sebi:AK/AO-70/2016

SEBI · SEBI · 2015-03-18 · Anita Kenkare, Adjudicating Officer

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Facts / Headnote

Penalty imposed on Noticee; BSE trade allegation dropped for benefit of doubt

Provisions invoked

• s. 11
• s. 15
• s. 15H
• s. 15J

Parties

• Mr. Manish V. Shah

Holding

The Noticee Mr. Manish V. Shah was held liable for non-compliance with SEBI's interim order dated September 15, 2005 barring him from trading, having traded on NSE on September 29 and 30, 2005, and a penalty of Rs. 8,00,000 was imposed under Section 15HB of the SEBI Act. The allegation regarding the BSE trade dated November 16, 2005 was dropped as the Noticee was given the benefit of doubt.

Full text

Adjudication Order in respect of Mr. Manish V Shah Page 2 of 14 APPOINTMENT OF ADJUDICATING OFFICER 3. Ms. Anita Kenkare was appointed as the Adjudicating Officer vide Order dated March 18, 2015 under Section 15 I of the SEBI Act read with Rule 3 of Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under the provisions of Section 15HB of the SEBI Act, the alleged non- compliance by the Noticee of the directions issued by SEBI vide Interim Order dated September 15, 2005.

Adjudication Order in respect of Mr. Manish V Shah Page 3 of 14 5. In response, the Noticee vide letter dated June 27, 2015 inter alia stated as follows:

Adjudication Order in respect of Mr. Manish V Shah Page 4 of 14 h) That the Noticee has complied with the directions and order of SEBI, whether the interim order dated September 15, 2005 or the confirmation order dated February 03, 2009. There was no malafide intention on the Noticee’s part or any act which disobeyed the order of SEBI. The Noticee has thoroughly followed the Order passed by SEBI and closed his account with India Infoline. Even after receipt of the Order of SEBI therein informing that prohibition period is over, the Noticee has not opened any demat account till date; i) That the notice dated June 15, 2015 has been issued at a very belated stage i.e., almost after ten years of trade, particularly when the prohibitions are vacated by SEBI.

Source: SecMarx — sebi:AK/AO-70/2016. 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.