sebi:EAD-2/AO/08/2012
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Facts / Headnote
Violations established; penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 15
- Reg. 4(a)
- Reg. 2
- Reg. 4(2)(a)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 4(2)(n)
Parties
- M/s Dove Securities Private Ltd.
Holding
The Noticee, M/s Dove Securities Private Ltd., was found to have violated Regulations 4(1), 4(2)(a), (b), (g) and (n) of the PFUTP Regulations and Clauses A(1), A(2) and D(1), (4) and (5) of the Code of Conduct for Sub-Brokers by executing synchronized, circular and reversal trades in the scrip of CFL, and was imposed a total penalty of Rs. 3,00,000 under sections 15HA and 15HB of the SEBI Act.
Full text
Page 2 of 28 2. The investigation revealed that certain entities had allegedly indulged in circular deals / reversal trading in such a manner that led to creation of artificial volume and impacted the price of the scrip.
Page 3 of 28 provisions of PFUTP Regulations and Brokers Regulations. Thereafter, SEBI appointed Mr. Praveen Trivedi as the AO in the instant matter. However, SEBI vide Order dated January 04, 2012 appointed the undersigned as the AO.
Page 4 of 28 attend the hearing on February 17, 2012. The Noticee through its authorized representative appeared before me on the said date and reiterated its earlier submissions. It further submitted another written submission vide letter dated February 17, 2012.
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Source: SecMarx — sebi:EAD-2/AO/08/2012. 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.