA FIN COR LTD/ 10008759 36,100.00 0.00 130,000.00 166,100.00 10‐Mar‐2003 90689 TO KARVY STOCK BROKING LIMITED/ 40023064 166,100.00 10,000.00 0.00 156,100.00 10‐Mar‐2003 8054814 BY SAHARA INDIA FIN COR LTD/ 10009052 156,100.00 0.00 150,000.00 306,100.00 10‐Mar‐2003 90800 TO CM ACTION FIN SRV (I) LTD / T 2 T/ 0203238 306,100.00 185,000.00 0.00 121,100.00

Page 8 of 40 12‐Mar‐2003 92098 TO CM ACTION FIN SRV (I) LTD / T 2 T/ 0203239 121,100.00 42,000.00 0.00 79,100.00 12‐Mar‐2003 92262 TO GHALLA BHANSALI ST.BK.PL/ 10018270 79,100.00 10,000.00 0.00 69,100.00 12‐Mar‐2003 92263 TO STOCK HLDG CORP OF I LTD/ 17486519 69,100.00 7,500.00 0.00 61,600.00 12‐Mar‐2003 92266 TO GHALLA BHANSALI ST.BK.PL/ 10012459 61,600.00 10,000.00 0.00 51,600.00 12‐Mar‐2003 92269 TO GHALLA BHANSALI ST.BK.PL/ 10018423 51,600.00 10,000.00 0.00 41,600.00 12‐Mar‐2003 92272 TO GHALLA BHANSALI ST.BK.PL/ 10012475 41,600.00 10,000.00 0.00 31,600.00 12‐Mar‐2003 92273 TO GHALLA BHANSALI ST.BK.PL/ 10012467 31,600.00 10,000.00 0.00 21,600.00 25‐Mar‐2003 8059224 BY SAHARA INDIA FIN COR LTD/ 10008767 21,600.00 0.00 160,000.00 181,600.00 25‐Mar‐2003 96850 TO HDFC BANK LTD/ 14001175 181,600.00 30,000.00 0.00 151,600.00 25‐Mar‐2003 96853 TO CM SANGHAVI BROTHERS BRK LT / T 2 T/ 0203246 151,600.00 24,900.00 0.00 126,700.00 25‐Mar‐2003 96856 TO HDFC BANK LTD/ 14001270 126,700.00 30,000.00 0.00 96,700.00 26‐Mar‐2003 97689 TO NIRMAL BANG SEC.PVT LTD/ 10001894 96,700.00 100.00 0.00 96,600.00 26‐Mar‐2003 97690 TO CM SANGHAVI BROTHERS BRK LT / T 2 T/ 0203248 96,600.00 8,900.00 0.00 87,700.00 27‐Mar‐2003 1457 BY DEMATERIALISATION REQUEST CONFIRMATION 87,700.00 0.00 105,000.00 192,700.00 27‐Mar‐2003 98304 TO CM D.K.MODI SECURITIES PLTD / T 2 T/ 0203248 192,700.00 10,000.00 0.00 182,700.00 27‐Mar‐2003 98305 TO CM SANGHAVI BROTHERS BRKG L / T 2 T/ 182,700.00 9,000.00 0.00 173,700.00 0304001 27‐Mar‐2003 98306 TO CM ACTION FIN SRV (I) LTD / T 2 T/ 0203249 173,700.00 100,000.00 0.00 73,700.00 27‐Mar‐2003 98307 TO CM SANGHAVI BROTHERS BRK LT / T 2 T/ 0203249 73,700.00 8,000.00 0.00 65,700.00 31‐Mar‐2003 8061344 BY GHALLA BHANSALI ST.BK.PL/ 10012475 65,700.00 0.00 2,500.00 68,200.00 31‐Mar‐2003 8061399 BY SAHARA INDIA FIN COR LTD/ 10009052 68,200.00 0.00 155,000.00 223,200.00 31‐Mar‐2003 99836 TO CM D.K.MODI SECURITIES PLTD / T 2 T/ 0304001 223,200.00 50,000.00 0.00 173,200.00 31‐Mar‐2003 99858 TO CM SANGHAVI BROTHERS BRKG L / T 2 T/ 173,200.00 20,100.00 0.00 153,100.00 0304002 01‐Apr‐2003 100452 TO STOCK HLDG CORP OF I LTD/ 17034061 153,100.00 3,000.00 0.00 150,100.00 01‐Apr‐2003 100453 TO STOCK HLDG CORP OF I LTD/ 17034053 150,100.00 3,000.00 0.00 147,100.00 01‐Apr‐2003 100454 TO ICICI BANK LIMITED/ 31136515 147,100.00 6,000.00 0.00 141,100.00 01‐Apr‐2003 100455 TO CM ACTION FIN SRV (I) LTD / T 2 T/ 0304003 141,100.00 27,000.00 0.00 114,100.00 01‐Apr‐2003 100457 TO CM RAMNIKLAL RATILAL SHAH / T 2 T/ 0304003 114,100.00 31,000.00 0.00 83,100.00 01‐Apr‐2003 100459 TO CM SANGHAVI BROTHERS BRKG L / T 2 T/ 83,100.00 54,000.00 0.00 29,100.00 0304003 01‐Apr‐2003 100461 TO IDBI BANK LIMITED/ 11191039 29,100.00 15,500.00 0.00 13,600.00 01‐Apr‐2003 100462 TO ORIENTAL BANK OF COMMERCE/ 11179985 13,600.00 8,500.00 0.00 5,100.00 04‐Apr‐2003 8062844 BY SAHARA INDIA FIN COR LTD/ 10008767 5,100.00 0.00 110,000.00 115,100.00 04‐Apr‐2003 101790 TO BANK/ 11618494 115,100.00 15,500.00 0.00 99,600.00 04‐Apr‐2003 101791 TO IDBI BANK LIMITED/ 11190982 99,600.00 15,500.00 0.00 84,100.00 04‐Apr‐2003 101792 TO IDBI BANK LIMITED/ 11190923 84,100.00 15,500.00 0.00 68,600.00 04‐Apr‐2003 101793 TO IDBI BANK LIMITED/ 11191635 68,600.00 12,000.00 0.00 56,600.00 04‐Apr‐2003 101794 TO ICICI BANK LIMITED/ 31101633 56,600.00 6,000.00 0.00 50,600.00 04‐Apr‐2003 101788 TO IDBI BANK LIMITED/ 11190852 50,600.00 15,500.00 0.00 35,100.00 11‐Apr‐2003 106061 TO SARASWAT CO‐OP.BANK LTD./ 10320643 35,100.00 2,000.00 0.00 33,100.00 11‐Apr‐2003 106064 TO STANDARD CHARTERED BANK/ 12424418 33,100.00 2,000.00 0.00 31,100.00 11‐Apr‐2003 106068 TO SARASWAT CO‐OP.BANK LTD./ 10320651 31,100.00 2,000.00 0.00 29,100.00 11‐Apr‐2003 106070 TO STANDARD CHARTERED BANK/ 12136580 29,100.00 5,000.00 0.00 24,100.00 11‐Apr‐2003 106077 TO SARASWAT CO‐OP.BANK LTD./ 10514281 24,100.00 2,000.00 0.00 22,100.00 11‐Apr‐2003 106080 TO STANDARD CHARTERED BANK/ 12425650 22,100.00 2,000.00 0.00 20,100.00 17‐Apr‐2003 8067575 BY CM ACTION FIN SRV (I) LTD / T 2 T/ 0304010 20,100.00 0.00 20,000.00 40,100.00 30‐Apr‐2003 8072018 BY ACTION FIN SERV (I) LTD./ 10007292 40,100.00 0.00 10,000.00 50,100.00 30‐Apr‐2003 8072019 BY ACTION FIN SERV (I) LTD./ 10007292 50,100.00 0.00 600.00 50,700.00

Page 9 of 40 14‐May‐2003 8078132 BY INTER DEPOSITORY TRANSFER / CDSL/ 50,700.00 0.00 1,400.00 52,100.00 1201910100000826 19‐May‐2003 8081390 BY ACTION FIN SERV (I) LTD./ 10007292 52,100.00 0.00 72,100.00 124,200.00 21‐May‐2003 128604 TO IL&FS SECURITIES SERVICES LIMITED/ 10806815 124,200.00 42,000.00 0.00 82,200.00 21‐May‐2003 128605 TO STANDARD CHARTERED BANK/ 12435196 82,200.00 69,000.00 0.00 13,200.00 22‐May‐2003 8084177 BY ACTION FIN SERV (I) LTD./ 10007292 13,200.00 0.00 35,000.00 48,200.00 22‐May‐2003 129336 TO HDFC BANK LTD/ 40434769 48,200.00 14,000.00 0.00 34,200.00 23‐May‐2003 131155 TO STANDARD CHARTERED BANK/ 10461248 34,200.00 14,000.00 0.00 20,200.00 23‐May‐2003 131156 TO STANDARD CHARTERED BANK/ 10461230 20,200.00 14,000.00 0.00 6,200.00 27‐May‐2003 8088477 BY ACTION FIN SERV (I) LTD./ 10007292 6,200.00 0.00 35,000.00 41,200.00 30‐May‐2003 8091789 BY CM ACTION FIN SRV (I) LTD / T 2 T/ 0304041 41,200.00 0.00 20,000.00 61,200.00 30‐May‐2003 8091841 BY CM ACTION FIN SRV (I) LTD / ROLLING MKT LOT/ 61,200.00 0.00 23,000.00 84,200.00 0304041 02‐Jun‐2003 141151 TO ICICI BANK LIMITED/ 31501575 84,200.00 42,000.00 0.00 42,200.00 02‐Jun‐2003 141152 TO ICICI BANK LIMITED/ 31443173 42,200.00 42,000.00 0.00 200.00 05‐Jun‐2003 8096707 BY THE SARASWAT CO‐OPERATIVE BANK LTD./ 200.00 0.00 80,000.00 80,200.00 10051252 06‐Jun‐2003 8098061 BY SHAREKHAN LIMITED/ 10483896 80,200.00 0.00 7,300.00 87,500.00 06‐Jun‐2003 147834 TO STANDARD CHARTERED BANK/ 10524664 87,500.00 28,000.00 0.00 59,500.00 06‐Jun‐2003 147835 TO HDFC BANK LTD/ 12255734 59,500.00 8,000.00 0.00 51,500.00 09‐Jun‐2003 8099813 BY ACTION FIN SERV (I) LTD./ 10007292 51,500.00 0.00 85,400.00 136,900.00 10‐Jun‐2003 8100916 BY STOCK HLDG CORP OF I LTD/ 15998378 136,900.00 0.00 2,000.00 138,900.00 12‐Jun‐2003 8103663 BY ACTION FIN SERV (I) LTD./ 10007292 138,900.00 0.00 37,000.00 175,900.00 12‐Jun‐2003 8103909 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 175,900.00 0.00 3,500.00 179,400.00 12‐Jun‐2003 8104645 BY INTEGRATED ENT. (I) LTD/ 11359583 179,400.00 0.00 15,000.00 194,400.00 13‐Jun‐2003 8105654 BY INTEGRATED ENT. (I) LTD/ 11359583 194,400.00 0.00 135,000.00 329,400.00 16‐Jun‐2003 2659 TO REMATERIALISATION / REPURCHASE REQUEST 329,400.00 300,000.00 0.00 29,400.00 17‐Jun‐2003 8107985 BY ACTION FIN SERV (I) LTD./ 10007292 29,400.00 0.00 14,000.00 43,400.00 17‐Jun‐2003 8108240 BY ACTION FIN SERV (I) LTD./ 10007292 43,400.00 0.00 56,000.00 99,400.00 18‐Jun‐2003 8108515 BY ICICI BANK LIMITED/ 10838343 99,400.00 0.00 8,000.00 107,400.00 18‐Jun‐2003 8108730 BY HDFC BANK LTD/ 40434769 107,400.00 0.00 14,000.00 121,400.00 19‐Jun‐2003 8110517 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 121,400.00 0.00 2,900.00 124,300.00 20‐Jun‐2003 8112551 BY ACTION FIN SERV (I) LTD./ 10007292 124,300.00 0.00 14,700.00 139,000.00 27‐Jun‐2003 174791 TO SAHARA INDIA FIN COR LTD/ 10008767 139,000.00 49,000.00 0.00 90,000.00 28‐Jun‐2003 2911 TO REMATERIALISATION / REPURCHASE REQUEST 90,000.00 90,000.00 0.00 0.00 01‐Jul‐2003 8121707 BY STOCK HLDG CORP OF I LTD/ 10573118 0.00 0.00 2,200.00 2,200.00 02‐Jul‐2003 8124174 BY ACTION FIN SERV (I) LTD./ 10007292 2,200.00 0.00 28,000.00 30,200.00 02‐Jul‐2003 182216 TO SAHARA INDIA FIN COR LTD/ 10008767 30,200.00 5,000.00 0.00 25,200.00 08‐Jul‐2003 8132257 BY ACTION FIN SERV (I) LTD./ 10007292 25,200.00 0.00 8,600.00 33,800.00 09‐Jul‐2003 8134140 BY INTER DEPOSITORY TRANSFER / CDSL/ 33,800.00 0.00 1,500.00 35,300.00 1301190000004837 09‐Jul‐2003 8135098 BY SAHARA INDIA FIN COR LTD/ 10008759 35,300.00 0.00 6,600.00 41,900.00 09‐Jul‐2003 8135309 BY CM DPS SHRS AND SEC PVT LTD / T 2 T/ 0304069 41,900.00 0.00 3,000.00 44,900.00 10‐Jul‐2003 8136657 BY STOCK HLDG CORP OF I LTD/ 15998353 44,900.00 0.00 2,000.00 46,900.00 11‐Jul‐2003 8137213 BY LIMITED/ 11027189 46,900.00 0.00 25,000.00 71,900.00 11‐Jul‐2003 8137283 BY HDFC BANK LTD/ 14001175 71,900.00 0.00 30,000.00 101,900.00 11‐Jul‐2003 8137284 BY HDFC BANK LTD/ 14001270 101,900.00 0.00 30,000.00 131,900.00 11‐Jul‐2003 197827 TO LIMITED/ 131,900.00 100,000.00 0.00 31,900.00 10255711

