sebi:BM/AO-29/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty of Rs.2,00,000 imposed on the Noticee under section 15HA of the SEBI Act for violating regulations 4(1), 4(2)(a), (b), (e), (g) and (n) of the PFUTP Regulations, 2003.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 4(n)
Parties
- Devi Desai
Holding
The Noticee, Devi Desai, was found to have indulged in circular/reversal trades in connivance with related entities in the scrip of MEL, in violation of regulations 4(1) and 4(2)(a), (b), (e), (g) and (n) of the PFUTP Regulations, 2003, and a penalty of Rs.2,00,000 was imposed under section 15HA of the SEBI Act.
Full text
2 showed net sales of Rs.170.7 lacs and loss of Rs.2.80 lacs. For the year 2003-04, MEL achieved sales of Rs.162 lacs and loss of Rs.103.7 lacs.
3 SEBI (Prohibition of Fraudulent and Unfair Trade Practice relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”). Consequently the alleged violation makes the Noticee liable for monetary penalty under sections 15HA of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
4 trades. Thus the Noticee, who was found related with the other trading entities, in connivance with each other executed circular trades over a large number of days. The extracts of the trade and order log showing the alleged trades were provided to the Noticee along with the SCN.
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Source: SecMarx — sebi:BM/AO-29/2010. 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.