sebi:ERO/AICL/AO/DRK/MD/EAD-3/13/2009
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Facts / Headnote
Ex-parte penalty of Rs. 80,00,000 imposed for violations of PFUTP Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
- s. 11C
- s. 11C(3)
Regulations
- Reg. 7
- Reg. 6
- Reg. 4(2)
- Reg. 8(1)
- Reg. 8
- Reg. 8(b)
Parties
- Swarnganga Trading Private Limited
Holding
The noticee violated Regulations 4(2)(a), 4(2)(e) and 8(1)(b) of the PFUTP Regulations by creating a false market and manipulating price and by failing to cooperate with investigation, and a total penalty of Rs. 80,00,000 under Sections 15HA and 15A of the SEBI Act was imposed ex-parte.
Full text
Page 2 of 13 for the last three years and there are no major corporate events in the said period. In such insignificant financial performance of the company, the share price of the company moving from Rs.95 to 298.50 is not justified by the fundamentals of the company. There was price rise to the extent of 214% in less than five months period.
Page 3 of 13 Regulations. The IR at page no. 28 also clearly mentions the violation of Regulation 8(1) (b) by the noticee instead of 8(b).
Page 4 of 13 Duty to co-operate, etc. 8. (1) It shall be the duty of every person in respect of whom an investigation has been ordered under regulation 7—
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Source: SecMarx — sebi:ERO/AICL/AO/DRK/MD/EAD-3/13/2009. 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.