sebi:BM/AO-101/2011
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Facts / Headnote
Noticee held liable for violating PFUTP Regulations; monetary penalty imposed under section 15HA of the SEBI Act (amount not stated in excerpt)
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 4(2)
- Reg. 3(a)
- Reg. 4(2)(e)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
Parties
- Suresh Hanswal
Holding
The Noticee, Suresh Hanswal, was found to have violated Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a), (b), (e) & (g) of the PFUTP Regulations by indulging in synchronized and structured trades in concert with the Mehta Group entities, creating artificial volume and price rise in the scrip of Asian Star Company Limited, and is liable for monetary penalty under section 15HA of the SEBI Act.
Full text
_____________________________________________________________________________________ Suresh Hanswal in the matter of Asian Star Company Limited Page 2 of 23 indulged in circular/reversal synchronized trading in such a manner that led to creation of artificial volume in the scrips.
_____________________________________________________________________________________ Suresh Hanswal in the matter of Asian Star Company Limited Page 3 of 23 which was acknowledged by the Noticee, but he failed to appear before the Adjudicating Officer. Thereafter another opportunity of personal hearing was provided to the Noticee on April 19, 2011 vide hearing notice dated April 01, 2011 which was acknowledged by the Noticee, however Noticee again failed to appear. I observe that the Noticee was provided with enough opportunity to be heard and hence, I am constrained to proceed with the matter ex‐parte on the basis of the material available on record.
_____________________________________________________________________________________ Suresh Hanswal in the matter of Asian Star Company Limited Page 4 of 23
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Source: SecMarx — sebi:BM/AO-101/2011. 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.