sebi:EAD-7/BD/NR/2020-21/7493
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated November 16, 2017 stands disposed of without any penalty
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 65
- s. 65B(4)
- s. 65B
Regulations
- Reg. 3
Parties
- Romit Mehta
Holding
The adjudication proceedings initiated against Romit Mehta vide SCN dated November 16, 2017 in the matter of S E Investments Ltd. stand disposed of without any penalty, with benefit of doubt on the allegations of artificial volume and price manipulation.
Full text
Adjudication Order in respect of Romit Mehta in the matter of S E Investments Ltd., Page 2 of 10 “The show cause notice which was sent by post came back undelivered and the show cause notice sent by e-mail was sent at the wrong address. Consequently, the entire proceedings are vitiated on the ground of violation of the principles of natural justice. In our opinion, sufficient service was not made”.
Adjudication Order in respect of Romit Mehta in the matter of S E Investments Ltd., Page 3 of 10 4. It was alleged in the SCN that the Noticee was found to be connected to other Noticees mentioned in the SCN by one way or the other, had dealt in the scrip of S E Investments Ltd., in a fraudulent and manipulative manner and created artificial volume in the scrip by way of synchronized trades & reversal trades at BSE & NSE. It was also alleged that the Noticee contributed to artificial price rise through Last Traded Price (LTP) by trading among the connected entities, who are the other Noticees mentioned in the SCN. Therefore, it was alleged that the Noticee had violated the provisions of Regulation 3 (a) (b) (c) (d), 4 (1), 4 (2) (a) (e) and (g) of SEBI (PFUTP) Regulations.
Adjudication Order in respect of Romit Mehta in the matter of S E Investments Ltd., Page 4 of 10 True Copy on 24.06.2019 and found on point no. 46 that a person from the list (No. 10) of Notice faced the same issue which I am facing right now.
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Source: SecMarx — sebi:EAD-7/BD/NR/2020-21/7493. 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.