sebi:ISD/IPO/AO/DRK/MD/EAD-3/327/25-2012
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Facts / Headnote
Violation found proved; penalty of Rs. 20,00,000 imposed under Section 15HA
Provisions invoked
- s. 11B
- s. 15
- s. 12A
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 199
- Reg. 200
Parties
- Shri Biren Kantilal Shah
Holding
Shri Biren Kantilal Shah violated Section 12A(a), (b) and (c) of the SEBI Act and Regulations 3(a)-(d) and 4(1) of the PFUTP Regulations, 2003, and a penalty of Rs. 20,00,000 under Section 15HA was imposed on him.
Full text
Page 2 of 10 3. The investigation also revealed that Shri Biren Kantilal Shah (hereinafter referred to as ‘Noticee’) acted as a key operator, in concert with certain other entities and was involved in the scheme / arrangement of cornering of shares in the IPOs of :-
Page 3 of 10 6. The aforesaid SCN sent by RPAD and courier returned undelivered with a remark “shifted”. Copies of SCN were again sent to other alternate addresses of the noticee received from the Integrated Surveillance Department of SEBI, by RPAD on November 30, 2009. The copy of SCN was served at one of the addresses of the noticee and the acknowledgement of the same is on record. In response to the SCN, noticee vide his letter dated January 6, 2010 submitted that “I am thinking of filing consent application. However, since my advisor is abroad, I may file my consent application in 3rd week of February, 2010. In view of the same, I request you to kindly keep proceedings in abeyance”. However, the noticee neither filed a consent application nor submitted any reply to the SCN.
Page 4 of 10 hearing notice, noticee was again given an opportunity to submit reply to the SCN on or before March 21, 2012.The aforesaid hearing notice was sent by RPAD. In response to the hearing notice, noticee vide letter dated March 19, 2012 submitted that :-
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Source: SecMarx — sebi:ISD/IPO/AO/DRK/MD/EAD-3/327/25-2012. 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.