sebi:AO/SBM/EAD-3/626-635/2018
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Facts / Headnote
Total penalty of Rs. 13,00,000 imposed under Section 15A(b) of the SEBI Act; Noticee 10 exonerated of the charge under Clause 4.2 of Model Code read with Regulation 12(1) of PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 12(1)
- Reg. 12
- Reg. 30(3)
- Reg. 30
- Reg. 30(2)
- Reg. 20
Parties
- Priyanka Surana
- Jaishika Surana
- G P Surana (HUF)
- Surana Securities Ltd
- Kaveri India Ltd
- Ravi Surana
- Meena Surana
- Pranali Surana
- Dipin Surana
- Gulabchand Pukhraj Surana
Holding
Noticees 1 to 10 violated Regulation 30(2) r/w 30(3) of SAST Regulations, 2011 and Noticees 7 to 9 violated Regulation 13(4A) of PIT Regulations, 1992, attracting penalty under Section 15A(b); Noticee 10 did not violate Clause 4.2 of Model Code read with Regulation 12(1) of PIT Regulations.
Full text
Page 2 of 18 FACTS OF THE CASE 1. On observing unusual price movement in the scrip of P.M. Telelinnks Limited (hereinafter referred to as ‘PMTL’/ ‘the Company’), which is listed on Bombay Stock Exchange (BSE), Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) conducted a preliminary examination into the trading/dealings in the scrip of PMTL for the period January 4, 2012 to September 28, 2012. Based on the findings of the
Page 3 of 18 3. Based on the observations made in the Investigation Report (IR), the following allegations were made against the Noticees
Page 4 of 18 APPOINTMENT OF ADJUDICATING OFFICER 5. Vide communique dated May 13, 2016, the undersigned was appointed as the Adjudicating Officer (‘AO’) under Section 15-I of the SEBI Act read with Rule 3 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as 'Adjudication Rules') to inquire into and adjudge under the provisions of Sections 15A(b) and 15 HB of the SEBI Act, the aforementioned alleged violation of the provisions of the SAST Regulations and PIT Regulations by the Noticees.
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Source: SecMarx — sebi:AO/SBM/EAD-3/626-635/2018. 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.