This HTML code is a simple implementation of a CAPTCHA system using JavaScript to generate a random sequence of numbers and letters for the user to input. The CAPTCHA is refreshed upon user request and validated before allowing form submission.

<html>
<head>
<script type="text/javascript">
//Created / Generates the captcha function
 function DrawCaptcha()
  {
  var a = Math.ceil(Math.random() * 6)+ '';
  var b = Math.ceil(Math.random() * 6)+ '';
  var c = Math.ceil(Math.random() * 6)+ '';
  var d = Math.ceil(Math.random() * 6)+ '';
  var e = Math.ceil(Math.random() * 6)+ '';
  var f = Math.ceil(Math.random() * 6)+ '';
  var g = Math.ceil(Math.random() * 6)+ '';
  var code = a + ' ' + b + ' ' + ' ' + c + ' ' + d + ' ' + e + ' '+ f ;
  document.getElementById("txtCaptcha").value = code
  }
</script>
 <script type="text/javascript">
// Remove the spaces from the entered and generated code
 function removeSpaces(string){
  return string.split(' ').join('');
 }
</script>
</head>
<body onload="DrawCaptcha();">
 <form name="value">
 Name <input type="text" required pattern="^[a-zA-Z0-9]{4,12}$" value="" /> 
 Email:<input type="text" required pattern="^[a-zA-Z0-9-\_.]+@[a-zA-Z0-9-\_.]+\.[a-zA-Z0-9.]{2,5}$" value="" />   
 Phone:<input type="text" required pattern="^[0-9]{10,}$"  value="" /> 
 Comments:<textarea required pattern="^[a-zA-Z0-9]{15,}$"></textarea>   
 Enter Numbers As Shown:
<input type="text" id="txtCaptcha" style="background-image:url(images/cap.JPG); text-align:center; border:none; font-weight: bold; font-family:Modern" />
 <input type="button" id="btnrefresh" value="Refresh" onclick="DrawCaptcha();" />
 <input type="text"  oninput="check(this)" required  id="txtInput"/>  <input type="submit" value="SEND" onclick="ValidCaptcha();" /> 
 </form>
<script>
// Validate the Entered input aganist the generated security code function
function check(input) {
  var cap =removeSpaces(document.getElementById('txtCaptcha').value);
if (input.value != cap ) {
  input.setCustomValidity("Error in code Please Check!");
  } else {
  // input is fine -- reset the error message
  input.setCustomValidity('');
  }
  }
 </script>
</body>
</html>

Overall, this code demonstrates a basic CAPTCHA implementation in HTML using JavaScript for form validation and random code generation. The CAPTCHA is refreshed on user request and must be correctly entered to submit the form.