sebi:BS/AO-79/2008
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on the noticee for violation of SEBI Act and PFUTP Regulations
Provisions invoked
- s. 15
- s. 12A
- s. 12
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4
- Reg. 200
- Reg. 3(a)
Parties
- Shri Bagrecha Ashok K
Holding
The noticee, Shri Bagrecha Ashok K, was found to have violated Section 12A(a) and (b) of the SEBI Act, 1992 and Regulations 3 and 4 of the SEBI PFUTP Regulations, 2003 by acting as a financier to key operator Opee Stock-Link Ltd. and receiving 2520 shares of the Jet Airways IPO through off-market transfer meant for retail investors, and a penalty of Rs. 1,00,000 was imposed.
Full text
2 5. Gateway Dispriparks Ltd. 6. Gokaldas Export 7. ILFS Investmart 8. Indraprasth Gas 9. Infrastructure Development Finance Co. Ltd.
3 financiers in the process. In this regard, it is alleged that the said practice was adopted to corner the quota for retail investors in the IPOs of the companies.
4 7. 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 violation alleged to have been committed by him.
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Source: SecMarx — sebi:BS/AO-79/2008. 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.