sebi:ERO/AICL/AO/DRK/SS/EAD3-34/2009
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Facts / Headnote
Penalty imposed on Gama Commerce Pvt. Ltd. for violating PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4(2)(a)
Parties
- Gama Commerce Pvt. Ltd.
Holding
Gama Commerce Pvt. Ltd. was held to have violated Regulations 4(2)(a) and 4(2)(e) of the PFUTP Regulations, 2003 by creating a false and misleading appearance of trading and manipulating the price of AICL shares, and a penalty of Rs.30,00,000 was imposed under Section 15HA of the SEBI Act.
Full text
Page 2 of 12 4. The clients under scrutiny for the above mentioned investigation period were Gama Commerce Pvt. Ltd., Anushree Tradelink Pvt. Ltd., Srijan Vyapar, (P) Ltd., Swarn Ganga Trading Pvt. Ltd., Shanti Sarup Reniwal, Sanjeev Reniwal, Rajeev Reniwal and Raghu Padma Trust.
Page 3 of 12 APPOINTMENT OF ADJUDICATING OFFICER 10. I was appointed as the Adjudicating Officer (subsequent to transfer of Shri Biju S.) vide order dated December 10, 2008, under section 15 I of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘SEBI Act’), read with Rule 3 of Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) to inquire into and adjudge under Section 15HA of the SEBI Act, the violation of Regulations 4(2)(a) and 4(2)(e) of the PFUTP Regulations, alleged to have been committed by the noticee.
Page 4 of 12 13. The trade log for the trades executed by the noticee between June 07, 2005 and June 23, 2005, is as given hereinafter: Trade Date Time Member Name Qty Price B/S Counter Party Name Client Code 7-Jun-05 13:19:53 Shyam Lal Sultania 5000 235.10 B M Bhiwaniwala & Co SA2916 7-Jun-05 13:19:53 Shyam Lal Sultania 5000 235.10 B M Bhiwaniwala & Co SA2916 7-Jun-05 13:20:13 Shyam Lal Sultania 1000 235.10 B M Bhiwaniwala & Co SA2916 10-Jun-05 13:38:18 Shyam Lal Sultania 3000 238.10 B M Bhiwaniwala & Co SA2916 10-Jun-05 13:38:18 Shyam Lal Sultania 1500 238.20 B M Bhiwaniwala & Co SA2916 10-Jun-05 13:38:18 Shyam Lal Sultania 3000 238.30 B M Bhiwaniwala & Co SA2916 10-Jun-05 14:28:29 Shyam Lal Sultania 300 238.00 B M Bhiwaniwala & Co SA2916 14-Jun-05 14:14:29 Shyam Lal Sultania 3000 237.80 B M Bhiwaniwala & Co SA2916 14-Jun-05 14:14:29 Shyam Lal Sultania 3000 237.80 B M Bhiwaniwala & Co SA2916 14-Jun-05 14:14:29 Shyam Lal Sultania 3000 237.80 B M Bhiwaniwala & Co SA2916 14-Jun-05 14:14:29 Shyam Lal Sultania 1000 237.80 B M Bhiwaniwala & Co SA2916 16-Jun-05 11:41:53 Shyam Lal Sultania 1500 265.10 B M Bhiwaniwala & Co SA2916 16-Jun-05 11:41:53 Shyam Lal Sultania 1000 265.10 B M Bhiwaniwala & Co SA2916 16-Jun-05 11:41:53 Shyam Lal Sultania 1500 265.10 B M Bhiwaniwala & Co SA2916 16-Jun-05 11:41:53 Shyam Lal Sultania 1000 265.10 B M Bhiwaniwala & Co SA2916 16-Jun-05 11:53:20 Shyam Lal Sultania 1000 265.00 B M Bhiwaniwala & Co SA2916 16-Jun-05 11:53:20 Shyam Lal Sultania 1000 265.
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Source: SecMarx — sebi:ERO/AICL/AO/DRK/SS/EAD3-34/2009. 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.