Page 10 of 40 11‐Jul‐2003 8137637 BY SAHARA INDIA FIN COR LTD/ 10008759 31,900.00 0.00 20,000.00 51,900.00 11‐Jul‐2003 197829 TO CENTURION BANK OF PUNJAB LIMITED/ 51,900.00 50,000.00 0.00 1,900.00 10255711 11‐Jul‐2003 8138234 BY CM ACTION FIN SRV (I) LTD / T 2 T/ 0304071 1,900.00 0.00 5,000.00 6,900.00 12‐Jul‐2003 8138942 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 6,900.00 0.00 13,600.00 20,500.00 14‐Jul‐2003 201842 TO / 10086042 20,500.00 10,000.00 0.00 10,500.00 15‐Jul‐2003 8142570 BY CENTURION BANK OF PUNJAB LIMITED/ 10255711 10,500.00 0.00 20,000.00 30,500.00 16‐Jul‐2003 8142819 BY STOCK HLDG CORP OF I LTD/ 14287214 30,500.00 0.00 15,000.00 45,500.00 17‐Jul‐2003 8144632 BY CENTURION BANK OF PUNJAB LIMITED/ 10255711 45,500.00 0.00 20,000.00 65,500.00 17‐Jul‐2003 8144633 BY CENTURION BANK OF PUNJAB LIMITED/ 10255711 65,500.00 0.00 35,000.00 100,500.00 17‐Jul‐2003 8144634 BY CENTURION BANK OF PUNJAB LIMITED/ 10255711 100,500.00 0.00 45,000.00 145,500.00 17‐Jul‐2003 8144635 BY CENTURION BANK OF PUNJAB LIMITED/ 10255711 145,500.00 0.00 30,000.00 175,500.00 17‐Jul‐2003 208260 TO ACTION FIN SERV (I) LTD./ 10007292 175,500.00 1,600.00 0.00 173,900.00 17‐Jul‐2003 208264 TO SAHARA INDIA FIN COR LTD/ 10008759 173,900.00 170,000.00 0.00 3,900.00 18‐Jul‐2003 8146509 BY STOCK HLDG CORP OF I LTD/ 14287214 3,900.00 0.00 20,000.00 23,900.00 19‐Jul‐2003 8148739 BY ACTION FIN SERV (I) LTD./ 10007292 23,900.00 0.00 15,000.00 38,900.00 21‐Jul‐2003 213000 TO STOCK HLDG CORP OF I LTD/ 15110510 38,900.00 20,000.00 0.00 18,900.00 22‐Jul‐2003 214518 TO CM WELLWORTH SH.& STK BR.LT / T 2 T/ 0304081 18,900.00 2,000.00 0.00 16,900.00 23‐Jul‐2003 8152041 BY INTER DEPOSITORY TRANSFER / CDSL/ 16,900.00 0.00 3,000.00 19,900.00 1301190000003185 23‐Jul‐2003 216731 TO AXIS BANK LIMITED/ 10637669 19,900.00 10,000.00 0.00 9,900.00 26‐Jul‐2003 8155580 BY ACTION FIN SERV (I) LTD./ 10007292 9,900.00 0.00 20,000.00 29,900.00 26‐Jul‐2003 8155581 BY ACTION FIN SERV (I) LTD./ 10007292 29,900.00 0.00 5,000.00 34,900.00 28‐Jul‐2003 8156133 BY CM DPS SHRS AND SEC PVT LTD / ROLLING MKT 34,900.00 0.00 2,000.00 36,900.00 LOT/ 0304083 28‐Jul‐2003 8156901 BY ACTION FIN SERV (I) LTD./ 10007292 36,900.00 0.00 8,000.00 44,900.00 30‐Jul‐2003 8159224 BY INTEGRATED ENT. (I) LTD/ 11359583 44,900.00 0.00 51,000.00 95,900.00 31‐Jul‐2003 8160695 BY CM ACTION FIN SRV (I) LTD / T 2 T/ 0304084 95,900.00 0.00 10,000.00 105,900.00 31‐Jul‐2003 8160696 BY CM ACTION FIN SRV (I) LTD / T 2 T/ 0304085 105,900.00 0.00 10,200.00 116,100.00 31‐Jul‐2003 8160854 BY INTER DEPOSITORY TRANSFER / CDSL/ 116,100.00 0.00 3,000.00 119,100.00 1301190000004837 31‐Jul‐2003 8160855 BY INTER DEPOSITORY TRANSFER / CDSL/ 119,100.00 0.00 6,700.00 125,800.00 1301190000003185 31‐Jul‐2003 8161137 BY INTER DEPOSITORY TRANSFER / CDSL/ 125,800.00 0.00 6,000.00 131,800.00 1301190000003185 01‐Aug‐2003 8162394 BY ICICI BANK LIMITED/ 31548813 131,800.00 0.00 6,500.00 138,300.00 01‐Aug‐2003 8162395 BY ICICI BANK LIMITED/ 31551130 138,300.00 0.00 6,500.00 144,800.00 01‐Aug‐2003 8162396 BY ICICI BANK LIMITED/ 31551123 144,800.00 0.00 6,500.00 151,300.00 01‐Aug‐2003 8162397 BY ICICI BANK LIMITED/ 31546698 151,300.00 0.00 6,500.00 157,800.00 01‐Aug‐2003 8162476 BY INTER DEPOSITORY TRANSFER / CDSL/ 157,800.00 0.00 2,000.00 159,800.00 1301190000003185 01‐Aug‐2003 8162477 BY INTER DEPOSITORY TRANSFER / CDSL/ 159,800.00 0.00 4,000.00 163,800.00 1301190000004837 04‐Aug‐2003 8164743 BY STOCK HLDG CORP OF I LTD/ 14234688 163,800.00 0.00 8,000.00 171,800.00 04‐Aug‐2003 8164850 BY INTER DEPOSITORY TRANSFER / CDSL/ 171,800.00 0.00 3,000.00 174,800.00 1301190000003185 04‐Aug‐2003 8164851 BY INTER DEPOSITORY TRANSFER / CDSL/ 174,800.00 0.00 5,000.00 179,800.00 1301190000003185 04‐Aug‐2003 233543 TO STANDARD CHARTERED BANK/ 12445843 179,800.00 40,000.00 0.00 139,800.00 04‐Aug‐2003 233603 TO SAHARA INDIA FIN COR LTD/ 10009052 139,800.00 139,000.00 0.00 800.00

Page 11 of 40 05‐Aug‐2003 8166696 BY ACTION FIN SERV (I) LTD./ 10007292 800.00 0.00 40,000.00 40,800.00 05‐Aug‐2003 8166697 BY ACTION FIN SERV (I) LTD./ 10007292 40,800.00 0.00 15,000.00 55,800.00 06‐Aug‐2003 8168598 BY INTER DEPOSITORY TRANSFER / CDSL/ 55,800.00 0.00 15,000.00 70,800.00 1301190000003185 06‐Aug‐2003 8169153 BY INTER DEPOSITORY TRANSFER / CDSL/ 70,800.00 0.00 11,000.00 81,800.00 1302560000004396 07‐Aug‐2003 8170044 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 81,800.00 0.00 4,000.00 85,800.00 LOT/ 0304091 07‐Aug‐2003 8170960 BY CM DPS SHRS AND SEC PVT LTD / T 2 T/ 0304090 85,800.00 0.00 7,000.00 92,800.00 08‐Aug‐2003 8171711 BY INTER DEPOSITORY TRANSFER / CDSL/ 92,800.00 0.00 9,000.00 101,800.00 1100001000012414 08‐Aug‐2003 8172267 BY STOCK HLDG CORP OF I LTD/ 15110510 101,800.00 0.00 10,000.00 111,800.00 09‐Aug‐2003 242495 TO SAHARA INDIA FIN COR LTD/ 10032237 111,800.00 100,000.00 0.00 11,800.00 09‐Aug‐2003 8173074 BY IL&FS SECURITIES SERVICES LIMITED/ 10743114 11,800.00 0.00 15,000.00 26,800.00 09‐Aug‐2003 8173339 BY ACTION FIN SERV (I) LTD./ 10007292 26,800.00 0.00 5,900.00 32,700.00 11‐Aug‐2003 8175285 BY ACTION FIN SERV (I) LTD./ 10007292 32,700.00 0.00 21,000.00 53,700.00 12‐Aug‐2003 8175654 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 53,700.00 0.00 18,200.00 71,900.00 12‐Aug‐2003 8175910 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 71,900.00 0.00 3,300.00 75,200.00 LOT/ 0304094 12‐Aug‐2003 8176937 BY STOCK HLDG CORP OF I LTD/ 14234688 75,200.00 0.00 1,000.00 76,200.00 13‐Aug‐2003 8178432 BY INTER DEPOSITORY TRANSFER / CDSL/ 76,200.00 0.00 13,200.00 89,400.00 1301190000003185 13‐Aug‐2003 8178861 BY ACTION FIN SERV (I) LTD./ 10007292 89,400.00 0.00 5,100.00 94,500.00 14‐Aug‐2003 8179516 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 94,500.00 0.00 25,000.00 119,500.00 14‐Aug‐2003 251288 TO SAHARA INDIA FIN COR LTD/ 10032237 119,500.00 119,000.00 0.00 500.00 18‐Aug‐2003 8184041 BY ACTION FIN SERV (I) LTD./ 10007292 500.00 0.00 15,000.00 15,500.00 19‐Aug‐2003 8185783 BY INTER DEPOSITORY TRANSFER / CDSL/ 15,500.00 0.00 8,300.00 23,800.00 1301190000003185 20‐Aug‐2003 8186334 BY STOCK HLDG CORP OF I LTD/ 14287214 23,800.00 0.00 7,400.00 31,200.00 20‐Aug‐2003 8187832 BY ACTION FIN SERV (I) LTD./ 10007292 31,200.00 0.00 20,900.00 52,100.00 21‐Aug‐2003 8189958 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 52,100.00 0.00 15,000.00 67,100.00 21‐Aug‐2003 8190362 BY INTER DEPOSITORY TRANSFER / CDSL/ 67,100.00 0.00 11,000.00 78,100.00 1202700100003465 21‐Aug‐2003 8190379 BY INTER DEPOSITORY TRANSFER / CDSL/ 78,100.00 0.00 11,000.00 89,100.00 1301190000003185 21‐Aug‐2003 8190495 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 89,100.00 0.00 23,100.00 112,200.00 LOT/ 0304100 21‐Aug‐2003 264933 TO SAHARA INDIA FIN COR LTD/ 10032237 112,200.00 20,000.00 0.00 92,200.00 22‐Aug‐2003 8193098 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 92,200.00 0.00 11,000.00 103,200.00 LOT/ 0304101 22‐Aug‐2003 8193259 BY IL&FS SECURITIES SERVICES LIMITED/ 10273369 103,200.00 0.00 4,000.00 107,200.00 23‐Aug‐2003 269242 TO SAHARA INDIA FIN COR LTD/ 10009052 107,200.00 107,000.00 0.00 200.00 23‐Aug‐2003 8195249 BY ACTION FIN SERV (I) LTD./ 10007292 200.00 0.00 6,000.00 6,200.00 25‐Aug‐2003 8196497 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 6,200.00 0.00 22,000.00 28,200.00 25‐Aug‐2003 8196682 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 28,200.00 0.00 12,000.00 40,200.00 LOT/ 0304102 26‐Aug‐2003 8198442 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 40,200.00 0.00 1,000.00 41,200.00 LOT/ 0304103 30‐Aug‐2003 8206516 BY ACTION FIN SERV (I) LTD./ 10007292 41,200.00 0.00 41,500.00 82,700.00 02‐Sep‐2003 8209936 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 82,700.00 0.00 9,000.00 91,700.00

Page 12 of 40 LOT/ 0304108 04‐Sep‐2003 8214724 BY SAHARA INDIA FIN COR LTD/ 10029176 91,700.00 0.00 9,300.00 101,000.00 04‐Sep‐2003 8215614 BY ACTION FIN SERV (I) LTD./ 10007292 101,000.00 0.00 25,000.00 126,000.00 05‐Sep‐2003 8217322 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 126,000.00 0.00 17,500.00 143,500.00 LOT/ 0304111 05‐Sep‐2003 8217216 BY INTER DEPOSITORY TRANSFER / CDSL/ 143,500.00 0.00 3,000.00 146,500.00 1100001000012414 05‐Sep‐2003 5061 TO REMATERIALISATION / REPURCHASE REQUEST 146,500.00 100,000.00 0.00 46,500.00 08‐Sep‐2003 8219338 BY INTER DEPOSITORY TRANSFER / CDSL/ 46,500.00 0.00 5,050.00 51,550.00 1202700100003465 08‐Sep‐2003 8220154 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 51,550.00 0.00 200.00 51,750.00 LOT/ 0304112 08‐Sep‐2003 8220170 BY SARASWAT CO‐OP.BANK LTD./ 10561243 51,750.00 0.00 10,000.00 61,750.00 08‐Sep‐2003 8220144 BY INTER DEPOSITORY TRANSFER / CDSL/ 61,750.00 0.00 13,000.00 74,750.00 1100001000012414 09‐Sep‐2003 8221451 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 74,750.00 0.00 20,000.00 94,750.00 09‐Sep‐2003 8221923 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 94,750.00 0.00 15,000.00 109,750.00 LOT/ 0304113 09‐Sep‐2003 8221961 BY INTER DEPOSITORY TRANSFER / CDSL/ 109,750.00 0.00 2,100.00 111,850.00 1100001000012414 09‐Sep‐2003 8222058 BY SARASWAT CO‐OP.BANK LTD./ 10570754 111,850.00 0.00 10,000.00 121,850.00 09‐Sep‐2003 8222505 BY SHAREKHAN LIMITED/ 10052883 121,850.00 0.00 31,000.00 152,850.00 10‐Sep‐2003 8225183 BY CM ACTION FIN SRV (I) LTD / ROLLING MKT LOT/ 152,850.00 0.00 21,000.00 173,850.00 0304114 11‐Sep‐2003 8226227 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 173,850.00 0.00 11,050.00 184,900.00 LOT/ 0304115 11‐Sep‐2003 309433 TO HDFC BANK LTD/ 10816234 184,900.00 5,700.00 0.00 179,200.00 11‐Sep‐2003 8226587 BY CM ACTION FIN SRV (I) LTD / ROLLING MKT LOT/ 179,200.00 0.00 33,000.00 212,200.00 0304114 12‐Sep‐2003 8228116 BY STOCK HLDG CORP OF I LTD/ 14936243 212,200.00 0.00 7,500.00 219,700.00 12‐Sep‐2003 8228134 BY INTER DEPOSITORY TRANSFER / CDSL/ 219,700.00 0.00 855.00 220,555.00 1100001000012414 12‐Sep‐2003 8228250 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 220,555.00 0.00 12,145.00 232,700.00 LOT/ 0304116 12‐Sep‐2003 311847 TO SAHARA INDIA FIN COR LTD/ 10032237 232,700.00 212,000.00 0.00 20,700.00 15‐Sep‐2003 8230158 BY STOCK HLDG CORP OF I LTD/ 16208169 20,700.00 0.00 5,000.00 25,700.00 15‐Sep‐2003 8230582 BY INTER DEPOSITORY TRANSFER / CDSL/ 25,700.00 0.00 7,000.00 32,700.00 1100001000012414 15‐Sep‐2003 8230738 BY INTER DEPOSITORY TRANSFER / CDSL/ 32,700.00 0.00 5,000.00 37,700.00 1201120100005622 15‐Sep‐2003 315671 TO STANDARD CHARTERED BANK/ 12452050 37,700.00 3,600.00 0.00 34,100.00 15‐Sep‐2003 315672 TO STANDARD CHARTERED BANK/ 12452114 34,100.00 5,100.00 0.00 29,000.00 15‐Sep‐2003 315673 TO STANDARD CHARTERED BANK/ 12452043 29,000.00 5,000.00 0.00 24,000.00 15‐Sep‐2003 315674 TO STANDARD CHARTERED BANK/ 12452034 24,000.00 5,200.00 0.00 18,800.00 15‐Sep‐2003 315675 TO STANDARD CHARTERED BANK/ 12452017 18,800.00 5,100.00 0.00 13,700.00 15‐Sep‐2003 315676 TO STANDARD CHARTERED BANK/ 12452148 13,700.00 5,500.00 0.00 8,200.00 15‐Sep‐2003 315677 TO STANDARD CHARTERED BANK/ 12452123 8,200.00 4,800.00 0.00 3,400.00 15‐Sep‐2003 315680 TO STANDARD CHARTERED BANK/ 12452076 3,400.00 2,400.00 0.00 1,000.00 16‐Sep‐2003 8231177 BY SHAREKHAN LIMITED/ 10528297 1,000.00 0.00 8,000.00 9,000.00 16‐Sep‐2003 8231825 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 9,000.00 0.00 9,500.00 18,500.00

Page 13 of 40 LOT/ 0304118 16‐Sep‐2003 8231859 BY ICICI BANK LIMITED/ 31664269 18,500.00 0.00 4,000.00 22,500.00 16‐Sep‐2003 317370 TO STANDARD CHARTERED BANK/ 12452092 22,500.00 5,200.00 0.00 17,300.00 16‐Sep‐2003 317373 TO STOCK HLDG CORP OF I LTD/ 15551090 17,300.00 1,500.00 0.00 15,800.00 16‐Sep‐2003 317376 TO STANDARD CHARTERED BANK/ 12452084 15,800.00 5,000.00 0.00 10,800.00 16‐Sep‐2003 317378 TO STANDARD CHARTERED BANK/ 12452068 10,800.00 3,000.00 0.00 7,800.00 16‐Sep‐2003 317379 TO STANDARD CHARTERED BANK/ 12452164 7,800.00 5,400.00 0.00 2,400.00 17‐Sep‐2003 8233213 BY INTER DEPOSITORY TRANSFER / CDSL/ 2,400.00 0.00 3,000.00 5,400.00 1100001000012414 17‐Sep‐2003 8233344 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 5,400.00 0.00 15,000.00 20,400.00 LOT/ 0304119 18‐Sep‐2003 8234709 BY INTER DEPOSITORY TRANSFER / CDSL/ 20,400.00 0.00 4,000.00 24,400.00 1100001000012414 18‐Sep‐2003 8234823 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 24,400.00 0.00 16,000.00 40,400.00 LOT/ 0304120 19‐Sep‐2003 8236081 BY INTER DEPOSITORY TRANSFER / CDSL/ 40,400.00 0.00 4,600.00 45,000.00 1100001000012414 19‐Sep‐2003 8236122 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 45,000.00 0.00 21,477.00 66,477.00 LOT/ 0304121 19‐Sep‐2003 8236588 BY STOCK HLDG CORP OF I LTD/ 16208169 66,477.00 0.00 2,200.00 68,677.00 23‐Sep‐2003 8238820 BY INTER DEPOSITORY TRANSFER / CDSL/ 68,677.00 0.00 8,500.00 77,177.00 1100001000012414 23‐Sep‐2003 8238921 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 77,177.00 0.00 5,000.00 82,177.00 LOT/ 0304123 23‐Sep‐2003 8238922 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 82,177.00 0.00 3,615.00 85,792.00 LOT/ 0304123 24‐Sep‐2003 8240029 BY INTER DEPOSITORY TRANSFER / CDSL/ 85,792.00 0.00 6,505.00 92,297.00 1100001000012414 24‐Sep‐2003 8240131 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 92,297.00 0.00 13,195.00 105,492.00 LOT/ 0304124 25‐Sep‐2003 329325 TO SAHARA INDIA FIN COR LTD/ 10032237 105,492.00 90,000.00 0.00 15,492.00 25‐Sep‐2003 8241285 BY ACTION FIN SERV (I) LTD./ 10007292 15,492.00 0.00 40,000.00 55,492.00 25‐Sep‐2003 8241371 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 55,492.00 0.00 10,000.00 65,492.00 LOT/ 0304125 25‐Sep‐2003 8241372 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 65,492.00 0.00 8,000.00 73,492.00 LOT/ 0304125 25‐Sep‐2003 8241442 BY INTER DEPOSITORY TRANSFER / CDSL/ 73,492.00 0.00 120,000.00 193,492.00 1201120100005622 25‐Sep‐2003 6392 TO REMATERIALISATION / REPURCHASE REQUEST 193,492.00 175,000.00 0.00 18,492.00 26‐Sep‐2003 8242690 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 18,492.00 0.00 15,510.00 34,002.00 LOT/ 0304126 29‐Sep‐2003 8244653 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 34,002.00 0.00 10,000.00 44,002.00 LOT/ 0304127 01‐Oct‐2003 8247094 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 44,002.00 0.00 24,600.00 68,602.00 LOT/ 0304128 01‐Oct‐2003 8247095 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 68,602.00 0.00 9,000.00 77,602.00 LOT/ 0304128 01‐Oct‐2003 337679 TO NIRMAL BANG SEC.PVT LTD/ 10001894 77,602.00 30,000.00 0.00 47,602.00 01‐Oct‐2003 8247448 BY SAHARA INDIA FIN COR LTD/ 10029176 47,602.00 0.00 8,000.00 55,602.00 03‐Oct‐2003 8248861 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 55,602.00 0.00 12,000.00 67,602.00

