sebi:BS/AO/53-60/2018-19
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Facts / Headnote
Penalties imposed on all eight Noticees under Section 23H of SCRA for entering into off-market transactions that did not qualify as spot delivery contracts and were not executed through a recognized stock exchange.
Provisions invoked
- s. 13
- s. 16
- s. 18
- s. 23
- s. 23H
- s. 29A
- s. 17
- s. 23J
- s. 23I
- s. 16(1)
Parties
- Shri Chetan Dogra
- CRS Traders and Exporters Pvt. Ltd.
- Daffodil Tradex Pvt. Ltd.
- Shri Pavan Kumar Satyanarayanan
- Shri Rajesh Mishra
- Shraddha Entertainment Pvt. Ltd.
- Subah Multimedia Pvt. Ltd.
- Tulip Expotrade Pvt. Ltd.
Holding
The Noticees violated Section 16 of SCRA read with SEBI Notification S.O. 184(E) and Sections 13 and 18 read with Section 2(i) of SCRA by entering into off-market transactions that were neither executed through a recognized stock exchange nor qualified as spot delivery contracts, and penalties were imposed under Section 23H of SCRA.
Full text
Adjudication Order in the matter of IFL Promoters Ltd. Page 2 of 15 BACKGROUND 1. Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) conducted investigation into the alleged irregularities in the scrip of IFL Promoters Ltd. (hereinafter referred to as 'the company/IFL') for the possible violation of the provisions of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as SCRA) by Shri Chetan Dogra, CRS Traders and Exporters Pvt. Ltd., Daffodil Tradex Pvt. Ltd., Shri Pavan Kumar Satyanarayanan, Shri Rajesh Mishra, Shraddha Entertainment Pvt. Ltd., Subah Multimedia Pvt. Ltd. and Tulip Expotrade Pvt.Ltd. (hereinafter referred to as the Noticees and Noticee Nos. 1 to 8 respectively) during the period January 04, 2010 to September 30, 2010 (hereinafter referred to as the Investigation Period).
Adjudication Order in the matter of IFL Promoters Ltd. Page 3 of 15 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 5. A Common Show Cause Notice dated August 31, 2016 (hereinafter referred to as 'SCN') was issued to the Noticees in terms of Rule 4 of SCRA (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 2005 (hereinafter referred to as the Rules) read with Section 23I of SCRA for the violations as specified in the SCN.
Adjudication Order in the matter of IFL Promoters Ltd. Page 4 of 15 9. Subsequently vide Hearing Notice dated March 08, 2017, Noticees were granted an opportunity of being heard on March 21, 2018. However none of the Noticees appeared for the aforesaid hearing.
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Source: SecMarx — sebi:BS/AO/53-60/2018-19. 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.