sebi:AO/SBM/EAD-3/356-358/2018
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Facts / Headnote
Penalty of Rs. 3,00,000 imposed on Noticee 1 for violation of PFUTP Regulations; no penalty imposed on Noticee 2 and Noticee 3; charges of creation of artificial volume via self-trades not established
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Mr. Afjalbhai Kasambhai Lakhani
- Mr. Asarafbhai Pancha
- Mr. Krishnakumar Modi
Holding
Noticee 1 fraudulently contributed to price rise in the scrip of HTL in violation of Regulations 3(a),(b),(c),(d), 4(1), 4(2)(a),(e),(g) of PFUTP Regulations and is liable to Rs. 3 lakh penalty under Section 15HA; allegations of creation of artificial volumes through self-trades against Noticee 1, 2 and 3 are not established.
Full text
Page 2 of 17 which the trades executed for 5,19,907 shares (4.76% to the total market volume) appeared to be synchronized. Further, the LTP variation in the scrip of HTL of the connected group was in the range of -9.38% to 10.43%.
Page 3 of 17 alleged violations of PFUTP Regulations by the Noticees. Pursuant to the transfer of Shri D Ravikumar, the undersigned was appointed as the Adjudicating Officer (‘AO’) in the said matter vide Order dated June 22,
Page 4 of 17 granted an opportunity of personal hearing on September 13, 2017. Vide the said letter July 31, 2017, Noticee 2 was also advised to submit his reply to the SCN by August 31, 2017. I observe that the said letter dated July 13, 2017 was served on Noticee 2 on August 10, 2017 and the same is evident from the postal records/confirmation. However, I observe that Noticee 2 has not only failed to submit his reply to the SCN but also failed to appear for the personal hearing fixed on the stipulated date i.e on September 13, 2017.
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Source: SecMarx — sebi:AO/SBM/EAD-3/356-358/2018. 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.