Page 14 of 40 LOT/ 0304129 03‐Oct‐2003 340146 TO ICICI BANK LIMITED/ 31994970 67,602.00 11,500.00 0.00 56,102.00 03‐Oct‐2003 8249570 BY INTER DEPOSITORY TRANSFER / CDSL/ 56,102.00 0.00 3,000.00 59,102.00 1100001000012414 03‐Oct‐2003 8249705 BY SAHARA INDIA FIN COR LTD/ 10029176 59,102.00 0.00 12,000.00 71,102.00 06‐Oct‐2003 8250402 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 71,102.00 0.00 30,000.00 101,102.00 06‐Oct‐2003 8251058 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 101,102.00 0.00 1,000.00 102,102.00 LOT/ 0304131 06‐Oct‐2003 8251059 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 102,102.00 0.00 5,000.00 107,102.00 LOT/ 0304131 06‐Oct‐2003 8251070 BY SARASWAT CO‐OP.BANK LTD./ 10851589 107,102.00 0.00 6,000.00 113,102.00 07‐Oct‐2003 8252798 BY INTER DEPOSITORY TRANSFER / CDSL/ 113,102.00 0.00 1,653.00 114,755.00 1202700100003465 07‐Oct‐2003 8253214 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 114,755.00 0.00 12,800.00 127,555.00 LOT/ 0304132 07‐Oct‐2003 8253270 BY SHAREKHAN LIMITED/ 10052883 127,555.00 0.00 9,700.00 137,255.00 07‐Oct‐2003 8254285 BY CM ACTION FIN SRV (I) LTD / ROLLING MKT LOT/ 137,255.00 0.00 2,000.00 139,255.00 0304131 08‐Oct‐2003 8255370 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 139,255.00 0.00 11,200.00 150,455.00 LOT/ 0304133 09‐Oct‐2003 8257034 BY SHAREKHAN LIMITED/ 10052883 150,455.00 0.00 87,000.00 237,455.00 09‐Oct‐2003 8257634 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 237,455.00 0.00 6,000.00 243,455.00 LOT/ 0304134 09‐Oct‐2003 351002 TO SAHARA INDIA FIN COR LTD/ 10008759 243,455.00 235,000.00 0.00 8,455.00 10‐Oct‐2003 8259398 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 8,455.00 0.00 20,000.00 28,455.00 LOT/ 0304135 11‐Oct‐2003 8261337 BY INTER DEPOSITORY TRANSFER / CDSL/ 28,455.00 0.00 6,500.00 34,955.00 1201830000001261 13‐Oct‐2003 355947 TO KARVY STOCK BROKING LIMITED/ 40023566 34,955.00 2,500.00 0.00 32,455.00 13‐Oct‐2003 355948 TO KARVY STOCK BROKING LIMITED/ 40023048 32,455.00 20,000.00 0.00 12,455.00 13‐Oct‐2003 8262920 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 12,455.00 0.00 14,000.00 26,455.00 LOT/ 0304136 13‐Oct‐2003 8262921 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 26,455.00 0.00 3,000.00 29,455.00 LOT/ 0304136 14‐Oct‐2003 8263725 BY STANDARD CHARTERED BANK/ 12452050 29,455.00 0.00 3,600.00 33,055.00 14‐Oct‐2003 8263726 BY STANDARD CHARTERED BANK/ 12452043 33,055.00 0.00 5,000.00 38,055.00 14‐Oct‐2003 8264513 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 38,055.00 0.00 10.00 38,065.00 LOT/ 0304137 16‐Oct‐2003 8268411 BY STANDARD CHARTERED BANK/ 12452084 38,065.00 0.00 5,000.00 43,065.00 16‐Oct‐2003 8268412 BY STANDARD CHARTERED BANK/ 12452164 43,065.00 0.00 5,100.00 48,165.00 16‐Oct‐2003 364527 TO DENA BANK/ 10013571 48,165.00 1,400.00 0.00 46,765.00 16‐Oct‐2003 8269087 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 46,765.00 0.00 2,000.00 48,765.00 LOT/ 0304139 17‐Oct‐2003 8270832 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 48,765.00 0.00 14,000.00 62,765.00 LOT/ 0304140 18‐Oct‐2003 8272454 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 62,765.00 0.00 40,000.00 102,765.00 20‐Oct‐2003 8273897 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 102,765.00 0.00 18,000.00 120,765.00 LOT/ 0304141 20‐Oct‐2003 8274463 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 120,765.00 0.00 10,500.00 131,265.00 0304127

Page 15 of 40 20‐Oct‐2003 8274468 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 131,265.00 0.00 5,500.00 136,765.00 0304139 20‐Oct‐2003 8274469 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 136,765.00 0.00 4,800.00 141,565.00 0304138 20‐Oct‐2003 8274470 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 141,565.00 0.00 2,400.00 143,965.00 0304137 20‐Oct‐2003 8274471 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 143,965.00 0.00 8,000.00 151,965.00 0304135 20‐Oct‐2003 8274472 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 151,965.00 0.00 4,500.00 156,465.00 0304134 20‐Oct‐2003 8274473 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 156,465.00 0.00 2,500.00 158,965.00 0304133 20‐Oct‐2003 8274474 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 158,965.00 0.00 10,800.00 169,765.00 0304130 20‐Oct‐2003 8274475 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 169,765.00 0.00 8,000.00 177,765.00 0304129 20‐Oct‐2003 8274476 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 177,765.00 0.00 2,800.00 180,565.00 0304126 20‐Oct‐2003 8274477 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 180,565.00 0.00 20,000.00 200,565.00 0304125 20‐Oct‐2003 8274478 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 200,565.00 0.00 3,300.00 203,865.00 0304122 20‐Oct‐2003 8274479 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 203,865.00 0.00 3,000.00 206,865.00 0304121 20‐Oct‐2003 8274480 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 206,865.00 0.00 6,000.00 212,865.00 0304120 20‐Oct‐2003 8274481 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 212,865.00 0.00 2,400.00 215,265.00 0304119 20‐Oct‐2003 8274482 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 215,265.00 0.00 5,000.00 220,265.00 0304117 20‐Oct‐2003 8274483 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 220,265.00 0.00 10,000.00 230,265.00 0304112 20‐Oct‐2003 8274484 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 230,265.00 0.00 4,000.00 234,265.00 0304111 21‐Oct‐2003 371626 TO HDFC BANK LTD/ 14646153 234,265.00 7,500.00 0.00 226,765.00 21‐Oct‐2003 371629 TO STOCK HLDG CORP OF I LTD/ 16759053 226,765.00 5,000.00 0.00 221,765.00 21‐Oct‐2003 371631 TO STOCK HLDG CORP OF I LTD/ 16759182 221,765.00 5,000.00 0.00 216,765.00 21‐Oct‐2003 371636 TO STOCK HLDG CORP OF I LTD/ 16762322 216,765.00 4,500.00 0.00 212,265.00 21‐Oct‐2003 371638 TO STOCK HLDG CORP OF I LTD/ 16762404 212,265.00 4,500.00 0.00 207,765.00 21‐Oct‐2003 8276140 BY SAHARA INDIA FIN COR LTD/ 10029176 207,765.00 0.00 23,800.00 231,565.00 22‐Oct‐2003 8277307 BY ACTION FIN SERV (I) LTD./ 10007292 231,565.00 0.00 14,000.00 245,565.00 22‐Oct‐2003 8277366 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 245,565.00 0.00 17,000.00 262,565.00 LOT/ 0304143 22‐Oct‐2003 8277446 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 262,565.00 0.00 7,200.00 269,765.00 0304142 22‐Oct‐2003 8277447 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 269,765.00 0.00 200.00 269,965.00 0304141 22‐Oct‐2003 8277550 BY DENA BANK/ 10013571 269,965.00 0.00 1,400.00 271,365.00 24‐Oct‐2003 8280362 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 271,365.00 0.00 4,000.00 275,365.00 LOT/ 0304145 24‐Oct‐2003 8280363 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 275,365.00 0.00 6,000.00 281,365.00

Page 16 of 40 LOT/ 0304145 24‐Oct‐2003 8280380 BY INTER DEPOSITORY TRANSFER / CDSL/ 281,365.00 0.00 1,000.00 282,365.00 1100001000012414 27‐Oct‐2003 8281469 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 282,365.00 0.00 6,000.00 288,365.00 LOT/ 0304146 28‐Oct‐2003 8282236 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 288,365.00 0.00 9,100.00 297,465.00 0304146 28‐Oct‐2003 8282237 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 297,465.00 0.00 25,000.00 322,465.00 0304145 28‐Oct‐2003 8282238 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 322,465.00 0.00 10,000.00 332,465.00 0304143 28‐Oct‐2003 8282669 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 332,465.00 0.00 1,225.00 333,690.00 LOT/ 0304147 29‐Oct‐2003 8283592 BY STANDARD CHARTERED BANK/ 12423667 333,690.00 0.00 6,000.00 339,690.00 29‐Oct‐2003 8283695 BY SAHARA INDIA FIN COR LTD/ 10029176 339,690.00 0.00 4,700.00 344,390.00 29‐Oct‐2003 8283696 BY SAHARA INDIA FIN COR LTD/ 10032237 344,390.00 0.00 36,000.00 380,390.00 29‐Oct‐2003 7709 TO REMATERIALISATION / REPURCHASE REQUEST 380,390.00 370,000.00 0.00 10,390.00 30‐Oct‐2003 8285269 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 10,390.00 0.00 6,980.00 17,370.00 LOT/ 0304149 30‐Oct‐2003 8285715 BY CM ACTION FIN SRV (I) LTD / ROLLING MKT LOT/ 17,370.00 0.00 498.00 17,868.00 0304148 31‐Oct‐2003 8286494 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 17,868.00 0.00 10,000.00 27,868.00 0304147 31‐Oct‐2003 8286495 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 27,868.00 0.00 24,000.00 51,868.00 0304149 31‐Oct‐2003 8286585 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 51,868.00 0.00 11,790.00 63,658.00 LOT/ 0304150 31‐Oct‐2003 8287267 BY SHAREKHAN LIMITED/ 10528297 63,658.00 0.00 8,000.00 71,658.00 04‐Nov‐2003 8290108 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 71,658.00 0.00 22,000.00 93,658.00 0304148 06‐Nov‐2003 8294530 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 93,658.00 0.00 30,000.00 123,658.00 06‐Nov‐2003 8294904 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 123,658.00 0.00 4,500.00 128,158.00 LOT/ 0304154 07‐Nov‐2003 8296129 BY SAHARA INDIA FIN COR LTD/ 10012770 128,158.00 0.00 10,000.00 138,158.00 07‐Nov‐2003 8296411 BY ICICI BANK LIMITED/ 10782280 138,158.00 0.00 6,500.00 144,658.00 07‐Nov‐2003 8296763 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 144,658.00 0.00 8,072.00 152,730.00 LOT/ 0304155 10‐Nov‐2003 403855 TO CM SANGHAVI BROTHERS BRKG L / AUCTION 152,730.00 2,500.00 0.00 150,230.00 ROLLING/ 0304155 10‐Nov‐2003 8299194 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 150,230.00 0.00 3,000.00 153,230.00 LOT/ 0304156 10‐Nov‐2003 8299655 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 153,230.00 0.00 6,000.00 159,230.00 0304154 11‐Nov‐2003 8300274 BY KAPOL CO OPERATIVE BANK/ 10213170 159,230.00 0.00 1,300.00 160,530.00 11‐Nov‐2003 8300947 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 160,530.00 0.00 7,000.00 167,530.00 LOT/ 0304157 11‐Nov‐2003 406931 TO IDBI BANK LIMITED/ 10344078 167,530.00 1,000.00 0.00 166,530.00 12‐Nov‐2003 8302344 BY HDFC BANK LTD/ 11145109 166,530.00 0.00 5,800.00 172,330.00 12‐Nov‐2003 8302350 BY HDFC BANK LTD/ 11144690 172,330.00 0.00 12,000.00 184,330.00 12‐Nov‐2003 8303080 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 184,330.00 0.00 500.00 184,830.00

Page 17 of 40 LOT/ 0304158 12‐Nov‐2003 409749 TO AXIS BANK LIMITED/ 11247698 184,830.00 20,000.00 0.00 164,830.00 13‐Nov‐2003 8305515 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 164,830.00 0.00 5,000.00 169,830.00 LOT/ 0304159 13‐Nov‐2003 412726 TO CM SANGHAVI BROTHERS BRKG L / AUCTION 169,830.00 1,500.00 0.00 168,330.00 ROLLING/ 0304158 13‐Nov‐2003 8306059 BY HDFC BANK LTD/ 15959631 168,330.00 0.00 7,500.00 175,830.00 14‐Nov‐2003 412748 TO STOCK HLDG CORP OF I LTD/ 13199386 175,830.00 17,000.00 0.00 158,830.00 14‐Nov‐2003 8307758 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 158,830.00 0.00 3,100.00 161,930.00 LOT/ 0304160 14‐Nov‐2003 8308684 BY CM ACTION FIN SRV (I) LTD / AUCTION ROLLING/ 161,930.00 0.00 2,500.00 164,430.00 0304158 14‐Nov‐2003 416235 TO CM S.P.JAIN SEC. PVT. LTD. / ROLLING MKT LOT/ 164,430.00 3,000.00 0.00 161,430.00 0304161 15‐Nov‐2003 416222 TO JANATA SAH. BNK LTD PUNE/ 10452444 161,430.00 3,200.00 0.00 158,230.00 15‐Nov‐2003 416232 TO JANATA SAH. BNK LTD PUNE/ 10452436 158,230.00 3,200.00 0.00 155,030.00 15‐Nov‐2003 416234 TO JANATA SAH. BNK LTD PUNE/ 10452453 155,030.00 3,200.00 0.00 151,830.00 15‐Nov‐2003 416236 TO JANATA SAH. BNK LTD PUNE/ 10452462 151,830.00 3,200.00 0.00 148,630.00 15‐Nov‐2003 416237 TO JANATA SAH. BNK LTD PUNE/ 10452727 148,630.00 3,200.00 0.00 145,430.00 17‐Nov‐2003 417947 TO SAHARA INDIA FIN COR LTD/ 10032237 145,430.00 140,000.00 0.00 5,430.00 17‐Nov‐2003 8310508 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 5,430.00 0.00 5,500.00 10,930.00 LOT/ 0304161 17‐Nov‐2003 8311067 BY INTER DEPOSITORY TRANSFER / CDSL/ 10,930.00 0.00 300.00 11,230.00 1201090000027698 18‐Nov‐2003 420624 TO CM ACTION FIN SRV (I) LTD / ROLLING MKT LOT/ 11,230.00 350.00 0.00 10,880.00 0304163 18‐Nov‐2003 8312624 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 10,880.00 0.00 50,800.00 61,680.00 0304159 19‐Nov‐2003 8314144 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 61,680.00 0.00 3,500.00 65,180.00 LOT/ 0304164 20‐Nov‐2003 8315847 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 65,180.00 0.00 8,000.00 73,180.00 LOT/ 0304165 21‐Nov‐2003 8317513 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 73,180.00 0.00 5,000.00 78,180.00 LOT/ 0304166 21‐Nov‐2003 428340 TO SAHARA INDIA FIN COR LTD/ 10015782 78,180.00 78,000.00 0.00 180.00 24‐Nov‐2003 8319773 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 180.00 0.00 3,500.00 3,680.00 LOT/ 0304167 25‐Nov‐2003 8321141 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 3,680.00 0.00 15,000.00 18,680.00 25‐Nov‐2003 8321264 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 18,680.00 0.00 7,500.00 26,180.00 LOT/ 0304168 27‐Nov‐2003 8322434 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 26,180.00 0.00 10,000.00 36,180.00 0304168 27‐Nov‐2003 8322435 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 36,180.00 0.00 10,000.00 46,180.00 0304167 27‐Nov‐2003 8322436 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 46,180.00 0.00 4,500.00 50,680.00 0304166 27‐Nov‐2003 8322437 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 50,680.00 0.00 19,000.00 69,680.00 0304165 27‐Nov‐2003 8322904 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 69,680.00 0.00 1,000.00 70,680.00 LOT/ 0304169

