sebi:BS/AO/62/2008
Facts / Headnote
Violation found; penalty of Rs. 50,000 imposed under Section 15HA of the SEBI Act, 1992
Provisions invoked
- s. 15
- s. 15J
- s. 15H
Regulations relied on
- SEBI (PFUTP) Regulations, 2003 — 4(1)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(a)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(b)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(e)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(g)
Parties
- Shri Viral Praful Jhaveri
Holding
The noticee, Shri Viral Praful Jhaveri, violated Regulation 4(1) and 4(2)(a), (b), (e) and (g) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 by placing continuous buy orders at higher prices through his broker to create artificial price rise in the scrip of SGSL. A penalty of Rs. 50,000 was imposed under Section 15HA of the SEBI Act, 1992.
Full text
2 (1415.79%) in 34 trading days. The scrip touched its upper circuit filter limit with first trades on 33 days. 5. It is alleged that the dealings of the noticee contributed to artificial volume and substantial rise in price of the scrip during the said investigation period. Further it is alleged that the noticee, through his broker, Sunidhi Consultancy Services Limited., had placed continuous buy orders despite of being aware that they were getting cancelled and thereby created artificial price rise in the scrip. In view of same, it is alleged that the noticee has violated Regulation 4(1) & 4(2) (a) (b) (e) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003. SHOW CAUSE NOTICE
3 Regulation 4(1) & 4(2) (a) (b) (e) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003. The text of the said provisions are-
4 11. On the basis of analysis of dealings of the noticee in the scrip of SGSL during the investigation period, it has been alleged that the noticee, through the broker Sunidhi Consultancy Services Limited, had purchased 1050 shares of SGSL. The details of the said trades are given below-
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:BS/AO/62/2008. 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.