sebi:IVD/ITDL/JS/AO/DRK/ASG/EAD/230-2009/133-2010
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Facts / Headnote
Penalty imposed on the noticee for violation of Sections 11C(2), 11C(3) and 11C(5) of the SEBI Act, 1992
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 11(4)
- s. 11(1)
- s. 11C
- s. 12
Parties
- Shri Jay Shah
Holding
The noticee, Shri Jay Shah, was held to have violated Sections 11C(2), 11C(3) and 11C(5) of the SEBI Act, 1992 by failing to appear before the Investigating Authority and failing to produce documents sought by summons dated March 02, 2007, and a penalty of Rs. 2,00,000 was imposed under Section 15A(a) of the SEBI Act.
Full text
Page 2 of 8 3. Regarding movement in the scrip of ITDL, the Bombay Stock Exchange Ltd. (hereinafter referred to as ‘BSE’) observed that the price of the scrip moved from ` 2.75 on 14th January, 2005 to ` 22.65 on 1st September
Page 3 of 8 the violation of Sections 11C (2), 11C(3) and 11C (5) of the SEBI Act, 1992 alleged to have been committed by the noticee.
Page 4 of 8 and the investigation process was, thus, seriously hampered. It was further alleged that the non-submission of details by the noticee and no response from him further fortified their involvement in the manipulation and that the above mentioned actions on the part of the noticee were for the purpose of hindering the investigation and amounted to violation of Sections 11C (2), 11C(3) and 11C(5) of the SEBI Act, 1992. No reply was received from the noticee to the SCN as well.
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Source: SecMarx — sebi:IVD/ITDL/JS/AO/DRK/ASG/EAD/230-2009/133-2010. 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.