Page 18 of 40 27‐Nov‐2003 8322897 BY INTER DEPOSITORY TRANSFER / CDSL/ 70,680.00 0.00 15,000.00 85,680.00 1100001000012414 28‐Nov‐2003 8324243 BY STANDARD CHARTERED BANK/ 12452114 85,680.00 0.00 5,100.00 90,780.00 28‐Nov‐2003 8324244 BY STANDARD CHARTERED BANK/ 12452092 90,780.00 0.00 5,200.00 95,980.00 28‐Nov‐2003 8324726 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 95,980.00 0.00 6,449.00 102,429.00 LOT/ 0304170 28‐Nov‐2003 8324744 BY INTER DEPOSITORY TRANSFER / CDSL/ 102,429.00 0.00 8,000.00 110,429.00 1100001000012414 28‐Nov‐2003 8324913 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 110,429.00 0.00 11,700.00 122,129.00 0304169 29‐Nov‐2003 8326051 BY ICICI BANK LIMITED/ 31489918 122,129.00 0.00 3,000.00 125,129.00 01‐Dec‐2003 8327308 BY STOCK HLDG CORP OF I LTD/ 13199386 125,129.00 0.00 10,000.00 135,129.00 01‐Dec‐2003 8328314 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 135,129.00 0.00 12,000.00 147,129.00 LOT/ 0304171 02‐Dec‐2003 8329826 BY INTER DEPOSITORY TRANSFER / CDSL/ 147,129.00 0.00 9,800.00 156,929.00 1100001000012414 02‐Dec‐2003 8329872 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 156,929.00 0.00 7,200.00 164,129.00 LOT/ 0304172 02‐Dec‐2003 8330928 BY AXIS BANK LIMITED/ 11034532 164,129.00 0.00 3,500.00 167,629.00 03‐Dec‐2003 8332866 BY INTER DEPOSITORY TRANSFER / CDSL/ 167,629.00 0.00 10,900.00 178,529.00 1100001000012414 04‐Dec‐2003 8335521 BY INTER DEPOSITORY TRANSFER / CDSL/ 178,529.00 0.00 19,600.00 198,129.00 1100001000012414 05‐Dec‐2003 8337232 BY STOCK HLDG CORP OF I LTD/ 13199386 198,129.00 0.00 7,000.00 205,129.00 05‐Dec‐2003 450712 TO CM SANGHAVI BROTHERS BRKG L / AUCTION 205,129.00 2,000.00 0.00 203,129.00 ROLLING/ 0304173 05‐Dec‐2003 8338130 BY INTER DEPOSITORY TRANSFER / CDSL/ 203,129.00 0.00 4,400.00 207,529.00 1100001000012414 05‐Dec‐2003 8338267 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 207,529.00 0.00 4,200.00 211,729.00 LOT/ 0304175 05‐Dec‐2003 8338363 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 211,729.00 0.00 10,000.00 221,729.00 0304174 05‐Dec‐2003 8338364 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 221,729.00 0.00 45,000.00 266,729.00 0304171 05‐Dec‐2003 8338365 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 266,729.00 0.00 10,000.00 276,729.00 0304170 05‐Dec‐2003 453798 TO STANDARD CHARTERED BANK/ 12426523 276,729.00 8,500.00 0.00 268,229.00 06‐Dec‐2003 454175 TO ORIENTAL BANK OF COMMERCE/ 10830193 268,229.00 2,700.00 0.00 265,529.00 06‐Dec‐2003 454177 TO AXIS BANK LIMITED/ 10637669 265,529.00 20,000.00 0.00 245,529.00 06‐Dec‐2003 454178 TO ORIENTAL BANK OF COMMERCE/ 10830193 245,529.00 2,700.00 0.00 242,829.00 06‐Dec‐2003 456166 TO SAHARA INDIA FIN COR LTD/ 10029176 242,829.00 200,000.00 0.00 42,829.00 06‐Dec‐2003 456167 TO SAHARA INDIA FIN COR LTD/ 10008759 42,829.00 23,000.00 0.00 19,829.00 08‐Dec‐2003 8342026 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 19,829.00 0.00 7,000.00 26,829.00 LOT/ 0304176 08‐Dec‐2003 8342123 BY INTER DEPOSITORY TRANSFER / CDSL/ 26,829.00 0.00 7,000.00 33,829.00 1100001000012414 09‐Dec‐2003 8344358 BY INTER DEPOSITORY TRANSFER / CDSL/ 33,829.00 0.00 6,000.00 39,829.00 1100001000012414 10‐Dec‐2003 8346645 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 39,829.00 0.00 13,000.00 52,829.00 LOT/ 0304178

Page 19 of 40 10‐Dec‐2003 8346813 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 52,829.00 0.00 5,000.00 57,829.00 0304173 10‐Dec‐2003 8346814 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 57,829.00 0.00 13,300.00 71,129.00 0304176 10‐Dec‐2003 8346815 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 71,129.00 0.00 7,000.00 78,129.00 0304177 11‐Dec‐2003 467402 TO HDFC BANK LTD/ 10068736 78,129.00 6,000.00 0.00 72,129.00 11‐Dec‐2003 467403 TO JANATA SAH. BNK LTD PUNE/ 10422888 72,129.00 5,000.00 0.00 67,129.00 11‐Dec‐2003 467404 TO HDFC BANK LTD/ 10068744 67,129.00 12,000.00 0.00 55,129.00 11‐Dec‐2003 467405 TO HDFC BANK LTD/ 41251588 55,129.00 3,200.00 0.00 51,929.00 11‐Dec‐2003 8349739 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 51,929.00 0.00 10,000.00 61,929.00 LOT/ 0304179 12‐Dec‐2003 8351643 BY INTER DEPOSITORY TRANSFER / CDSL/ 61,929.00 0.00 8,000.00 69,929.00 1302560000009801 12‐Dec‐2003 8351781 BY SAHARA INDIA FIN COR LTD/ 10012789 69,929.00 0.00 10,000.00 79,929.00 12‐Dec‐2003 8351842 BY JANATA SAH. BNK LTD PUNE/ 10452444 79,929.00 0.00 3,200.00 83,129.00 12‐Dec‐2003 8352457 BY JANATA SAH. BNK LTD PUNE/ 10452453 83,129.00 0.00 3,200.00 86,329.00 12‐Dec‐2003 8352801 BY JANATA SAH. BNK LTD PUNE/ 10452462 86,329.00 0.00 3,200.00 89,529.00 12‐Dec‐2003 8352802 BY JANATA SAH. BNK LTD PUNE/ 10452727 89,529.00 0.00 3,200.00 92,729.00 12‐Dec‐2003 8352811 BY JANATA SAH. BNK LTD PUNE/ 10452436 92,729.00 0.00 3,200.00 95,929.00 12‐Dec‐2003 8352947 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 95,929.00 0.00 21,550.00 117,479.00 LOT/ 0304180 15‐Dec‐2003 8356085 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 117,479.00 0.00 1,500.00 118,979.00 LOT/ 0304181 15‐Dec‐2003 8356086 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 118,979.00 0.00 5,660.00 124,639.00 LOT/ 0304181 15‐Dec‐2003 8356083 BY INTER DEPOSITORY TRANSFER / CDSL/ 124,639.00 0.00 8,340.00 132,979.00 1100001000012414 15‐Dec‐2003 8356108 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 132,979.00 0.00 20,000.00 152,979.00 16‐Dec‐2003 8358101 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 152,979.00 0.00 20,200.00 173,179.00 LOT/ 0304182 17‐Dec‐2003 8359939 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 173,179.00 0.00 6,000.00 179,179.00 0304179 17‐Dec‐2003 8360428 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 179,179.00 0.00 16,000.00 195,179.00 LOT/ 0304183 17‐Dec‐2003 8360680 BY CM T.H. VAKIL SHR & SEC PL / ROLLING MKT LOT/ 195,179.00 0.00 14,000.00 209,179.00 0304180 17‐Dec‐2003 482245 TO AXIS BANK LIMITED/ 11293548 209,179.00 5,500.00 0.00 203,679.00 17‐Dec‐2003 482246 TO AXIS BANK LIMITED/ 11293564 203,679.00 5,500.00 0.00 198,179.00 17‐Dec‐2003 482247 TO AXIS BANK LIMITED/ 11293556 198,179.00 5,500.00 0.00 192,679.00 17‐Dec‐2003 482248 TO AXIS BANK LIMITED/ 11295092 192,679.00 5,500.00 0.00 187,179.00 17‐Dec‐2003 482249 TO AXIS BANK LIMITED/ 11295084 187,179.00 4,000.00 0.00 183,179.00 17‐Dec‐2003 482250 TO AXIS BANK LIMITED/ 11317047 183,179.00 5,500.00 0.00 177,679.00 17‐Dec‐2003 482251 TO AXIS BANK LIMITED/ 11307258 177,679.00 5,500.00 0.00 172,179.00 17‐Dec‐2003 482252 TO AXIS BANK LIMITED/ 11293732 172,179.00 4,000.00 0.00 168,179.00 18‐Dec‐2003 8363231 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 168,179.00 0.00 15,700.00 183,879.00 LOT/ 0304184 18‐Dec‐2003 8363233 BY INTER DEPOSITORY TRANSFER / CDSL/ 183,879.00 0.00 300.00 184,179.00 1100001000012414 19‐Dec‐2003 488993 TO INDIA CAPITAL MARKETS PRIVATE LIMITED/ 184,179.00 75,000.00 0.00 109,179.00

Page 20 of 40 10010104 22‐Dec‐2003 8370037 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 109,179.00 0.00 18,000.00 127,179.00 LOT/ 0304186 23‐Dec‐2003 8371679 BY ICICI BANK LIMITED/ 31534653 127,179.00 0.00 23,500.00 150,679.00 24‐Dec‐2003 8375958 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 150,679.00 0.00 14,000.00 164,679.00 LOT/ 0304188 24‐Dec‐2003 8375959 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 164,679.00 0.00 10,000.00 174,679.00 LOT/ 0304188 24‐Dec‐2003 500921 TO SAHARA INDIA FIN COR LTD/ 10008759 174,679.00 150,000.00 0.00 24,679.00 26‐Dec‐2003 8378091 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 24,679.00 0.00 25,000.00 49,679.00 26‐Dec‐2003 8378546 BY INTER DEPOSITORY TRANSFER / CDSL/ 49,679.00 0.00 1,700.00 51,379.00 1100001000012414 26‐Dec‐2003 8378664 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 51,379.00 0.00 12,000.00 63,379.00 LOT/ 0304189 26‐Dec‐2003 8378665 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 63,379.00 0.00 6,300.00 69,679.00 LOT/ 0304189 26‐Dec‐2003 504728 TO INDIA CAPITAL MARKETS PRIVATE LIMITED/ 69,679.00 25,000.00 0.00 44,679.00 10010104 29‐Dec‐2003 8382887 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 44,679.00 0.00 19,000.00 63,679.00 LOT/ 0304190 29‐Dec‐2003 8383408 BY SAHARA INDIA FIN COR LTD/ 10029176 63,679.00 0.00 18,500.00 82,179.00 30‐Dec‐2003 509896 TO INDIA CAPITAL MARKETS PRIVATE LIMITED/ 82,179.00 50,000.00 0.00 32,179.00 10010129 30‐Dec‐2003 8384924 BY IL&FS SECURITIES SERVICES LIMITED/ 10680195 32,179.00 0.00 13,000.00 45,179.00 30‐Dec‐2003 8385629 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 45,179.00 0.00 10,900.00 56,079.00 LOT/ 0304191 30‐Dec‐2003 8385630 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 56,079.00 0.00 10,000.00 66,079.00 LOT/ 0304191 31‐Dec‐2003 8388634 BY INTER DEPOSITORY TRANSFER / CDSL/ 66,079.00 0.00 15,000.00 81,079.00 1100001000012414 31‐Dec‐2003 8388959 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 81,079.00 0.00 6,000.00 87,079.00 LOT/ 0304192 02‐Jan‐2004 524023 TO SAHARA INDIA FIN COR LTD/ 10032237 87,079.00 75,000.00 0.00 12,079.00 03‐Jan‐2004 8397375 BY CM ACTION FIN SRV (I) LTD / T 2 T/ 0304194 12,079.00 0.00 25,000.00 37,079.00 03‐Jan‐2004 8397376 BY CM ACTION FIN SRV (I) LTD / T 2 T/ 0304193 37,079.00 0.00 6,600.00 43,679.00 05‐Jan‐2004 8398944 BY INTER DEPOSITORY TRANSFER / CDSL/ 43,679.00 0.00 1,000.00 44,679.00 1301190000006566 05‐Jan‐2004 8400009 BY ICICI BANK LIMITED/ 32111134 44,679.00 0.00 600.00 45,279.00 06‐Jan‐2004 8401033 BY IL&FS SECURITIES SERVICES LIMITED/ 10680195 45,279.00 0.00 2,500.00 47,779.00 06‐Jan‐2004 532940 TO IDBI BANK LIMITED/ 10344060 47,779.00 1,000.00 0.00 46,779.00 06‐Jan‐2004 532943 TO ICICI BANK LIMITED/ 32596750 46,779.00 3,500.00 0.00 43,279.00 06‐Jan‐2004 532945 TO ICICI BANK LIMITED/ 32596793 43,279.00 3,500.00 0.00 39,779.00 06‐Jan‐2004 532947 TO ICICI BANK LIMITED/ 32596719 39,779.00 3,500.00 0.00 36,279.00 06‐Jan‐2004 532949 TO ICICI BANK LIMITED/ 32596768 36,279.00 3,500.00 0.00 32,779.00 06‐Jan‐2004 532951 TO INDIA CAPITAL MARKETS PRIVATE LIMITED/ 32,779.00 30,000.00 0.00 2,779.00 10010073 06‐Jan‐2004 8403065 BY CM ACTION FIN SRV (I) LTD / T 2 T/ 0304195 2,779.00 0.00 24,000.00 26,779.00 06‐Jan‐2004 8402922 BY INTER DEPOSITORY TRANSFER / CDSL/ 26,779.00 0.00 1,000.00 27,779.00 1301190000006566 07‐Jan‐2004 537060 TO ICICI BANK LIMITED/ 31551123 27,779.00 7,500.00 0.00 20,279.00

