sebi:EAD-5/SVKM/RGA/AO/21/2015-16

SEBI · SEBI · 2013-07-22 · S.V. Krishnamohan, Chief General Manager, Adjudicating Officer

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Violations established; monetary penalty of Rs. 32,00,000 imposed

Provisions invoked

Regulations relied on

Parties

Holding

Vinod Shares Ltd. violated section 12A(a), (b) and (c) of SEBI Act, 1992, regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a), (e) and (g) of PFUTP Regulations, 2003 and regulation 7 read with Clause A of Code of Conduct of Broker Regulations, 1992 by executing self trades, and was imposed Rs.21,00,000 under section 15HA and Rs.11,00,000 under section 15HB, total Rs.32,00,000.

Full text

Adjudication Order in respect of Vinod Shares Ltd. in the matter of Maharashtra Polybutenes Ltd. September 14, 2015 Page 2 of 17 Exchange Board of India Act, 1992 (hereinafter referred to as 'SEBI Act, 1992') and Regulations made thereunder. It was observed that during the relevant period, MPL had incurred losses till the financial year 2006-07 and made meagre profit of ` 2.87 crore and ` 2.91 crore for the financial years 2007-08 and 2008-09 respectively. MPL shares were infrequently traded before the relevant period. A total of 53,51,932 shares were traded and the price increased from ` 53.35 to ` 79.95 an increase of 49.85% during the relevant period.

Adjudication Order in respect of Vinod Shares Ltd. in the matter of Maharashtra Polybutenes Ltd. September 14, 2015 Page 3 of 17 Piyoosh Gupta, Shri A. Sunil Kumar was appointed as Adjudicating Officer vide order dated November 08, 2013. Pursuant to the transfer of Shri A. Sunil Kumar, the undersigned has been appointed as Adjudicating Officer vide order dated June 22, 2015 to inquire and adjudge under sections 15A(a) of the SEBI Act, 1992 the violations specified in the SCN.

Adjudication Order in respect of Vinod Shares Ltd. in the matter of Maharashtra Polybutenes Ltd. September 14, 2015 Page 4 of 17

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Source: SecMarx — sebi:EAD-5/SVKM/RGA/AO/21/2015-16. 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.