sebi:EAD-2/AO/172-173/2013
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Facts / Headnote
Penalty of Rs. 10,00,000/- imposed jointly and severally on the Noticees under Section 15HA of the SEBI Act
Provisions invoked
- s. 15
- s. 12A
- s. 12
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- Shri Bhavesh Jain
- Shri Rakesh H. Jain
Holding
The Noticees violated Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a), (b), (d), (e), (f) and (g) of the PFUTP Regulations read with section 12A(a), (b) and (c) of the SEBI Act by indulging in synchronized/structured/circular trading in collusion with the Mehta Group, and are liable for penalty under Section 15HA of the SEBI Act. A penalty of Rs. 10,00,000/- was imposed on the Noticees, payable jointly and severally.
Full text
Page 2 of 18 Lotus Eye care Hospitals Ltd. (Lotus), (xi) MVL Limited (MVL) and (xii) Anil Products Ltd. (Anil) on the Bombay Stock Exchange Ltd. (BSE) during the period from March 1, 2009 to December 15, 2009.
Page 3 of 18 aforesaid companies on behalf of themselves and/or used trading accounts of other related/linked persons to trade in the aforesaid scrips in synchronized, circular, reversal and fictitious manner in order to manipulate the price and volume of the aforesaid scrips.
Page 4 of 18 Appointment of Adjudicating Officer 6. SEBI vide order dated July 29, 2011 appointed Shri Satya Ranjan Prasad as the Adjudicating Officer under section 15 I of the SEBI Act read with Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as “Rules”) to inquire into and adjudge under section 15HA of the SEBI Act, the violation of the aforesaid provisions of the SEBI Act and PFUTP Regulations, alleged to have been committed by the Noticees. Consequent upon transfer of Shri Satya Ranjan Prasad the undersigned has been appointed as the Adjudicating Officer vide order dated May 22, 2012.
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Source: SecMarx — sebi:EAD-2/AO/172-173/2013. 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.