Page 21 of 40 07‐Jan‐2004 537061 TO ICICI BANK LIMITED/ 31551130 20,279.00 7,500.00 0.00 12,779.00 07‐Jan‐2004 537304 TO / 10304865 12,779.00 12,000.00 0.00 779.00 08‐Jan‐2004 8406524 BY ICICI BANK LIMITED/ 31534653 779.00 0.00 61,400.00 62,179.00 08‐Jan‐2004 8407558 BY INTER DEPOSITORY TRANSFER / CDSL/ 62,179.00 0.00 3,500.00 65,679.00 1301190000006566 08‐Jan‐2004 8407591 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304198 65,679.00 0.00 21,000.00 86,679.00 08‐Jan‐2004 8408303 BY CM ACTION FIN SRV (I) LTD / T 2 T/ 0304196 86,679.00 0.00 8,500.00 95,179.00 08‐Jan‐2004 8408304 BY CM ACTION FIN SRV (I) LTD / T 2 T/ 0304197 95,179.00 0.00 23,000.00 118,179.00 09‐Jan‐2004 541949 TO ICICI BANK LIMITED/ 31551130 118,179.00 500.00 0.00 117,679.00 09‐Jan‐2004 541953 TO ICICI BANK LIMITED/ 31551123 117,679.00 500.00 0.00 117,179.00 09‐Jan‐2004 541955 TO SHAREKHAN LIMITED/ 10667626 117,179.00 50,000.00 0.00 67,179.00 09‐Jan‐2004 8409702 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304199 67,179.00 0.00 3,000.00 70,179.00 12‐Jan‐2004 8413549 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304200 70,179.00 0.00 25.00 70,204.00 13‐Jan‐2004 8415858 BY IL&FS SECURITIES SERVICES LIMITED/ 10680195 70,204.00 0.00 2,000.00 72,204.00 13‐Jan‐2004 8416164 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304201 72,204.00 0.00 16,000.00 88,204.00 13‐Jan‐2004 552616 TO INDIA CAPITAL MARKETS PRIVATE LIMITED/ 88,204.00 70,000.00 0.00 18,204.00 10010112 14‐Jan‐2004 8418421 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 18,204.00 0.00 50,000.00 68,204.00 14‐Jan‐2004 8418678 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304202 68,204.00 0.00 28,000.00 96,204.00 14‐Jan‐2004 8419567 BY CM T.H. VAKIL SHR & SEC PL / T 2 T/ 0304194 96,204.00 0.00 10,700.00 106,904.00 14‐Jan‐2004 8419568 BY CM T.H. VAKIL SHR & SEC PL / T 2 T/ 0304199 106,904.00 0.00 30,700.00 137,604.00 14‐Jan‐2004 8419569 BY CM T.H. VAKIL SHR & SEC PL / T 2 T/ 0304198 137,604.00 0.00 7,500.00 145,104.00 15‐Jan‐2004 8420460 BY IL&FS SECURITIES SERVICES LIMITED/ 10680195 145,104.00 0.00 2,000.00 147,104.00 15‐Jan‐2004 8421164 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304203 147,104.00 0.00 21,400.00 168,504.00 16‐Jan‐2004 8424099 BY SHAREKHAN LIMITED/ 10667626 168,504.00 0.00 10,000.00 178,504.00 16‐Jan‐2004 8424100 BY SHAREKHAN LIMITED/ 10667626 178,504.00 0.00 10,000.00 188,504.00 17‐Jan‐2004 11327 TO REMATERIALISATION / REPURCHASE REQUEST 188,504.00 185,000.00 0.00 3,504.00 19‐Jan‐2004 8425803 BY ICICI BANK LIMITED/ 31534653 3,504.00 0.00 25,000.00 28,504.00 19‐Jan‐2004 8426371 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304205 28,504.00 0.00 4,800.00 33,304.00 19‐Jan‐2004 8426443 BY INTER DEPOSITORY TRANSFER / CDSL/ 33,304.00 0.00 12,000.00 45,304.00 1100001000012414 20‐Jan‐2004 8427667 BY IL&FS SECURITIES SERVICES LIMITED/ 10680195 45,304.00 0.00 13,000.00 58,304.00 20‐Jan‐2004 8427873 BY INTER DEPOSITORY TRANSFER / CDSL/ 58,304.00 0.00 7,989.00 66,293.00 1100001000012414 20‐Jan‐2004 8428137 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304206 66,293.00 0.00 22,511.00 88,804.00 21‐Jan‐2004 8430205 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304207 88,804.00 0.00 4,000.00 92,804.00 22‐Jan‐2004 8431308 BY STANDARD CHARTERED BANK/ 12452034 92,804.00 0.00 5,200.00 98,004.00 22‐Jan‐2004 8431309 BY STANDARD CHARTERED BANK/ 12452017 98,004.00 0.00 5,100.00 103,104.00 22‐Jan‐2004 8431310 BY STANDARD CHARTERED BANK/ 12452068 103,104.00 0.00 3,000.00 106,104.00 22‐Jan‐2004 8431311 BY STANDARD CHARTERED BANK/ 12452123 106,104.00 0.00 4,800.00 110,904.00 22‐Jan‐2004 8431681 BY INTER DEPOSITORY TRANSFER / CDSL/ 110,904.00 0.00 8,000.00 118,904.00 1301820000014501 22‐Jan‐2004 8431682 BY INTER DEPOSITORY TRANSFER / CDSL/ 118,904.00 0.00 13,000.00 131,904.00 1301820000014495 22‐Jan‐2004 8431869 BY STOCK HLDG CORP OF I LTD/ 17034061 131,904.00 0.00 3,000.00 134,904.00 22‐Jan‐2004 8431870 BY STOCK HLDG CORP OF I LTD/ 17034053 134,904.00 0.00 3,000.00 137,904.00 22‐Jan‐2004 8431946 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304208 137,904.00 0.00 10,000.00 147,904.00 22‐Jan‐2004 571578 TO STOCK HLDG CORP OF I LTD/ 15551090 147,904.00 5,000.00 0.00 142,904.00 23‐Jan‐2004 8433612 BY ORIENTAL BANK OF COMMERCE/ 10830193 142,904.00 0.00 5,400.00 148,304.00

Page 22 of 40 23‐Jan‐2004 8434229 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304209 148,304.00 0.00 10,000.00 158,304.00 23‐Jan‐2004 8434469 BY NIRMAL BANG SEC.PVT LTD/ 10001894 158,304.00 0.00 1,300.00 159,604.00 23‐Jan‐2004 8434470 BY NIRMAL BANG SEC.PVT LTD/ 10001894 159,604.00 0.00 25,500.00 185,104.00 24‐Jan‐2004 8435548 BY NIRMAL BANG SEC.PVT LTD/ 10001894 185,104.00 0.00 33,800.00 218,904.00 24‐Jan‐2004 575682 TO SAHARA INDIA FIN COR LTD/ 10011875 218,904.00 2,000.00 0.00 216,904.00 24‐Jan‐2004 575683 TO SAHARA INDIA FIN COR LTD/ 10011906 216,904.00 2,000.00 0.00 214,904.00 24‐Jan‐2004 8435727 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 214,904.00 0.00 35,000.00 249,904.00 24‐Jan‐2004 8436110 BY IDBI BANK LIMITED/ 10337242 249,904.00 0.00 2,500.00 252,404.00 24‐Jan‐2004 8436111 BY IDBI BANK LIMITED/ 10337259 252,404.00 0.00 4,000.00 256,404.00 24‐Jan‐2004 8436112 BY IDBI BANK LIMITED/ 10337224 256,404.00 0.00 2,500.00 258,904.00 24‐Jan‐2004 8436113 BY IDBI BANK LIMITED/ 10337233 258,904.00 0.00 4,000.00 262,904.00 24‐Jan‐2004 8436114 BY IDBI BANK LIMITED/ 10337267 262,904.00 0.00 2,500.00 265,404.00 24‐Jan‐2004 8436115 BY IDBI BANK LIMITED/ 10337216 265,404.00 0.00 4,000.00 269,404.00 24‐Jan‐2004 8436116 BY IDBI BANK LIMITED/ 10344078 269,404.00 0.00 1,000.00 270,404.00 24‐Jan‐2004 8436117 BY IDBI BANK LIMITED/ 10344060 270,404.00 0.00 1,000.00 271,404.00 27‐Jan‐2004 8436783 BY JANATA SAH. BNK LTD PUNE/ 10384843 271,404.00 0.00 2,000.00 273,404.00 27‐Jan‐2004 8436784 BY JANATA SAH. BNK LTD PUNE/ 10384317 273,404.00 0.00 2,000.00 275,404.00 27‐Jan‐2004 11876 TO REMATERIALISATION / REPURCHASE REQUEST 275,404.00 200,000.00 0.00 75,404.00 28‐Jan‐2004 580161 TO ORIENTAL BANK OF COMMERCE/ 11230530 75,404.00 12,000.00 0.00 63,404.00 28‐Jan‐2004 580164 TO ORIENTAL BANK OF COMMERCE/ 11230548 63,404.00 8,000.00 0.00 55,404.00 28‐Jan‐2004 8438717 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304211 55,404.00 0.00 16,100.00 71,504.00 29‐Jan‐2004 8440379 BY INTER DEPOSITORY TRANSFER / CDSL/ 71,504.00 0.00 10,900.00 82,404.00 1100001000012414 29‐Jan‐2004 582783 TO ACTION FIN SERV (I) LTD./ 10054299 82,404.00 7,000.00 0.00 75,404.00 30‐Jan‐2004 8442205 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304213 75,404.00 0.00 4,000.00 79,404.00 31‐Jan‐2004 586129 TO ORIENTAL BANK OF COMMERCE/ 11230548 79,404.00 10,000.00 0.00 69,404.00 04‐Feb‐2004 589532 TO SHAREKHAN LIMITED/ 10001656 69,404.00 1,500.00 0.00 67,904.00 04‐Feb‐2004 589534 TO SHAREKHAN LIMITED/ 10496502 67,904.00 5,000.00 0.00 62,904.00 04‐Feb‐2004 589537 TO SHAREKHAN LIMITED/ 10001648 62,904.00 3,000.00 0.00 59,904.00 05‐Feb‐2004 8447000 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 59,904.00 0.00 50,000.00 109,904.00 05‐Feb‐2004 8447233 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304216 109,904.00 0.00 1,500.00 111,404.00 05‐Feb‐2004 8448053 BY ICICI BANK LIMITED/ 31543357 111,404.00 0.00 25,000.00 136,404.00 06‐Feb‐2004 8448820 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304217 136,404.00 0.00 5,000.00 141,404.00 09‐Feb‐2004 8450412 BY BANK OF INDIA/ 10389990 141,404.00 0.00 7,800.00 149,204.00 09‐Feb‐2004 8450890 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304218 149,204.00 0.00 14,000.00 163,204.00 09‐Feb‐2004 8451300 BY CM T.H. VAKIL SHR & SEC PL / T 2 T/ 0304208 163,204.00 0.00 18,000.00 181,204.00 09‐Feb‐2004 8451301 BY CM T.H. VAKIL SHR & SEC PL / T 2 T/ 0304217 181,204.00 0.00 20,000.00 201,204.00 09‐Feb‐2004 8451302 BY CM T.H. VAKIL SHR & SEC PL / T 2 T/ 0304216 201,204.00 0.00 20,000.00 221,204.00 09‐Feb‐2004 8451303 BY CM T.H. VAKIL SHR & SEC PL / T 2 T/ 0304214 221,204.00 0.00 45,000.00 266,204.00 09‐Feb‐2004 8451304 BY CM T.H. VAKIL SHR & SEC PL / T 2 T/ 0304212 266,204.00 0.00 10,000.00 276,204.00 09‐Feb‐2004 8451305 BY CM T.H. VAKIL SHR & SEC PL / T 2 T/ 0304210 276,204.00 0.00 10,000.00 286,204.00 09‐Feb‐2004 8451306 BY CM T.H. VAKIL SHR & SEC PL / T 2 T/ 0304206 286,204.00 0.00 7,500.00 293,704.00 09‐Feb‐2004 8451307 BY CM T.H. VAKIL SHR & SEC PL / T 2 T/ 0304201 293,704.00 0.00 22,000.00 315,704.00 09‐Feb‐2004 8451308 BY CM T.H. VAKIL SHR & SEC PL / T 2 T/ 0304197 315,704.00 0.00 14,000.00 329,704.00 10‐Feb‐2004 597556 TO ORIENTAL BANK OF COMMERCE/ 10438638 329,704.00 7,500.00 0.00 322,204.00 10‐Feb‐2004 597557 TO ICICI BANK LIMITED/ 10852295 322,204.00 2,000.00 0.00 320,204.00 10‐Feb‐2004 597558 TO KAPOL CO OPERATIVE BANK/ 10333446 320,204.00 5,000.00 0.00 315,204.00 10‐Feb‐2004 89152 TO CDSL / 1301540000033071 315,204.00 100,000.00 0.00 215,204.00 10‐Feb‐2004 89153 TO CDSL / 1301540000050338 215,204.00 25,000.00 0.00 190,204.00

Page 23 of 40 10‐Feb‐2004 8452144 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304219 190,204.00 0.00 17,000.00 207,204.00 10‐Feb‐2004 89299 TO CDSL / 1301540000033029 207,204.00 100,000.00 0.00 107,204.00 11‐Feb‐2004 89411 TO CDSL / 1301540000003052 107,204.00 100,000.00 0.00 7,204.00 11‐Feb‐2004 8453557 BY SAHARA INDIA FIN COR LTD/ 10032237 7,204.00 0.00 100,000.00 107,204.00 11‐Feb‐2004 89412 TO CDSL / 1301540000003014 107,204.00 100,000.00 0.00 7,204.00 11‐Feb‐2004 89411 BY INTER DEPOSITORY REJECTION / CDSL/ 7,204.00 0.00 100,000.00 107,204.00 1301540000003052 11‐Feb‐2004 89412 BY INTER DEPOSITORY REJECTION / CDSL/ 107,204.00 0.00 100,000.00 207,204.00 1301540000003014 11‐Feb‐2004 8453752 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 207,204.00 0.00 45,000.00 252,204.00 11‐Feb‐2004 8454573 BY KAPOL CO OPERATIVE BANK/ 10333446 252,204.00 0.00 5,000.00 257,204.00 12‐Feb‐2004 8454899 BY IDBI BANK LIMITED/ 11197089 257,204.00 0.00 10,200.00 267,404.00 12‐Feb‐2004 8455089 BY IDBI BANK LIMITED/ 11198057 267,404.00 0.00 24,000.00 291,404.00 12‐Feb‐2004 89843 TO CDSL / 1202690000000562 291,404.00 150,000.00 0.00 141,404.00 12‐Feb‐2004 8455446 BY SAHARA INDIA FIN COR LTD/ 10029176 141,404.00 0.00 50,000.00 191,404.00 12‐Feb‐2004 89844 TO CDSL / 1202690000000539 191,404.00 150,000.00 0.00 41,404.00 12‐Feb‐2004 89844 BY INTER DEPOSITORY REJECTION / CDSL/ 41,404.00 0.00 150,000.00 191,404.00 1202690000000539 12‐Feb‐2004 602509 TO STOCK HLDG CORP OF I LTD/ 15068590 191,404.00 121,000.00 0.00 70,404.00 13‐Feb‐2004 8456823 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304222 70,404.00 0.00 16,003.00 86,407.00 13‐Feb‐2004 8457411 BY CENTURION BANK OF PUNJAB LIMITED/ 10255711 86,407.00 0.00 34,000.00 120,407.00 14‐Feb‐2004 8457929 BY ACTION FIN SERV (I) LTD./ 10095144 120,407.00 0.00 72,000.00 192,407.00 16‐Feb‐2004 8458592 BY SHAREKHAN LIMITED/ 10052883 192,407.00 0.00 45,000.00 237,407.00 16‐Feb‐2004 8459030 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304223 237,407.00 0.00 10,000.00 247,407.00 16‐Feb‐2004 8459299 BY SAHARA INDIA FIN COR LTD/ 10029176 247,407.00 0.00 22,000.00 269,407.00 16‐Feb‐2004 8459300 BY SAHARA INDIA FIN COR LTD/ 10008759 269,407.00 0.00 30,000.00 299,407.00 16‐Feb‐2004 8459301 BY SAHARA INDIA FIN COR LTD/ 10032237 299,407.00 0.00 35,000.00 334,407.00 16‐Feb‐2004 90520 TO CDSL / 1202690000000581 334,407.00 150,000.00 0.00 184,407.00 16‐Feb‐2004 90521 TO CDSL / 1202690000000539 184,407.00 150,000.00 0.00 34,407.00 17‐Feb‐2004 8460364 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304224 34,407.00 0.00 15,000.00 49,407.00 17‐Feb‐2004 8460369 BY INTER DEPOSITORY TRANSFER / CDSL/ 49,407.00 0.00 5,400.00 54,807.00 1601480000013552 17‐Feb‐2004 8460368 BY INTER DEPOSITORY TRANSFER / CDSL/ 54,807.00 0.00 7,500.00 62,307.00 1601480000013548 19‐Feb‐2004 611667 TO HDFC BANK LTD/ 42041182 62,307.00 39,000.00 0.00 23,307.00 19‐Feb‐2004 611674 TO HDFC BANK LTD/ 12922581 23,307.00 22,500.00 0.00 807.00 20‐Feb‐2004 8464897 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304227 807.00 0.00 7,000.00 7,807.00 21‐Feb‐2004 8466068 BY SAHARA INDIA FIN COR LTD/ 10032237 7,807.00 0.00 10,000.00 17,807.00 21‐Feb‐2004 615839 TO MF GLOBAL SIFY SECURITIES INDIA PVT.LTD./ 17,807.00 15,000.00 0.00 2,807.00 10009099 23‐Feb‐2004 8466162 BY ORIENTAL BANK OF COMMERCE/ 11117450 2,807.00 0.00 14,977.00 17,784.00 23‐Feb‐2004 8466814 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304228 17,784.00 0.00 2,995.00 20,779.00 23‐Feb‐2004 8467008 BY INTER DEPOSITORY TRANSFER / CDSL/ 20,779.00 0.00 8,000.00 28,779.00 1201120100007370 23‐Feb‐2004 617728 TO DENA BANK/ 10025778 28,779.00 700.00 0.00 28,079.00 23‐Feb‐2004 617729 TO DENA BANK/ 10025366 28,079.00 700.00 0.00 27,379.00 23‐Feb‐2004 617730 TO HDFC BANK LTD/ 41845533 27,379.00 3,200.00 0.00 24,179.00 23‐Feb‐2004 617731 TO ICICI BANK LIMITED/ 32753252 24,179.00 2,500.00 0.00 21,679.00 23‐Feb‐2004 617732 TO HDFC BANK LTD/ 40017195 21,679.00 5,500.00 0.00 16,179.00

