sebi:EAD-2/AO/62/2012
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Facts / Headnote
Charges not established; matter disposed of
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 4
- Reg. 3
Parties
- Shri Mange Sharma
Holding
The charges against the Noticee for violating Regulations 4(1) and 4(2)(a), (b) and (e) of the PFUTP Regulations were not established and the matter was disposed of without penalty.
Full text
Page 2 of 6 manipulation in the scrip. Shri Mange Sharma (hereinafter referred to as the ‘Noticee’) dealing through Adolf Pinto and M/s Vintel Securities Pvt. Ltd dealing through Galaxy Broking. Ltd influenced the price by placing incremental trades in the scrip of TSWL.
Page 3 of 6 6. The SCN was sent to the Noticee by Registered Post Acknowledgment Due (RPAD) and the same was returned undelivered. Therefore, the SCN was affixed at the Noticee's last known address which is B-104, Shayag Apartments, Anand Nagar, Vasai Road (W), Dist. Thane, Mumbai on March 03, 2012 in accordance with Rule 7 (c) of the Adjudication Rules. The Noticee did not reply to the said SCN. In the interest of natural justice and in order to conduct an inquiry as per Rule 4 (3) of the Adjudication Rules, an opportunity of personal hearing was granted to the Noticee on April 17, 2012 vide notice dated April 02, 2012. Since, the SCN was delivered by affixture; the hearing notice was also delivered by affixture at the last known address of the Noticee. The Noticee did not attend the said hearing.
Page 4 of 6 4. Prohibition of manipulative, fraudulent and unfair trade practices (1) Without prejudice to the provisions of regulation 3, no person shall indulge in a fraudulent or an unfair trade practice in securities. (2) Dealing in securities shall be deemed to be a fraudulent or an unfair trade practice if it involves fraud and may include all or any of the following, namely :— (a) indulging in an act which creates false or misleading appearance of trading in the securities market; (b) dealing in a security not intended to effect transfer of beneficial ownership but intended to operate only as a device to inflate, depress or cause fluctuations in the price of such security for wrongful gain or avoidance of loss; (c) .......... (d) .......... (e) any act or omission amounting to manipulation of price of the security;
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Source: SecMarx — sebi:EAD-2/AO/62/2012. 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.