sebi:BM/AO-143/2011
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Facts / Headnote
Penalty imposed on Noticee 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
- Arun Manohar Sakpal
Holding
The Noticee was found to have violated Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a), (b), (e) & (g) of the SEBI PFUTP Regulations by executing synchronized and structured trades with the interconnected 'Mehta Group' entities that created artificial volume in the scrip of Asian Star Company Limited, and was held liable for penalty under Section 15HA of the SEBI Act.
Full text
_____________________________________________________________________________________ Arun Manohar Sakpal in the matter of Asian Star Company Limited Page 2 of 36 synchronized trading in such a manner that led to creation of artificial volume in the scrips.
_____________________________________________________________________________________ Arun Manohar Sakpal in the matter of Asian Star Company Limited Page 3 of 36 Noticee on April 15, 2011 vide hearing notice dated April 1, 2011. Vide email dated April 6, 2011 Noticee was asked to file reply to the SCN and appear for the personal hearing. Noticee failed to appear for the hearing on April 25, 2011 and requested to adjourn the same to a later date. The request of the Noticee was accepted and final opportunity of personal hearing was provided to Notice on May 10, 2011 vide hearing notice dated April 27. 2011. Mr. Ashish Gatagat, Authorized Representative (AR) appeared on behalf of the Noticee and submitted that: a) The Noticee would like to avail of consent and therefore the proceedings may be kept in abeyance. b) If any hearing is held the same may be fixed after June 8, 2011 and reply to the SCN will be filed by June 1, 2011.
_____________________________________________________________________________________ Arun Manohar Sakpal in the matter of Asian Star Company Limited Page 4 of 36
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Source: SecMarx — sebi:BM/AO-143/2011. 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.