Page 24 of 40 23‐Feb‐2004 617733 TO HDFC BANK LTD/ 15585580 16,179.00 5,000.00 0.00 11,179.00 24‐Feb‐2004 8468516 BY ACTION FIN SERV (I) LTD./ 10095144 11,179.00 0.00 7,074.00 18,253.00 25‐Feb‐2004 8468947 BY INTER DEPOSITORY TRANSFER / CDSL/ 18,253.00 0.00 25,000.00 43,253.00 1100001000012414 25‐Feb‐2004 621064 TO ORIENTAL BANK OF COMMERCE/ 11159049 43,253.00 20,000.00 0.00 23,253.00 25‐Feb‐2004 8469869 BY SAHARA INDIA FIN COR LTD/ 10032237 23,253.00 0.00 15,000.00 38,253.00 26‐Feb‐2004 8470200 BY INTER DEPOSITORY TRANSFER / CDSL/ 38,253.00 0.00 5,000.00 43,253.00 1601480000013552 26‐Feb‐2004 8470201 BY INTER DEPOSITORY TRANSFER / CDSL/ 43,253.00 0.00 3,000.00 46,253.00 1601480000013548 26‐Feb‐2004 8470325 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304231 46,253.00 0.00 9,000.00 55,253.00 27‐Feb‐2004 623544 TO AXIS BANK LIMITED/ 11436188 55,253.00 15,000.00 0.00 40,253.00 27‐Feb‐2004 623545 TO MF GLOBAL SIFY SECURITIES INDIA PVT.LTD./ 40,253.00 23,000.00 0.00 17,253.00 10039560 27‐Feb‐2004 8471863 BY SHAREKHAN LIMITED/ 10496502 17,253.00 0.00 5,000.00 22,253.00 28‐Feb‐2004 93450 TO CDSL / 1202700100010126 22,253.00 10,000.00 0.00 12,253.00 01‐Mar‐2004 8472894 BY SAHARA INDIA FIN COR LTD/ 10029176 12,253.00 0.00 35,000.00 47,253.00 01‐Mar‐2004 625137 TO ORIENTAL BANK OF COMMERCE/ 10438638 47,253.00 7,500.00 0.00 39,753.00 01‐Mar‐2004 625135 TO HDFC BANK LTD/ 16590669 39,753.00 39,000.00 0.00 753.00 01‐Mar‐2004 8472916 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 753.00 0.00 75,000.00 75,753.00 03‐Mar‐2004 8473762 BY IL&FS SECURITIES SERVICES LIMITED/ 10680195 75,753.00 0.00 1,750.00 77,503.00 03‐Mar‐2004 8473940 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304234 77,503.00 0.00 45,000.00 122,503.00 03‐Mar‐2004 626977 TO HDFC BANK LTD/ 16590669 122,503.00 75,000.00 0.00 47,503.00 04‐Mar‐2004 8475094 BY SAHARA INDIA FIN COR LTD/ 10008759 47,503.00 0.00 16,000.00 63,503.00 04‐Mar‐2004 8475095 BY SAHARA INDIA FIN COR LTD/ 10029176 63,503.00 0.00 14,000.00 77,503.00 04‐Mar‐2004 8475130 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304235 77,503.00 0.00 35,000.00 112,503.00 04‐Mar‐2004 8475589 BY INTEGRATED ENT. (I) LTD/ 11359583 112,503.00 0.00 100,000.00 212,503.00 04‐Mar‐2004 94164 TO CDSL / 1202690000000543 212,503.00 150,000.00 0.00 62,503.00 05‐Mar‐2004 8476618 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304236 62,503.00 0.00 8,000.00 70,503.00 08‐Mar‐2004 8478281 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304237 70,503.00 0.00 30,000.00 100,503.00 08‐Mar‐2004 8478414 BY SAHARA INDIA FIN COR LTD/ 10008767 100,503.00 0.00 76,000.00 176,503.00 08‐Mar‐2004 632449 TO SARASWAT CO‐OP.BANK LTD./ 11024806 176,503.00 14,000.00 0.00 162,503.00 08‐Mar‐2004 632450 TO SARASWAT CO‐OP.BANK LTD./ 10048782 162,503.00 10,000.00 0.00 152,503.00 08‐Mar‐2004 632451 TO HDFC BANK LTD/ 16590669 152,503.00 116,000.00 0.00 36,503.00 08‐Mar‐2004 632452 TO THE SURAT PEOPLE'S CO‐OP. BANK LTD./ 36,503.00 25,800.00 0.00 10,703.00 10401304 08‐Mar‐2004 632453 TO THE SURAT PEOPLE'S CO‐OP. BANK LTD./ 10,703.00 3,000.00 0.00 7,703.00 10419532 08‐Mar‐2004 8478421 BY SAHARA INDIA FIN COR LTD/ 10032237 7,703.00 0.00 77,000.00 84,703.00 08‐Mar‐2004 632456 TO MF GLOBAL SIFY SECURITIES INDIA PVT.LTD./ 84,703.00 12,000.00 0.00 72,703.00 10009082 08‐Mar‐2004 632457 TO MF GLOBAL SIFY SECURITIES INDIA PVT.LTD./ 72,703.00 6,000.00 0.00 66,703.00 10012697 08‐Mar‐2004 632458 TO ORIENTAL BANK OF COMMERCE/ 11027827 66,703.00 7,000.00 0.00 59,703.00 08‐Mar‐2004 632454 TO STOCK HLDG CORP OF I LTD/ 16823154 59,703.00 15,000.00 0.00 44,703.00 08‐Mar‐2004 8478658 BY NIRMAL BANG SEC.PVT LTD/ 10001894 44,703.00 0.00 29,789.00 74,492.00 09‐Mar‐2004 8479584 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 74,492.00 0.00 40,000.00 114,492.00 09‐Mar‐2004 8479595 BY SAHARA INDIA FIN COR LTD/ 10014999 114,492.00 0.00 39,000.00 153,492.00 09‐Mar‐2004 8480248 BY SAHARA INDIA FIN COR LTD/ 10032237 153,492.00 0.00 46,000.00 199,492.00 09‐Mar‐2004 13478 TO REMATERIALISATION / REPURCHASE REQUEST 199,492.00 100,000.00 0.00 99,492.00

Page 25 of 40 10‐Mar‐2004 8480972 BY INTER DEPOSITORY TRANSFER / CDSL/ 99,492.00 0.00 10,000.00 109,492.00 1100001000012414 10‐Mar‐2004 8481075 BY CM BSE DIRECT DELIVERY A/C / T 2 T/ 0304239 109,492.00 0.00 11,584.00 121,076.00 10‐Mar‐2004 636546 TO INTEGRATED ENT. (I) LTD/ 10739933 121,076.00 15,000.00 0.00 106,076.00 10‐Mar‐2004 636547 TO KAPOL CO OPERATIVE BANK/ 10346659 106,076.00 6,000.00 0.00 100,076.00 10‐Mar‐2004 636548 TO HDFC BANK LTD/ 16590669 100,076.00 20,000.00 0.00 80,076.00 10‐Mar‐2004 636549 TO INTEGRATED ENT. (I) LTD/ 10739917 80,076.00 1,000.00 0.00 79,076.00 11‐Mar‐2004 8482483 BY ACTION FIN SERV (I) LTD./ 10119283 79,076.00 0.00 90,000.00 169,076.00 11‐Mar‐2004 638050 TO STANDARD CHARTERED BANK/ 12420902 169,076.00 6,000.00 0.00 163,076.00 11‐Mar‐2004 638051 TO STANDARD CHARTERED BANK/ 10421103 163,076.00 40,000.00 0.00 123,076.00 12‐Mar‐2004 639242 TO ORIENTAL BANK OF COMMERCE/ 10027314 123,076.00 18,000.00 0.00 105,076.00 12‐Mar‐2004 639243 TO ORIENTAL BANK OF COMMERCE/ 10026949 105,076.00 17,800.00 0.00 87,276.00 12‐Mar‐2004 8483924 BY CM ACTION FIN SRV (I) LTD / ROLLING MKT LOT/ 87,276.00 0.00 28,000.00 115,276.00 0304240 12‐Mar‐2004 8484065 BY SAHARA INDIA FIN COR LTD/ 10032237 115,276.00 0.00 70,000.00 185,276.00 12‐Mar‐2004 8484066 BY SAHARA INDIA FIN COR LTD/ 10029176 185,276.00 0.00 40,000.00 225,276.00 12‐Mar‐2004 639958 TO KOTAK SECURITIES LIMITED/ 10247545 225,276.00 14,000.00 0.00 211,276.00 12‐Mar‐2004 639959 TO KOTAK SECURITIES LIMITED/ 10119469 211,276.00 14,000.00 0.00 197,276.00 12‐Mar‐2004 639960 TO KOTAK SECURITIES LIMITED/ 10006907 197,276.00 5,000.00 0.00 192,276.00 12‐Mar‐2004 8484080 BY KAPOL CO OPERATIVE BANK/ 10346659 192,276.00 0.00 6,000.00 198,276.00 13‐Mar‐2004 8484209 BY HDFC BANK LTD/ 40017195 198,276.00 0.00 5,500.00 203,776.00 13‐Mar‐2004 8484266 BY HDFC BANK LTD/ 15585580 203,776.00 0.00 5,000.00 208,776.00 13‐Mar‐2004 8484333 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 208,776.00 0.00 50,000.00 258,776.00 13‐Mar‐2004 8484600 BY CM ACTION FIN SRV (I) LTD / ROLLING MKT LOT/ 258,776.00 0.00 10,000.00 268,776.00 0304241 15‐Mar‐2004 8484982 BY SAHARA INDIA FIN COR LTD/ 10014999 268,776.00 0.00 12,000.00 280,776.00 15‐Mar‐2004 8484983 BY SAHARA INDIA FIN COR LTD/ 10014999 280,776.00 0.00 30,000.00 310,776.00 15‐Mar‐2004 8485095 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 310,776.00 0.00 32,099.00 342,875.00 LOT/ 0304242 15‐Mar‐2004 8485351 BY ACTION FIN SERV (I) LTD./ 10119283 342,875.00 0.00 70,000.00 412,875.00 16‐Mar‐2004 8485962 BY ORIENTAL BANK OF COMMERCE/ 80052330 412,875.00 0.00 30,000.00 442,875.00 16‐Mar‐2004 8486022 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 442,875.00 0.00 33,500.00 476,375.00 LOT/ 0304243 16‐Mar‐2004 642673 TO STOCK HLDG CORP OF I LTD/ 10299738 476,375.00 40,000.00 0.00 436,375.00 16‐Mar‐2004 642674 TO STOCK HLDG CORP OF I LTD/ 10299826 436,375.00 40,000.00 0.00 396,375.00 16‐Mar‐2004 642675 TO STOCK HLDG CORP OF I LTD/ 16548780 396,375.00 40,000.00 0.00 356,375.00 16‐Mar‐2004 642676 TO HDFC BANK LTD/ 15101518 356,375.00 4,500.00 0.00 351,875.00 16‐Mar‐2004 642677 TO ICICI BANK LIMITED/ 12692793 351,875.00 4,500.00 0.00 347,375.00 16‐Mar‐2004 8486211 BY STOCK HLDG CORP OF I LTD/ 15384095 347,375.00 0.00 2,499.00 349,874.00 16‐Mar‐2004 8486411 BY HDFC BANK LTD/ 17202811 349,874.00 0.00 45,500.00 395,374.00 16‐Mar‐2004 8486444 BY ORIENTAL BANK OF COMMERCE/ 10026949 395,374.00 0.00 17,800.00 413,174.00 17‐Mar‐2004 8486913 BY STANDARD CHARTERED BANK/ 12420902 413,174.00 0.00 6,000.00 419,174.00 17‐Mar‐2004 8487136 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 419,174.00 0.00 41,000.00 460,174.00 LOT/ 0304244 17‐Mar‐2004 8487078 BY INTER DEPOSITORY TRANSFER / CDSL/ 460,174.00 0.00 22,500.00 482,674.00 1100001000012414 17‐Mar‐2004 644357 TO ORIENTAL BANK OF COMMERCE/ 11095707 482,674.00 1,000.00 0.00 481,674.00 17‐Mar‐2004 644358 TO ORIENTAL BANK OF COMMERCE/ 10785490 481,674.00 1,000.00 0.00 480,674.00 17‐Mar‐2004 644359 TO ORIENTAL BANK OF COMMERCE/ 10327911 480,674.00 13,000.00 0.00 467,674.00

Page 26 of 40 17‐Mar‐2004 644360 TO STOCK HLDG CORP OF I LTD/ 10497869 467,674.00 11,000.00 0.00 456,674.00 17‐Mar‐2004 644361 TO HDFC BANK LTD/ 10070709 456,674.00 20,000.00 0.00 436,674.00 17‐Mar‐2004 8487463 BY SAHARA INDIA FIN COR LTD/ 10014999 436,674.00 0.00 35,000.00 471,674.00 17‐Mar‐2004 96605 TO CDSL / 1301190300001611 471,674.00 14,000.00 0.00 457,674.00 17‐Mar‐2004 96606 TO CDSL / 1301190300001645 457,674.00 17,000.00 0.00 440,674.00 18‐Mar‐2004 8488199 BY INTER DEPOSITORY TRANSFER / CDSL/ 440,674.00 0.00 30,900.00 471,574.00 1100001000012414 18‐Mar‐2004 8488261 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 471,574.00 0.00 5,000.00 476,574.00 LOT/ 0304245 18‐Mar‐2004 8488266 BY CM ACTION FIN SRV (I) LTD / AUCTION ROLLING/ 476,574.00 0.00 25,401.00 501,975.00 0304242 18‐Mar‐2004 645547 TO KOTAK SECURITIES LIMITED/ 10006907 501,975.00 14,500.00 0.00 487,475.00 18‐Mar‐2004 645809 TO HDFC BANK LTD/ 17131858 487,475.00 16,500.00 0.00 470,975.00 19‐Mar‐2004 8489014 BY AXIS BANK LIMITED/ 11353796 470,975.00 0.00 7,000.00 477,975.00 19‐Mar‐2004 8489281 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 477,975.00 0.00 19,975.00 497,950.00 LOT/ 0304246 22‐Mar‐2004 648749 TO SAHARA INDIA FIN COR LTD/ 10008759 497,950.00 200,000.00 0.00 297,950.00 22‐Mar‐2004 648750 TO ORIENTAL BANK OF COMMERCE/ 11140819 297,950.00 9,000.00 0.00 288,950.00 22‐Mar‐2004 8490846 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 288,950.00 0.00 40,000.00 328,950.00 LOT/ 0304247 22‐Mar‐2004 8490889 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 328,950.00 0.00 80,000.00 408,950.00 22‐Mar‐2004 649640 TO ICICI BANK LIMITED/ 30686224 408,950.00 14,000.00 0.00 394,950.00 22‐Mar‐2004 649641 TO HDFC BANK LTD/ 41955156 394,950.00 80,000.00 0.00 314,950.00 23‐Mar‐2004 8491730 BY INTER DEPOSITORY TRANSFER / CDSL/ 314,950.00 0.00 20,000.00 334,950.00 1100001000012414 23‐Mar‐2004 8491780 BY INTER DEPOSITORY TRANSFER / CDSL/ 334,950.00 0.00 90.00 335,040.00 1301190000006566 23‐Mar‐2004 8491821 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 335,040.00 0.00 7,900.00 342,940.00 LOT/ 0304248 23‐Mar‐2004 97683 TO CDSL / 1201130000019830 342,940.00 6,500.00 0.00 336,440.00 24‐Mar‐2004 8493136 BY INTER DEPOSITORY TRANSFER / CDSL/ 336,440.00 0.00 28.00 336,468.00 1100001000012414 24‐Mar‐2004 8493209 BY CM BSE DIRECT DELIVERY A/C / ROLLING MKT 336,468.00 0.00 1,472.00 337,940.00 LOT/ 0304249 25‐Mar‐2004 655047 TO DENA BANK/ 10062864 337,940.00 22,000.00 0.00 315,940.00 25‐Mar‐2004 655048 TO HDFC BANK LTD/ 16715802 315,940.00 10,000.00 0.00 305,940.00 25‐Mar‐2004 655058 TO HDFC BANK LTD/ 16682230 305,940.00 10,000.00 0.00 295,940.00 25‐Mar‐2004 655060 TO STOCK HLDG CORP OF I LTD/ 24283085 295,940.00 60,000.00 0.00 235,940.00 26‐Mar‐2004 8495456 BY INTER DEPOSITORY TRANSFER / CDSL/ 235,940.00 0.00 20,000.00 255,940.00 1202490100000010 26‐Mar‐2004 8495550 BY INTER DEPOSITORY TRANSFER / CDSL/ 255,940.00 0.00 25,000.00 280,940.00 1202700100013000 26‐Mar‐2004 8495919 BY DENA BANK/ 10062864 280,940.00 0.00 22,000.00 302,940.00 26‐Mar‐2004 8496038 BY STOCK HLDG CORP OF I LTD/ 15991075 302,940.00 0.00 28,800.00 331,740.00 27‐Mar‐2004 8496525 BY STOCK HLDG CORP OF I LTD/ 17829961 331,740.00 0.00 3,700.00 335,440.00 27‐Mar‐2004 8497041 BY SAHARA INDIA FIN COR LTD/ 10014999 335,440.00 0.00 165,000.00 500,440.00 29‐Mar‐2004 8497409 BY HDFC BANK LTD/ 16682230 500,440.00 0.00 10,000.00 510,440.00 29‐Mar‐2004 8497410 BY HDFC BANK LTD/ 16715802 510,440.00 0.00 10,000.00 520,440.00 29‐Mar‐2004 8497864 BY SHAREKHAN LIMITED/ 10001656 520,440.00 0.00 1,500.00 521,940.00 29‐Mar‐2004 8498095 BY SHAREKHAN LIMITED/ 10667626 521,940.00 0.00 30,000.00 551,940.00

