sebi:BM/AO-119/2011
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Facts / Headnote
Order under adjudication proceedings; Noticee found liable for violating PFUTP Regulations 4(2)(a), 4(2)(b) and 4(2)(g), with monetary penalty under section 15HA of the SEBI Act to be determined
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4(2)
- Reg. 4(2)(a)
- Reg. 4(2)(b)
- Reg. 4(2)(g)
Parties
- Niraj Sanghvi
Holding
The Noticee, Niraj Sanghvi, was found to have violated Regulations 4(2)(a), 4(2)(b) and 4(2)(g) of the PFUTP Regulations, 2003 through manipulative trading in the scrip of Gulshan Polyols Limited, attracting monetary penalty under section 15HA of the SEBI Act.
Full text
_____________________________________________________________________________________ Niraj Sanghvi in the matter of Gulshan Polyols Limited Page 2 of 24 connected entities violated Regulations 4(2)(a), 4(2)(b) and 4(2)(g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as ‘PFUTP’). Consequently, in respect of the alleged charges, the Noticee would be liable for monetary penalty under section 15HA of SEBI Act.
_____________________________________________________________________________________ Niraj Sanghvi in the matter of Gulshan Polyols Limited Page 3 of 24 hearing on July 28, 2011 for the personal hearing, but Noticee failed to appear. A last opportunity of personal hearing was provided to the Noticee on August 12, 2011 vide hearing notice dated August 1, 2011 but Noticee did not appear nor did he reply to the SCN. All the notices were acknowledged which is on record.
_____________________________________________________________________________________ Niraj Sanghvi in the matter of Gulshan Polyols Limited Page 4 of 24 c) Does the violation, if any, on the part of the Noticee attract monetary penalty under sections 15A(a) and 15 HA of the SEBI Act? d) If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of the SEBI Act?
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Source: SecMarx — sebi:BM/AO-119/2011. 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.