sebi:EAD-2/DSR/RG/117/2014
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Facts / Headnote
Charges not established; matter disposed of
Provisions invoked
- s. 15
- s. 12A
- s. 15H
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- AKG Securities and Consultancy Ltd
Holding
The Adjudicating Officer concluded that the charges leveled against the Noticee in the SCN do not stand established and the matter was disposed of, with no penalty imposed.
Full text
Page 2 of 13 Deposits (ICDs) and all amounts transferred / paid out of IPO proceeds to its directors or relatives of its directors or HUFs belonging to any of its directors or associate or subsidiaries or group companies and deposit the same in an escrow account together with all other IPO proceeds that were still lying unutilized with the company across all its bank / deposit accounts or in any investments including mutual funds. These directions were confirmed vide SEBI orders dated September 21, 2012 and October 05, 2012.
Page 3 of 13 52,32,525 shares have been allotted to 4824 retail applicants accounting to 77.86% of issue size within a range of 75 to 1495 shares per client. 1763 retail applicants applied through ASBA. 468 retail applicants, who were allotted 33,02,115 shares, have not sold on the listing day. 17 clients have bought and sold for more than 5 lakh shares who have not received the shares through IPO.
Page 4 of 13 Notice, Reply & Personal Hearing: 8. A notice dated May 06, 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 allegedly indulged in self trades, which are fictitious in nature, for a total quantity of 1,09,334 shares on BSE and NSE which created artificial volumes in the scrip on the listing day of the IPO of BGIL. Further, it was also alleged that the Noticee had executed 42 self trades from the same terminal for 29924 shares on BSE through its broker Adroit. The Noticee vide its letter dated May 28, 2013 submitted its reply to the said SCN.
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Source: SecMarx — sebi:EAD-2/DSR/RG/117/2014. 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.