Page 27 of 40 30‐Mar‐2004 8498248 BY NIRMAL BANG SEC.PVT LTD/ 10001894 551,940.00 0.00 37,145.00 589,085.00 31‐Mar‐2004 8498692 BY CITIZEN CR CO‐OP BNK LTD/ 10031381 589,085.00 0.00 47,267.00 636,352.00 31‐Mar‐2004 8499064 BY DENA BANK/ 10025366 636,352.00 0.00 700.00 637,052.00 31‐Mar‐2004 661622 TO HDFC BANK LTD/ 10122275 637,052.00 3,500.00 0.00 633,552.00 31‐Mar‐2004 661623 TO THE HONGKONG AND SHANGHAI BANKING 633,552.00 67,100.00 0.00 566,452.00 CORP.LTD./ 10487995

TOTAL 68,07,550 87,89,002

k. Out of the aforesaid, the transactions carried out by DSPL through AFSL are as under : Date Order Description Opening Debit Credit Closing No Balance Balance % 10-Mar-2003 90800 TO CM ACTION FIN 306,100.00 185,000.00 0.00 121,100.00 SRV (I) LTD / T 2 T/ 0203238 1.51 12-Mar-2003 92098 TO CM ACTION FIN 121,100.00 42,000.00 0.00 79,100.00 SRV (I) LTD / T 2 T/ 0203239 0.99 27-Mar-2003 98306 TO CM ACTION FIN 173,700.00 100,000.00 0.00 73,700.00 SRV (I) LTD / T 2 T/ 0203249 0.92 01-Apr-2003 100455 TO CM ACTION FIN 141,100.00 27,000.00 0.00 114,100.00 SRV (I) LTD / T 2 T/ 0304003 1.43 17-Apr-2003 8067575 BY CM ACTION FIN 20,100.00 0.00 20,000.00 40,100.00 SRV (I) LTD / T 2 T/ 0304010 0.50 30-Apr-2003 8072018 BY ACTION FIN 40,100.00 0.00 10,000.00 50,100.00 SERV (I) LTD./ 10007292 0.63 30-Apr-2003 8072019 BY ACTION FIN 50,100.00 0.00 600.00 50,700.00 SERV (I) LTD./ 10007292 0.63 19-May- 8081390 BY ACTION FIN 52,100.00 0.00 72,100.00 124,200.00 2003 SERV (I) LTD./ 10007292 1.55 22-May- 8084177 BY ACTION FIN 13,200.00 0.00 35,000.00 48,200.00 2003 SERV (I) LTD./ 10007292 0.60 27-May- 8088477 BY ACTION FIN 6,200.00 0.00 35,000.00 41,200.00 2003 SERV (I) LTD./ 10007292 0.52 30-May- 8091789 BY CM ACTION FIN 41,200.00 0.00 20,000.00 61,200.00 2003 SRV (I) LTD / T 2 T/ 0304041 0.77 30-May- 8091841 BY CM ACTION FIN 61,200.00 0.00 23,000.00 84,200.00 2003 SRV (I) LTD / ROLLING MKT LOT/ 0304041 1.05 09-Jun-2003 8099813 BY ACTION FIN 51,500.00 0.00 85,400.00 136,900.00 SERV (I) LTD./ 10007292 1.71 12-Jun-2003 8103663 BY ACTION FIN 138,900.00 0.00 37,000.00 175,900.00 2.20

Page 28 of 40 SERV (I) LTD./ 10007292 17-Jun-2003 8107985 BY ACTION FIN 29,400.00 0.00 14,000.00 43,400.00 SERV (I) LTD./ 10007292 0.54 17-Jun-2003 8108240 BY ACTION FIN 43,400.00 0.00 56,000.00 99,400.00 SERV (I) LTD./ 10007292 1.24 20-Jun-2003 8112551 BY ACTION FIN 124,300.00 0.00 14,700.00 139,000.00 SERV (I) LTD./ 10007292 1.74 02-Jul-2003 8124174 BY ACTION FIN 2,200.00 0.00 28,000.00 30,200.00 SERV (I) LTD./ 10007292 0.38 08-Jul-2003 8132257 BY ACTION FIN 25,200.00 0.00 8,600.00 33,800.00 SERV (I) LTD./ 10007292 0.42 17-Jul-2003 208260 TO ACTION FIN 175,500.00 1,600.00 0.00 173,900.00 SERV (I) LTD./ 10007292 2.17 19-Jul-2003 8148739 BY ACTION FIN 23,900.00 0.00 15,000.00 38,900.00 SERV (I) LTD./ 10007292 0.49 26-Jul-2003 8155580 BY ACTION FIN 9,900.00 0.00 20,000.00 29,900.00 SERV (I) LTD./ 10007292 0.37 26-Jul-2003 8155581 BY ACTION FIN 29,900.00 0.00 5,000.00 34,900.00 SERV (I) LTD./ 10007292 0.44 28-Jul-2003 8156901 BY ACTION FIN 36,900.00 0.00 8,000.00 44,900.00 SERV (I) LTD./ 10007292 0.56 31-Jul-2003 8160695 BY CM ACTION FIN 95,900.00 0.00 10,000.00 105,900.00 SRV (I) LTD / T 2 T/ 0304084 1.32 31-Jul-2003 8160696 BY CM ACTION FIN 105,900.00 0.00 10,200.00 116,100.00 SRV (I) LTD / T 2 T/ 0304085 1.45 05-Aug-2003 8166696 BY ACTION FIN 800.00 0.00 40,000.00 40,800.00 SERV (I) LTD./ 10007292 0.51 05-Aug-2003 8166697 BY ACTION FIN 40,800.00 0.00 15,000.00 55,800.00 SERV (I) LTD./ 10007292 0.70 09-Aug-2003 8173339 BY ACTION FIN 26,800.00 0.00 5,900.00 32,700.00 SERV (I) LTD./ 10007292 0.41 11-Aug-2003 8175285 BY ACTION FIN 32,700.00 0.00 21,000.00 53,700.00 SERV (I) LTD./ 10007292 0.67 13-Aug-2003 8178861 BY ACTION FIN 89,400.00 0.00 5,100.00 94,500.00 SERV (I) LTD./ 10007292 1.18 18-Aug-2003 8184041 BY ACTION FIN 500.00 0.00 15,000.00 15,500.00 SERV (I) LTD./ 10007292 0.19 20-Aug-2003 8187832 BY ACTION FIN 31,200.00 0.00 20,900.00 52,100.00 SERV (I) LTD./ 10007292 0.65 23-Aug-2003 8195249 BY ACTION FIN 200.00 0.00 6,000.00 6,200.00 SERV (I) LTD./ 0.08

Page 29 of 40 10007292 30-Aug-2003 8206516 BY ACTION FIN 41,200.00 0.00 41,500.00 82,700.00 SERV (I) LTD./ 10007292 1.03 04-Sep-2003 8215614 BY ACTION FIN 101,000.00 0.00 25,000.00 126,000.00 SERV (I) LTD./ 10007292 1.58 10-Sep-2003 8225183 BY CM ACTION FIN 152,850.00 0.00 21,000.00 173,850.00 SRV (I) LTD / ROLLING MKT LOT/ 0304114 2.17 11-Sep-2003 8226587 BY CM ACTION FIN 179,200.00 0.00 33,000.00 212,200.00 SRV (I) LTD / ROLLING MKT LOT/ 0304114 2.65 25-Sep-2003 8241285 BY ACTION FIN 15,492.00 0.00 40,000.00 55,492.00 SERV (I) LTD./ 10007292 0.69 22-Oct-2003 8277307 BY ACTION FIN 231,565.00 0.00 14,000.00 245,565.00 SERV (I) LTD./ 10007292 3.07 30-Oct-2003 8285715 BY CM ACTION FIN 17,370.00 0.00 498.00 17,868.00 SRV (I) LTD / ROLLING MKT LOT/ 0304148 0.22 14-Nov-2003 8308684 BY CM ACTION FIN 161,930.00 0.00 2,500.00 164,430.00 SRV (I) LTD / AUCTION ROLLING/ 0304158 2.06 18-Nov-2003 420624 TO CM ACTION FIN 11,230.00 350.00 0.00 10,880.00 SRV (I) LTD / ROLLING MKT LOT/ 0304163 0.14 03-Jan-2004 8397375 BY CM ACTION FIN 12,079.00 0.00 25,000.00 37,079.00 SRV (I) LTD / T 2 T/ 0304194 0.46 03-Jan-2004 8397376 BY CM ACTION FIN 37,079.00 0.00 6,600.00 43,679.00 SRV (I) LTD / T 2 T/ 0304193 0.55 06-Jan-2004 8403065 BY CM ACTION FIN 2,779.00 0.00 24,000.00 26,779.00 SRV (I) LTD / T 2 T/ 0304195 0.33 08-Jan-2004 8408303 BY CM ACTION FIN 86,679.00 0.00 8,500.00 95,179.00 SRV (I) LTD / T 2 T/ 0304196 1.19 08-Jan-2004 8408304 BY CM ACTION FIN 95,179.00 0.00 23,000.00 118,179.00 SRV (I) LTD / T 2 T/ 0304197 1.48 29-Jan-2004 582783 TO ACTION FIN 82,404.00 7,000.00 0.00 75,404.00 SERV (I) LTD./ 10054299 0.94 14-Feb-2004 8457929 BY ACTION FIN 120,407.00 0.00 72,000.00 192,407.00 SERV (I) LTD./ 10095144 2.41 24-Feb-2004 8468516 BY ACTION FIN 11,179.00 0.00 7,074.00 18,253.00 SERV (I) LTD./ 10095144 0.23 11-Mar-2004 8482483 BY ACTION FIN 79,076.00 0.00 90,000.00 169,076.00 SERV (I) LTD./ 10119283 2.11 12-Mar-2004 8483924 BY CM ACTION FIN 87,276.00 0.00 28,000.00 115,276.00 1.44

Page 30 of 40 SRV (I) LTD / ROLLING MKT LOT/ 0304240 13-Mar-2004 8484600 BY CM ACTION FIN 258,776.00 0.00 10,000.00 268,776.00 SRV (I) LTD / ROLLING MKT LOT/ 0304241 3.36 15-Mar-2004 8485351 BY ACTION FIN 342,875.00 0.00 70,000.00 412,875.00 SERV (I) LTD./ 10119283 5.16 18-Mar-2004 8488266 BY CM ACTION FIN 476,574.00 0.00 25,401.00 501,975.00 SRV (I) LTD / AUCTION ROLLING/ 0304242 6.27

TOTAL 3,62,950 12,23,573

l. The above information clearly brings out the fact that the Noticees, more particularly, DSPL had traded through AFSL over a period of time, i.e. from March 10, 2003 to March 18, 2004. During the said period, DSPL, through AFSL, sold and delivered 3,62,950 shares and purchased and taken delivery of 12,23,573 shares (net position). Thus, DSPL had taken delivery from AFSL as well as given delivery to AFSL. In view of this, I am of the view that the allegation of the Noticees on AFSL does not appear to be true. m. An analysis of the information obtained from NSDL reveals that DSPL had sold and delivered 68,07,550 shares and purchased and taken delivery of 87,89,002 shares during February 1, 2003 to March 31, 2004 (net position). n. This clearly shows that DSPL traded heavily in the scrip of SSR with more than 10 different brokers, including AFSL, during the period from February 1, 2003 to March 31, 2004. o. The Noticees held Nil shares on 28th June, 2003 (lowest) and 6,37,052 shares constituting 7.96% on 31st March, 2004 (highest).

17. I am of the view that the facts of the present case clearly bring out an element of fraud and unfair trade practices indulged in by the Noticees. Regulation 4(2)(a) of PFUTP, inter alia, prohibits a person from indulging in

Page 31 of 40 an act which creates false or misleading appearance of trading in the securities market. Regulation 4(2)(b) of PFUTP, inter alia, prohibits dealings in a security intended to operate as a device to inflate, depress or cause fluctuations in the price of such security for wrongful gains. Regulation 4(2)(g) of PFUTP prohibits a person from entering into a transaction in securities without intention of performing it or without intention of change of ownership of such security. As detailed above, the acts of the Noticees clearly created false and misleading appearance in the shares of SSR and also that it did not act in a bonafide manner.

18. In view of the foregoing, I find that the allegation of violation of the provisions of regulations 4(2)(a), 4(2)(b) and 4(2)(g) PFUTP by the Noticees as alleged in the SCN/s stands established.

19. The Hon’ble Supreme Court of India in the matter of SEBI Vs. Shri Ram Mutual Fund [2006] 68 SCL 216(SC) held that “In our considered opinion, penalty is attracted as soon as the contravention of the statutory obligation as contemplated by the Act and the Regulations is established and hence the intention of the parties committing such violation becomes wholly irrelevant…”.

20. Thus, the aforesaid violation attracts monetary penalty under section 15 HA of SEBI Act, 1992 which reads as follows:

15HA.Penalty for fraudulent and unfair trade practices.-

If any person indulges in fraudulent and unfair trade practices relating to securities, he shall be liable to a penalty of twenty-five crore rupees or three times the amount of profits made out of such practices, whichever is higher.

21. Violation of the provision of SAST

Page 32 of 40 a. It is alleged that the Noticees acquired 7.08% shares of SSR during the quarter ended March 31, 2004, but did not make any disclosure to BSE, which resulted in violation of regulations 7(1) and 7(2) of SAST. b. The provisions of regulation 7(1) and 7(2) of SAST are reproduced hereunder: - 7. Acquisition of 5 per cent and more shares or voting rights of a company. 7.(1) Any acquirer, who acquires shares or voting rights which(taken together with shares or voting rights, if any, held by him) would entitle him to more than five per cent or ten per cent. or fourteen percent.( or fifty four per cent. or seventy four per cent)shares or voting rights in a company, in any manner whatsoever, shall disclose at every stage the aggregate of his shareholding or voting rights in that company to the company and to the stock exchanges where shares of the target company are listed. [(1A) ……… [Explanation- for the purposes of sub-regulations (1) and (1A), the term 'acquirer’ shall include a pledgee, other than a bank or a financial institution and such pledgee shall make disclosure to the target company and the stock exchange within two days of creation of pledge.] (2) The disclosures mentioned in [sub-regulations (1) and (1A)] shall be made within [two days], - (a) the receipt of intimation of allotment of shares; or (b) the acquisition of shares or voting rights, as the case may be.

c. I find that regulation 7(1) read with 7(2) of SAST deals with disclosure of number and percentage of shares/voting rights to the company and stock exchange by an acquirer who acquires shares or voting rights which (taken together with shares or voting rights, if any held by him) would entitle him to more than 5% shares or voting rights in a company, in any manner whatsoever, within two days of, receipt of intimation of allotment of shares or acquisition of shares or voting rights. d. In order to find out whether the Noticees had crossed the aforesaid threshold limit anytime during the quarter ended March 2004, the transaction statement submitted by NSDL was perused. I find that as of March 13, 2004, DSPL held 3.36%. With the net acquisition made on March 15, 2009, its shareholding went up to 5.56%. This was the first time, DSPL crossed the threshold limit of 5% during the

Page 33 of 40 investigation period. The details of the transactions of DSPL during the period from March 13, 2004 to March 31, 2004 are as under :

