sebi:EAD-2/DSR/RG/08/2013
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Facts / Headnote
Charges not established - matter disposed of with no penalty
Provisions invoked
- s. 15
- s. 12A
- s. 15H
- s. 27
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- A K G Securities And Consultancy Ltd
Holding
The Adjudicating Officer gave the Noticee the benefit of doubt and concluded that violation of Section 12A(a), (b) and (c) read with Regulations 3 and 4 of the PFUTP Regulations did not stand established, disposing of the matter with no penalty.
Full text
Page 2 of 12 Trading in the shares commenced on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) from May 12, 2011 and on that day the price of the scrip opened at `30.00 and `29, went up to a high of `48.75 / `48.70, went down to a low of `17.30 / `17.70, and closed at `19.00 / `19.05, respectively and thus, registering a fall of around 35%.
Page 3 of 12 Notice, Reply & Personal Hearing: 6. Accordingly, a notice dated June 05, 2013 (hereinafter referred to as the ‘SCN’) was issued to the Noticee in terms of Rule 4 of the Adjudication Rules requiring it to show cause as to why an inquiry should not be held against it for the alleged violations. It was alleged in the SCN that the Noticee had dealt in the scrip of SPL as a client and executed 126 self trades on the listing day thereby, creating artificial / fictitious volumes in the scrip of SPL. The Noticee submitted its reply to the SCN vide letter dated June 24, 2013.
Page 4 of 12 (i) Whether the Noticee has violated the provisions of Section 12A (a), (b) and (c) of the Act read with Regulation 3(a), (b), (c) & (d) and 4(1), 4(2)(a), (b) and (g) of the SEBI PFUTP Regulations?
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Source: SecMarx — sebi:EAD-2/DSR/RG/08/2013. 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.