sebi:EAD-4/BS/AO/42-52/2018-19
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Facts / Headnote
Penalties imposed on Noticee no. 2 (Rs. 1,00,000) and Noticee nos. 3 to 5 (Rs. 3,00,000 each) for violations of SAST Regulations and PFUTP Regulations respectively
Provisions invoked
- s. 15A
- s. 15
- s. 12A
- s. 21
- s. 15H
- s. 15J
- s. 15F
- s. 23A
- s. 23
- s. 68A
Regulations
- Reg. 4
- Reg. 3
- Reg. 7(1)
- Reg. 4(a)
- Reg. 199
- Reg. 8
- Reg. 200
- Reg. 3(a)
Holding
Noticee no. 2 was held liable for failing to disclose acquisition of 94,799 shares within 21 days under Regulation 8(2) of SAST Regulations, 1997, attracting a penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act. Noticee nos. 3 to 5 were held liable for indulging in synchronised trades and reversal of trades creating artificial volumes in Shiv-Vani scrip, attracting penalties of Rs. 3,00,000 each.
Full text
Page 2 of 95 BACKGROUND 1. Securities and Exchange Board of India (hereinafter referred to as “SEBI”) conducted investigation in respect of trading activities in the scrip of Shiv-Vani Oil and Gas Exploration Services Limited presently known as SVOGL Oil Gas and Energy Limited (hereinafter referred to as “Shiv-Vani / Noticee no. 1”) during the period from March 01, 2012 to June 29, 2012 (hereinafter referred to as “Investigation Period”).
Page 3 of 95 market operations. These clients executed synchronized tardes and/or reversal of trades and thereby created artificial volume in the scrip of Shiv- Vani. Therefore, it is alleged that Noticee nos. 3 to 6 violated the provisions of Regulations 3(a) to (d) and 4 (1), 4(2) (a) and (g) of SEBI (Prohibition of Fraudulent and Unfair Market Practices relating to Securities Market) Regulations, 2003, (hereinafter referred to as “PFUTP Regulations”).
Page 4 of 95 provisions of SCRA, Listing Agreement, SAST Regulations and PFUTP Regulations alleged to have been committed by the Noticees as aforesaid.
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Source: SecMarx — sebi:EAD-4/BS/AO/42-52/2018-19. 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.