sebi:EAD-5/BS/AO/100/2017-18
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Facts / Headnote
Disposed without imposition of any penalty
Provisions invoked
- s. 15
- s. 12A
- s. 15H
Regulations
- Reg. 4
- Reg. 3
- Reg. 200
Parties
- Ms. Krishna Velji Shah
Holding
The alleged violation of PFUTP Regulations against Ms. Krishna Velji Shah was not established on facts and evidence. The adjudication proceedings were disposed of without imposition of any penalty under Section 15HA.
Full text
Page 2 of 14 3. It is observed that Ms. Krishna Velji Shah (hereinafter referred to as "Noticee") alleged to be a connected entity and traded in the shares of the Company during the investigation period. It is alleged that Noticee in connivance with other connected entities aided and abetted in creation of artificial demand and a false appearance of trading in the scrip of HIL. It is also alleged that Noticee’s acts of dealing in the scrip of HIL has led to creation of artificial volume in the scrip of HIL. Therefore, the Noticee had violated the provisions of Regulations 3 (a) to (d) and 4 (1), 4 (2) (a) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) read with Section 12A(a), (b), (c) of the Securities and Exchange Board of India Act, 1992, (hereinafter referred to as “SEBI Act”).
Page 3 of 14 6. Vide letter dated August 20, 2014 and letter dated February 04, 2015, Noticee submitted that she had bought 78 shares and sold 20 shares during the period from January 25, 2008 to May 05, 2008 and for such small trade, she should not be held liable as alleged, in the SCN.
Page 4 of 14 It was further submitted that the Noticee further traded even after the Investigation Period and bought further 25 shares in the scrip of HIL at the rate of Rs.1850 per share.
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Source: SecMarx — sebi:EAD-5/BS/AO/100/2017-18. 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.