sebi:10489
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Facts / Headnote
Warning issued to the noticees; directed to desist from undertaking transactions of the nature carried out in the scrip of M/s. Dynacons Systems and Solutions Limited in future.
Provisions invoked
- s. 11B
- s. 19
Regulations
- Reg. 4
- Reg. 11
Parties
- Smt. Pallavi Urvish Vora
- Shri Urvish Vora
Holding
The transactions carried out by Smt. Pallavi Urvish Vora and Shri Urvish Vora in the scrip of M/s. Dynacons Systems and Solutions Limited were found to be in violation of Clauses (a), (b) & (c) of regulation 4 of the FUTP Regulations, 1995, and a warning was issued directing them to desist from such transactions in future.
Full text
Whereas, investigations were conducted into the dealings in the scrip of M/s. Dynacons Systems and Solutions Limited by Securities and Exchange Board of India for the period 29th January 2001 to 8th March 2001 due to the high trading activity in the otherwise illiquid scrip, and, Whereas, it was observed that Smt. Pallavi Urvish Vora and Shri Urvish Vora contributed around 9.94% of the total trading on the National Stock Exchange during the period of investigation, Whereas, notice ref No. IVD 6/RM/KS/DYN/30379/2005 dated 6th January 2005 was issued to Smt. Pallavi Urvish Vora and Shri Urvish Vora, charging them with violation of Clauses (a), (b) & (c) of regulation 4 of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations‚ 1995 (hereinafter referred to as ‘FUTP Regulations, 1995’), and required them to show cause as to why suitable actions should not be taken against them under Section 11B of Securities and Exchange Board of India Act, 1992 read with regulations 11 and 13 of Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations‚ 2003, (hereinafter referred to as ‘FUTP Regulations, 2003’) and, Whereas, reply dated 28th February 2005 was received from Shri. Urvish Vora, and, Whereas, an opportunity of being heard was given to Smt. Pallavi Urvish Vora and Shri Urvish Vora before me on 29th June 2005, wherein Shri
Whereas Shri Urvish Vora vide written submissions dated 29th June 2005 on his behalf and on behalf of his wife, Smt. Pallavi Urvish Vora has accepted that the transactions in the scrip as mentioned in the show cause notice dated 6th January 2005 were done by them but pleaded that these were inadvertently without an awareness as to the ingenuinity of those transactions and have prayed for a lenient view on the basis of comparatively insignificant volume of trade done by Smt. Pallavi Urvish Vora and Shri Urvish Vora while deciding the quantum of penalty in the matter, I, having considered the nature of the charge made out against Smt. Pallavi Urvish Vora and Shri Urvish Vora under the show cause notice dated 6th January 2005, reply dated 28th February 2005 of Shri Urvish Vora and written submissions dated 29th June 2005 of Shri Urvish Vora for himself and on behalf of his wife Smt. Pallavi Urvish Vora at the time of personal hearing before me, accepted having executed trades as shown in the show cause notice, the charges against them, am convinced that the transactions carried out by the parties are in violation of the provisions of Clauses (a), (b) & (c) of regulation 4 of the FUTP Regulations, 1995, and, I, having considered the volume of trade done by Smt. Pallavi Urvish Vora and Shri Urvish Vora and also keeping in view the circumstances as mentioned by them vide written submissions dated 29th June 2005, vis-a-vis nature of violations committed by Smt. Pallavi Urvish Vora a
DATE: 16th December, 2005 PLACE: MUMBAI MADHUKAR WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
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Source: SecMarx — sebi:10489. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.