sebi:EAD-6/AO/PM/NK/011/2019-20
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Facts / Headnote
Found violations of PFUTP Regulations proved and imposed monetary penalty of Rs. 5,00,000 on each of the five Noticees
Provisions invoked
- s. 15H
- s. 15I
- s. 15J
- s. 15
- s. 15F
- s. 24
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Ashoka Majumdar
- Bijay Kumar Chourasia
- Samar Dey
- Abhijit Sharma
- Amarjeet Kumar
Holding
The five Noticees violated Regulations 3(a), 3(b), 3(c), 3(d), 4(1), 4(2)(a) and 4(2)(e) of the SEBI (PFUTP) Regulations, 2003 by manipulating the price of Dee Kartavya Finance Limited and each is liable to a monetary penalty of Rs. 5,00,000 under Section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 22 2. SEBI investigation into the trading activities in the shares of the company observed that price of the shares (DKFL) had increased by Rs. 114.20 i.e. from Rs. 1.05 to Rs. 115.25 during the investigation period. SEBI Investigation, based on the KYC/UCC data, bank transactions, off market transactions and MCA data, had identified entities namely, Ashoka Majumdar, Bijay Kumar Chourasia, Samar Dey, Abhijit Sharma and Amarjeet Kumar (hereinafter collectively referred to as Noticees) which had indulged into manipulative trades in the shares of DKFL. Investigation alleged that the Noticees had purchased shares of the company in physical form, dematerialised those shares and subsequently sold these, through market trades in minuscule quantities matching the price of the buy orders placed at higher prices. The above, was deliberate and with a view to manipulate the market price of the scrip of DKFL.
Page 3 of 22 should not be held and penalty not be imposed under Section 15HA of the SEBI Act- 1992, for the alleged violation of the provisions of law. The details of the Show Cause Notices issued are as under: Sl. No. Name of Noticee S C N No. and Date 1 Ashoka Majumdar EAD-2/DSR/VS/02193/1/2018 Dated January 22, 2018 2 Bijay Kumar Chourasia EAD-2/DSR/VS/02193/2/2018 Dated January 22, 2018 3 Samar Dey EAD-2/DSR/VS/02193/3/2018 Dated January 22, 2018 4 Abhijit Sharma EAD-2/DSR/VS/02193/4/2018 Dated January 22, 2018 5 Amarjeet Kumar EAD-2/DSR/VS/02193/5/2018 Dated January 22, 2018
Page 4 of 22 In view of the above, I find that the Noticee was given sufficient opportunities to explain his case before me. However, the Noticee did not avail the opportunities given to him.
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Source: SecMarx — sebi:EAD-6/AO/PM/NK/011/2019-20. 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.