sebi:EAD/KS/MKG/AO/161/2017-18
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Facts / Headnote
Show Cause Notice disposed of without imposition of any penalty; violations not established
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- Swati Rajesh Shah
Holding
The Adjudicating Officer held that the Noticee, Swati Rajesh Shah, did not violate Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) and (g) of the PFUTP Regulations, 2003 in connection with self-trades in the scrip of Varun Industries Limited (VIL), and the Show Cause Notice was disposed of without imposition of any penalty under Section 15HA of the SEBI Act.
Full text
Page 2 of 16 Section 15 HA of SEBI Act, 1992 for the alleged violation of the provisions of Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as "PFUTP Regulations").
Page 3 of 16 (NSE): Entity Name Total Self Trade Volume Total Self Trade Count No of days on which self-trades done % Of Self Traded Qty. To Market Vol. Swati Rajesh Shah 8,73,323 1,096 183 0.49
Page 4 of 16 said notice I sought for Inspection of documents vide my letter dated November 14, 2017. ii. Pursuant to that I received letter dated November 27, 2017 from General Manager and Adjudicating officer for confirming that my request for inspection of documents has been forwarded to Enforcement Department & also to do further communication with Enforcement Department. This letter was received by me through my broker on December 26, 2017. iii. I vide my letter dated December 27, 2017 requested Enforcement department to provide me date and time for Inspection of Documents to which I have not received any reply till date. h) The above sequence of events suggest that the above said approach of SEBI is in complete violation of principles of natural justice and even after protracted correspondence of nearly three months and nearly 6 months after the issue of the Notice, I have not been provided with copies of the documents relied upon by SEBI to enable to me to file an effective reply. i) I am submitting my preliminary reply to the Notice based on the documents made available to me, and reserve my right to add / modify my submissions or make further submissions subsequently. j) Before giving reply to the charges in the Notice, I would like to state that: i. I have been dealing in the securities market from past many years and I deal in several scrips and during in and around investigation period, 1 dealt in around 6 to 7 scrips. ii. I submit that I have not created any fals
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Source: SecMarx — sebi:EAD/KS/MKG/AO/161/2017-18. 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.