sebi:BS/AO-44/2008
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Facts / Headnote
Proceedings disposed of without penalty; no violation established
Provisions invoked
- s. 12A
Regulations
- Reg. 3
Parties
- Ajay Kumar Gupta
Holding
The noticee was not held to have acted as a financier in violation of Section 12A of the SEBI Act and PFUTP Regulations, and the adjudication proceedings against him were disposed of.
Full text
2 7. ILFS Investmart 8. Indraprasth Gas 9. Infrastructure Development Finance Co. Ltd. 10. Jet Airways (India) Ltd. 11. Nandam Exim Ltd.
3 through the medium of thousands of fictitious / benami applicants for the IPOs. It is alleged that the said entities (hereinafter referred to as the ‘Key Operators’) had opened many demat accounts in fictitious and benami names and made large number of applications in the IPOs in the category of retail investors in fictitious and benami names.
4 NOTICE AND REPLY 6. A Show Cause Notice (hereinafter referred to as ‘SCN’) A&E/BS/69527/2006 dated June 16, 2006 was issued to the noticee in terms of the provisions of Rule 4 of SEBI (Procedure for Holding Inquiry and Imposing penalties by Adjudicating Officers) Rules, 1995 (hereinafter referred to as the Rules), requiring the noticee to show cause as to why an inquiry should not be held for the violations alleged to have been committed by him. The noticee replied to the SCN vide letter dated July 7,
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Source: SecMarx — sebi:BS/AO-44/2008. 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.