sebi:BM/AO-34/2012
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Facts / Headnote
Proceedings disposed of without imposition of penalty; Noticee not held guilty of violating Regulation 3, 4(1), 4(2)(a), (b), (e), and (g) of SEBI (Prohibition of fraudulent and Unfair Trade Practices relating to the Securities Market) Regulation, 2003
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
Parties
- M/s. Adinath Shares & Commodities Pvt. Ltd.
Holding
The Adjudicating Officer held that the Noticee was not guilty of violating Regulation 3, 4(1), 4(2)(a), (b), (e), and (g) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 2003 in the scrip of RCFL, and disposed of the proceedings without imposing any penalty under Section 15HA of the SEBI Act.
Full text
Page 2 of 12 3. Investigation observed that a group of connected/related clients entered into transactions with each other and executed synchronized trades and circular/reversal trades and created artificial volume. Further these connected clients also executed trades at a price higher than last traded price (LTP) and contributed to new high price and thus created artificial price rise in the scrip. It was observed that M/s. Adinath Shares & Commodities Pvt, Ltd (hereinafter referred to as the Noticee) traded through broker/member M/s. Prabhat Financial Services Ltd and purchased 47,598 shares which accounted for 10.53% and sold 12,334 shares which accounted for 2.73 % of the total market volume.
Page 3 of 12 SCN. The said SCN was returned undelivered for the reason “Not Known”. Thereafter the SCN was affixed at the address mentioned in the SCN through SEBI eastern regional office on 08.07.2011.
Page 4 of 12 was given on 07.05.2012 at SEBI head office, Mumbai. The Noticee vide its email dated 05.05.2012 submitted its reply to the SCN as follows: We are in receipt of your email dated 27.04.2012 and submit as under :
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Source: SecMarx — sebi:BM/AO-34/2012. 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.