sebi:BM/AO-44/2010
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Facts / Headnote
Violation of regulations 4(2)(a) and (e) of PFUTP established; penalty of Rs.1,50,000 imposed under section 15HA of SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
Parties
- M/s Aman Vyapaar Pvt. Ltd.
Holding
The Noticee, M/s Aman Vyapaar Pvt. Ltd., was found to have violated regulations 4(2)(a) and (e) of the PFUTP Regulations, 2003 by engaging in synchronized and cross trades through broker Basant Periwal & Co. in the scrip of BPL, creating artificial volumes and a false market. A penalty of Rs.1,50,000 was imposed under section 15HA of the SEBI Act.
Full text
Page 2 of 11 referred to as “AKK”), Ahilya Commercial Pvt. Ltd (hereinafter referred to as “ACPL”), and Rajendra Prasad Shah (hereinafter referred to as “RPS”), constituted 85% of the volume in the scrip of BPL. The role of the brokers and the entities who had traded in the scrip of BPL was scrutinized. It was alleged that through collusion with the brokers and their clients, shares of BPL were transacted in such a manner that led to creation of artificial volumes in the scrip and was designed to create a false market leading to significant price movement in the scrip.
Page 3 of 11 Act”) read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge the alleged violations of provisions of PFUTP committed by the Noticee.
Page 4 of 11 Noticee appear nor extension was sought by the Noticee. Attempt was made to search for alternate address on the website of Ministry of Corporate Affairs, however no other address could be found.
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Source: SecMarx — sebi:BM/AO-44/2010. 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.