sebi:EAD-5/SVKM/AO/63-74/2017-18

SEBI · SEBI · 2016-01-15 · S V Krishnamohan, Chief General Manager & Adjudicating Officer

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Facts / Headnote

Violation established; penalty of Rs 1,00,000 per Noticee imposed

Provisions invoked

Regulations

Parties

Holding

The 12 Noticees violated Regulations 3(a) to (d), 4(1), 4(2)(a), (b), (e) and (g) of the PFUTP Regulations by synchronized, reversal and LTP-manipulating trades in Suraj Ltd., and each was liable to a penalty of Rs 1,00,000 under Section 15HA of the SEBI Act, 1992.

Full text

Adjudication Order in the matter of Suraj Ltd. Page 2 of 24 BACKGROUND 1. Securities and Exchange Board of India (hereinafter referred to as “SEBI”) conducted investigation into the alleged irregularities in the trading in the scrip of Suraj Ltd. (hereinafter referred to as Suraj) for the period June 01, 2011 to December 31, 2011 (hereinafter referred to as Investigation Period) and into the possible violation of the provisions of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘SEBI Act’) and Regulations made there under by Frontline Biosystems Pvt. Ltd., Manusi Securities Pvt. Ltd., Tejshvi Impex Pvt. Ltd., Tarang Impex Pvt. Ltd., Trishla Comtrade Pvt. Ltd., Real Enterprise Pvt. Ltd., Tanu Trades Pvt. Ltd., Tunis Retail Pvt. Ltd., Rushil Exim Pvt. Ltd., Rangoli Commodities Pvt. Ltd., Rose Retails Pvt. Ltd. and Ratin Trexim Pvt. Ltd. (hereinafter collectively referred to as Noticees).

Adjudication Order in the matter of Suraj Ltd. Page 3 of 24 Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 read with Section 15I of SEBI Act, 1992 for the violations as specified in the SCN.

Adjudication Order in the matter of Suraj Ltd. Page 4 of 24 device or contrivance in contravention of the provisions of the Act or the rules or the regulations made there under; (c) employ any device, scheme or artifice to defraud in connection with dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange; (d) engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person in connection with any dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange in contravention of the provisions of the Act or the rules and the regulations made there under.

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Source: SecMarx — sebi:EAD-5/SVKM/AO/63-74/2017-18. 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.