sebi:BD/NR/2020-21/8355-8356
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Facts / Headnote
Proceedings against Noticee 1 abated due to death; penalty of ₹5,00,000 imposed on Noticee 2 (Atul Sharma) under Section 15HA of the SEBI Act for violating Regulations 3(a),(b),(c),(d), 4(1), 4(2)(a) and (e) of SEBI (PFUTP) Regulations, 2003.
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 3
- Reg. 4
- Reg. 4(1)
- Reg. 3(a)
Parties
- Himadri Acharya Bhaduri
- Atul Sharma
Holding
The proceedings against Noticee 1 abated due to his death, and Noticee 2 was found to have violated Regulations 3(a),(b),(c),(d), 4(1), 4(2)(a) and (e) of SEBI (PFUTP) Regulations, 2003 by manipulating the price of the scrip of Action Financial Services (India) Ltd. through 1-share buy trades above LTP and self-trades, attracting a penalty of ₹5,00,000 under Section 15HA of the SEBI Act.
Full text
Adjudication Order in the matter of Action Financial Services (India) Ltd., Page 2 of 22 3. Based on price trend (rise/ fall), the investigation period has been split into 4 patches and the price volume details of which are given below:
Adjudication Order in the matter of Action Financial Services (India) Ltd., Page 3 of 22 4. The financial performance of the Company during the investigation period is as under: (₹ in million) Particulars Financial Year Ended March 31 2008 2009 2010 2011 2012 2013 2014 2015 2016 Sales / Operating Income 19.65 18.50 19.68 20.06 49.28 48.40 41.79 25.99 32.30 Other Income 8.22 0.41 15.03 10.82 1.55 12.31 1.91 10.97 4.24 Total Income 27.87 18.91 34.71 30.88 50.83 60.71 43.70 36.96 36.54 Profit /(Loss) after Tax 2.53 (15.57) 0.85 1.19 (0.35) 1.11 0.60 2.21 (0.04) (Source – www.bseindia.com)
Adjudication Order in the matter of Action Financial Services (India) Ltd., Page 4 of 22 balance 3 trades, the buy orders placed by him were the first orders of the respective trading days and they were placed at prices higher than the LTP.
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Source: SecMarx — sebi:BD/NR/2020-21/8355-8356. 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.