sebi:BM/AO-120/2011
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Facts / Headnote
Penalty imposed on the Noticee for failure to comply with summons issued under sections 11C(2), 11C(3) and 11C(5) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 12
Parties
- Gandhi Manisha Navneetlal
Holding
The Noticee was held to have violated sections 11C(2), 11C(3) and 11C(5) of the SEBI Act by failing to comply with the summons issued by the Investigating Authority, and a penalty of Rs. 5,00,000 was imposed under section 15A(a) of the SEBI Act.
Full text
Page 2 of 9 2. During September 01, 2008 to February 10, 2009 (over a period of 107 trading days), the total volume in RTS was 71,19,555 shares and the average daily volume was 66,537 shares. On February 11, 2009 the scrip opened at `295, touched a high of `305.50, low of `285.50 and closed at `292.75. On February 11, 2009, the traded volume in the shares of RTS was 15,58,641. Hence, the total traded volume during the period September 01, 2008 to February 11, 2009 was 86,78,196.
Page 3 of 9 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 5. Show Cause Notice (EAD-6/BM/JR/23165/2010) dated October 12, 2010 was issued to the Noticee under rule 4(1) of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 to show cause as to why an inquiry should not be initiated against him and
Page 4 of 9 8. The issues that arise for consideration in the present case are: a. Whether the Noticee had not complied with the provisions of sections 11C (2), 11C (3) and 11C (5) of SEBI Act? b. Does the non-compliance, if any, attract monetary penalty under section 15A (a) of SEBI Act? c. If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of SEBI Act?
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Source: SecMarx — sebi:BM/AO-120/2011. 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.