sebi:BM/AO-139/2011
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed for violation of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 4(2)
- Reg. 3(a)
- Reg. 4(2)(b)
- Reg. 4(2)(g)
- Reg. 4(2)(e)
Parties
- Rajnish Bhanwarlal Jain
Holding
The Noticee Rajnish Bhanwarlal Jain violated Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a), (b), (e) & (g) of the SEBI PFUTP Regulations, 2003 by executing synchronized and structured trades with connected entities (the Mehta Group) in the scrip of Asian Star Company Limited, and a penalty of Rs. 5,00,000 was imposed under section 15HA of the SEBI Act.
Full text
_____________________________________________________________________________________ Rajnish Bhanwarlal Jain in the matter of Asian Star Company Limited Page 2 of 18 indulged in circular/reversal synchronized trading in such a manner that led to creation of artificial volume in the scrips.
_____________________________________________________________________________________ Rajnish Bhanwarlal Jain in the matter of Asian Star Company Limited Page 3 of 18 from the Noticee. Noticee vide application dated December 28, 2010 filed consent application. Hence, the adjudicating proceeding was kept in abeyance till further communication was received. The High Power Advisory Committee (HPAC) in its meeting dated April 6, 2011 rejected the consent term proposed by the Noticee and the same was communicated to the Noticee vide letter dated May 9, 2011. Accordingly, the adjudication proceeding commenced from the stage it was kept in abeyance.
_____________________________________________________________________________________ Rajnish Bhanwarlal Jain in the matter of Asian Star Company Limited Page 4 of 18
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Source: SecMarx — sebi:BM/AO-139/2011. 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.