Date Order No Description Opening Balance Debit Credit Closing Balance % 13-Mar-2004 8484209 BY HDFC BANK LTD/ 198,276.00 0.00 5,500.00 203,776.00 40017195 2.55 13-Mar-2004 8484266 BY HDFC BANK LTD/ 203,776.00 0.00 5,000.00 208,776.00 15585580 2.61 13-Mar-2004 8484333 BY CITIZEN CR CO-OP 208,776.00 0.00 50,000.00 258,776.00 BNK LTD/ 10031381 3.23 13-Mar-2004 8484600 BY CM ACTION FIN SRV 258,776.00 0.00 10,000.00 268,776.00 (I) LTD / ROLLING MKT LOT/ 0304241 3.36 15-Mar-2004 8484982 BY SAHARA INDIA FIN 268,776.00 0.00 12,000.00 280,776.00 COR LTD/ 10014999 3.51 15-Mar-2004 8484983 BY SAHARA INDIA FIN 280,776.00 0.00 30,000.00 310,776.00 COR LTD/ 10014999 3.88 15-Mar-2004 8485095 BY CM BSE DIRECT 310,776.00 0.00 32,099.00 342,875.00 DELIVERY A/C / ROLLING MKT LOT/ 0304242 4.29 15-Mar-2004 8485351 BY ACTION FIN SERV (I) 342,875.00 0.00 70,000.00 412,875.00 LTD./ 10119283 5.16 16-Mar-2004 8485962 BY ORIENTAL BANK OF 412,875.00 0.00 30,000.00 442,875.00 COMMERCE/ 80052330 5.54 16-Mar-2004 8486022 BY CM BSE DIRECT 442,875.00 0.00 33,500.00 476,375.00 DELIVERY A/C / ROLLING MKT LOT/ 0304243 5.95 16-Mar-2004 642673 TO STOCK HLDG CORP 476,375.00 40,000.00 0.00 436,375.00 OF I LTD/ 10299738 5.45 16-Mar-2004 642674 TO STOCK HLDG CORP 436,375.00 40,000.00 0.00 396,375.00 OF I LTD/ 10299826 4.95 16-Mar-2004 642675 TO STOCK HLDG CORP 396,375.00 40,000.00 0.00 356,375.00 OF I LTD/ 16548780 4.45 16-Mar-2004 642676 TO HDFC BANK LTD/ 356,375.00 4,500.00 0.00 351,875.00 15101518 4.40 16-Mar-2004 642677 TO ICICI BANK LIMITED/ 351,875.00 4,500.00 0.00 347,375.00 12692793 4.34 16-Mar-2004 8486211 BY STOCK HLDG CORP OF 347,375.00 0.00 2,499.00 349,874.00 I LTD/ 15384095 4.37 16-Mar-2004 8486411 BY HDFC BANK LTD/ 349,874.00 0.00 45,500.00 395,374.00 17202811 4.94 16-Mar-2004 8486444 BY ORIENTAL BANK OF 395,374.00 0.00 17,800.00 413,174.00 COMMERCE/ 10026949 5.16 17-Mar-2004 8486913 BY STANDARD 413,174.00 0.00 6,000.00 419,174.00 CHARTERED BANK/ 12420902 5.24 17-Mar-2004 8487136 BY CM BSE DIRECT 419,174.00 0.00 41,000.00 460,174.00 DELIVERY A/C / ROLLING MKT LOT/ 0304244 5.75 17-Mar-2004 8487078 BY INTER DEPOSITORY 460,174.00 0.00 22,500.00 482,674.00 TRANSFER / CDSL/ 1100001000012414 6.03 17-Mar-2004 644357 TO ORIENTAL BANK OF 482,674.00 1,000.00 0.00 481,674.00 COMMERCE/ 11095707 6.02 17-Mar-2004 644358 TO ORIENTAL BANK OF 481,674.00 1,000.00 0.00 480,674.00 COMMERCE/ 10785490 6.01 17-Mar-2004 644359 TO ORIENTAL BANK OF 480,674.00 13,000.00 0.00 467,674.00 COMMERCE/ 10327911 5.85 17-Mar-2004 644360 TO STOCK HLDG CORP 467,674.00 11,000.00 0.00 456,674.00 OF I LTD/ 10497869 5.71 17-Mar-2004 644361 TO HDFC BANK LTD/ 456,674.00 20,000.00 0.00 436,674.00 10070709 5.46

Page 34 of 40 17-Mar-2004 8487463 BY SAHARA INDIA FIN 436,674.00 0.00 35,000.00 471,674.00 COR LTD/ 10014999 5.90 17-Mar-2004 96605 TO CDSL / 471,674.00 14,000.00 0.00 457,674.00 1301190300001611 5.72 17-Mar-2004 96606 TO CDSL / 457,674.00 17,000.00 0.00 440,674.00 1301190300001645 5.51 18-Mar-2004 8488199 BY INTER DEPOSITORY 440,674.00 0.00 30,900.00 471,574.00 TRANSFER / CDSL/ 1100001000012414 5.89 18-Mar-2004 8488261 BY CM BSE DIRECT 471,574.00 0.00 5,000.00 476,574.00 DELIVERY A/C / ROLLING MKT LOT/ 0304245 5.96 18-Mar-2004 8488266 BY CM ACTION FIN SRV (I) 476,574.00 0.00 25,401.00 501,975.00 LTD / AUCTION ROLLING/ 0304242 6.27 18-Mar-2004 645547 TO KOTAK SECURITIES 501,975.00 14,500.00 0.00 487,475.00 LIMITED/ 10006907 6.09 18-Mar-2004 645809 TO HDFC BANK LTD/ 487,475.00 16,500.00 0.00 470,975.00 17131858 5.89 19-Mar-2004 8489014 BY AXIS BANK LIMITED/ 470,975.00 0.00 7,000.00 477,975.00 11353796 5.97 19-Mar-2004 8489281 BY CM BSE DIRECT 477,975.00 0.00 19,975.00 497,950.00 DELIVERY A/C / ROLLING MKT LOT/ 0304246 6.22 22-Mar-2004 648749 TO SAHARA INDIA FIN 497,950.00 200,000.00 0.00 297,950.00 COR LTD/ 10008759 3.72 22-Mar-2004 648750 TO ORIENTAL BANK OF 297,950.00 9,000.00 0.00 288,950.00 COMMERCE/ 11140819 3.61 22-Mar-2004 8490846 BY CM BSE DIRECT 288,950.00 0.00 40,000.00 328,950.00 DELIVERY A/C / ROLLING MKT LOT/ 0304247 4.11 22-Mar-2004 8490889 BY CITIZEN CR CO-OP 328,950.00 0.00 80,000.00 408,950.00 BNK LTD/ 10031381 5.11 22-Mar-2004 649640 TO ICICI BANK LIMITED/ 408,950.00 14,000.00 0.00 394,950.00 30686224 4.94 22-Mar-2004 649641 TO HDFC BANK LTD/ 394,950.00 80,000.00 0.00 314,950.00 41955156 3.94 23-Mar-2004 8491730 BY INTER DEPOSITORY 314,950.00 0.00 20,000.00 334,950.00 TRANSFER / CDSL/ 1100001000012414 4.19 23-Mar-2004 8491780 BY INTER DEPOSITORY 334,950.00 0.00 90.00 335,040.00 TRANSFER / CDSL/ 1301190000006566 4.19 23-Mar-2004 8491821 BY CM BSE DIRECT 335,040.00 0.00 7,900.00 342,940.00 DELIVERY A/C / ROLLING MKT LOT/ 0304248 4.29 23-Mar-2004 97683 TO CDSL / 342,940.00 6,500.00 0.00 336,440.00 1201130000019830 4.21 24-Mar-2004 8493136 BY INTER DEPOSITORY 336,440.00 0.00 28.00 336,468.00 TRANSFER / CDSL/ 1100001000012414 4.21 24-Mar-2004 8493209 BY CM BSE DIRECT 336,468.00 0.00 1,472.00 337,940.00 DELIVERY A/C / ROLLING MKT LOT/ 0304249 4.22 25-Mar-2004 655047 TO DENA BANK/ 10062864 337,940.00 22,000.00 0.00 315,940.00 3.95 25-Mar-2004 655048 TO HDFC BANK LTD/ 315,940.00 10,000.00 0.00 305,940.00 16715802 3.82 25-Mar-2004 655058 TO HDFC BANK LTD/ 305,940.00 10,000.00 0.00 295,940.00 16682230 3.70 25-Mar-2004 655060 TO STOCK HLDG CORP 295,940.00 60,000.00 0.00 235,940.00 OF I LTD/ 24283085 2.95 26-Mar-2004 8495456 BY INTER DEPOSITORY 235,940.00 0.00 20,000.00 255,940.00 TRANSFER / CDSL/ 1202490100000010 3.20 26-Mar-2004 8495550 BY INTER DEPOSITORY 255,940.00 0.00 25,000.00 280,940.00 TRANSFER / CDSL/ 1202700100013000 3.51 26-Mar-2004 8495919 BY DENA BANK/ 10062864 280,940.00 0.00 22,000.00 302,940.00 3.79

Page 35 of 40 26-Mar-2004 8496038 BY STOCK HLDG CORP OF 302,940.00 0.00 28,800.00 331,740.00 I LTD/ 15991075 4.15 27-Mar-2004 8496525 BY STOCK HLDG CORP OF 331,740.00 0.00 3,700.00 335,440.00 I LTD/ 17829961 4.19 27-Mar-2004 8497041 BY SAHARA INDIA FIN 335,440.00 0.00 165,000.00 500,440.00 COR LTD/ 10014999 6.26 29-Mar-2004 8497409 BY HDFC BANK LTD/ 500,440.00 0.00 10,000.00 510,440.00 16682230 6.38 29-Mar-2004 8497410 BY HDFC BANK LTD/ 510,440.00 0.00 10,000.00 520,440.00 16715802 6.51 29-Mar-2004 8497864 BY SHAREKHAN LIMITED/ 520,440.00 0.00 1,500.00 521,940.00 10001656 6.52 29-Mar-2004 8498095 BY SHAREKHAN LIMITED/ 521,940.00 0.00 30,000.00 551,940.00 10667626 6.90 30-Mar-2004 8498248 BY NIRMAL BANG 551,940.00 0.00 37,145.00 589,085.00 SEC.PVT LTD/ 10001894 7.36 31-Mar-2004 8498692 BY CITIZEN CR CO-OP 589,085.00 0.00 47,267.00 636,352.00 BNK LTD/ 10031381 7.95 31-Mar-2004 8499064 BY DENA BANK/ 10025366 636,352.00 0.00 700.00 637,052.00 7.96 31-Mar-2004 661622 TO HDFC BANK LTD/ 637,052.00 3,500.00 0.00 633,552.00 10122275 7.92 31-Mar-2004 661623 TO THE HONGKONG AND 633,552.00 67,100.00 0.00 566,452.00 SHANGHAI BANKING CORP.LTD./ 10487995 7.08

e. A perusal of the aforesaid table reveals that the shareholding of DSPL on the following dates (which are significant from the point of examining the need to make disclosure under SAST) were as under :

No. Date % of Shareholding

1. 13.03.2004 3.36%

2. 15.03.2004 5.16%

3. 22.03.2004 3.94%

4. 27.03.2004 6.26%

f. The Noticees were required to make disclosures on two occasions, i.e, when the shareholding went up to 5.16% from 3.36% on March 15, 2004 and to 6.26% from 3.94% on March 27, 2004. In this regard, it is pertinent to refer to the judgment of SAT in the matter of Limited v. SEBI, which inter alia, reads as under: “We cannot at the same time ignore the plain meaning of the provision as it stands. Simply stated, regulation 7(1) enjoins on any acquirer to report his shareholding once it exceeds 5% regardless of whether his shareholding was acquired or re-

Page 36 of 40 acquired. It is well established law that when the meaning is plain and evident on the face of a provision, there is no need to go behind these words to look for the impact and purpose of such legislation. Besides, Regulation 7(1) is a simple transparency requirement in harmony with the over-all objectives of the Takeover Code and does not adversely impact the legitimate business interests nor imposes any undue costs. We therefore hold that the appellant was under an obligation under Regulation 7 to inform the target company on 05/11/2001, about its shareholding having exceeded 5%. This issue is therefore answered in the affirmative” g. Thus, the Noticees ought to have complied with SAST when they crossed the threshold limit on March 15 and 27, 2004. However, they had failed to do so. h. I have noted the denial of the Noticees in this regard, during the personal hearing held on August 20, 2009. i. However, the facts of the case as narrated above reveal a different story. Thus, I hold that the allegation of violation of regulations 7 (1) and 7 (2) of SAST, on the above two occasions by the Noticees stands established.

22. The Hon’ble Supreme Court of India in the matter of SEBI Vs. Shri Ram Mutual Fund [2006] 68 SCL 216(SC) held that “In our considered opinion, penalty is attracted as soon as the contravention of the statutory obligation as contemplated by the Act and the Regulations is established and hence the intention of the parties committing such violation becomes wholly irrelevant…”.

23. The aforesaid alleged violations, if established, make you liable for monetary penalty under section 15A(b) of SEBI Act, 1992 which reads as follows: 15A. Penalty for failure to furnish information, return, etc. - If any person, who is required under this Act or any rules or regulations made there under, - a)… … … b) to file any return or furnish any information, books or other documents within the time specified therefore in the regulations, fails to file return or

Page 37 of 40 furnish the same within the time specified therefore in the regulations, he shall be liable to [a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less.

24. In Appeal No. 66 of 2003 - Milan Mahendra Securities Pvt. Ltd. Vs SEBI – Order dated April 15,2005 the Hon’ble SAT has observed that, “the purpose of these disclosures is to bring about transparency in the transactions and assist the Regulator to effectively monitor the transactions in the market.”

25. I also note that in the case of P.K. Tayal Vs. SEBI (Appeal No. 89 of 2007), the Hon’ble SAT upheld a penalty of Rs.1 lakh on the appellant for violation of regulations 7 (1) and 7 (2) of the SAST Regulations. Also, in the matter of Mega Resources and Others Vs. SEBI, (Appeal No. 138/2003, 138 A to 138F/2003) the Hon’ble SAT reduced the penalty of Rs.3 lakhs to Rs.1.5 lakhs on seven entities for the violation of regulations 7 (1) and 7 (2) of SAST.

Levy of penalty

26. While determining the quantum of monetary penalty under section 15HA and 15 A(b), I have considered the factors stipulated in section 15J of SEBI Act, which reads as under :-

15J - Factors to be taken into account by the adjudicating officer While adjudging quantum of penalty under section 15-I, the adjudicating officer shall have due regard to the following factors, namely:- (a) the amount of disproportionate gain or unfair advantage, wherever quantifiable, made as a result of the default; (b) the amount of loss caused to an investor or group of investors as a result of the default; (c) the repetitive nature of the default.”

27. SAST mandating disclosure of acquisition/sale beyond certain quantity is to give equal treatment and opportunity to all shareholders and protect their

Page 38 of 40 interests. To translate this objective into reality, measures have been taken by SEBI to bring about transparency in the transactions and it is for this purpose that dissemination of full information is required. It may not be possible to ascertain the exact monetary loss to the investors on account of default by the Noticee. The acquisition of 4,12,875 shares constituting 5.16% of shareholding on one occasion and acquisition of 5,00,440 shares constituting 6.26% of shareholding on another occasion assumes significance inasmuch as the same was not known to the public. It would, however, be difficult to come to a firm conclusion as to how the general shareholders would have reacted on knowing the aforesaid transactions. By virtue of the failure on the part of the Noticees to make the necessary disclosure on time, the fact remains that the outside shareholders were deprived of the important information at the relevant point of time. The Noticees failed to disclose the details of the acquisition on two occasions. This reflects the repetitive nature of default by them.

28. As far as levy of penalty for the violation of PFUTP is concerned, it is difficult, in cases of such nature, to quantify exactly the disproportionate gains or unfair advantage enjoyed by an entity and the consequent losses suffered by the investors. I have noted that the investigation report also does not dwell on the extent of specific gains made by the clients or broker/s. Suffice to state that keeping in mind the practices indulged in by the Noticees, gains per se were made by the Noticees in that it traded in the scrip in a manner meant to create artificial volumes and liquidity which is an important criterion, apart from price, capable of misleading the investors while making an investment decision. In fact, liquidity/volumes in particular scrip raise the issue of ‘demand’ in the securities market. Greater the liquidity, higher is the investors’ attraction towards investing in that scrip. Hence, anyone could have been carried away by the unusual fluctuations in the volumes and been induced into investing in the said scrip. Besides, this kind of activity seriously affects the normal price discovery mechanism of

Page 39 of 40 the securities market. People who indulge in manipulative, fraudulent and deceptive transactions, or abet the carrying out of such transactions which are fraudulent and deceptive, should be suitably penalized for the said acts of omissions and commissions.

ORDER

29. After taking into consideration all the facts and circumstances of the case, I impose a penalty of Rs.2,00,000/- (Rupees Two Lakh only) under section 15HA and Rs.3,00,000/- (Rupees Three Lakh only) under section 15A(b), {i.e. a total penalty of Rs.5,00,000/- (Rupees Five Lakh only)} on the Noticees which will be commensurate with the violations committed by it. They shall be jointly and severally liable to pay the said penalty.

30. The Noticee shall pay the said amount of penalty by way of demand draft in favour of “SEBI - Penalties Remittable to ”, payable at Mumbai, within 45 days of receipt of this order. The said demand draft should be forwarded to Mr. Ali Asgar Mithwani, Deputy General Manager, Investigations Department - 4, SEBI Bhavan, Plot No. C – 4 A, “G” Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.

31. In terms of rule 6 of the Adjudication Rules, copies of this order are sent to the Noticee and also to the Securities and Exchange Board of India.

Date: November 25, 2009 V.S.SUNDARESAN Place: MUMBAI ADJUDICATING OFFICER

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