sebi:IVD/KSERA/AO/DRK/ASG/EAD3-25/2009
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Facts / Headnote
Penalty imposed on the noticee for violations of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- Shri Kenneth Pinto
Holding
The noticee Shri Kenneth Pinto was held to have violated Regulations 4(1) and 4(2)(a), (b), (e) and (g) of the PFUTP Regulations by executing synchronized/circular trades and indulging in non-genuine transactions in the scrip of KSERA, and a penalty of Rs. 2,00,000 was imposed under Section 15HA of the SEBI Act.
Full text
Page 2 of 11 referred to as ‘Investigation Period’). During this period, the shares of KSERA were listed only in BSE. The Investigation Report observed that during the Investigation Period the price of the scrip opened at Rs. 83.00, reached period low of Rs. 79.90 on June 01, 2004, touched a high of Rs. 164.00 on October 28, 2004 and closed at Rs. 151.75 on October 29,
Page 3 of 11 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 violations of Regulation 4(1) and 4(2) (a), (b) (e) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as the ‘PFUTP Regulations’) alleged to have been committed by the noticee.
Page 4 of 11 had undertaken the alleged trades unknowingly, unwittingly and with no intent. 9. A hearing notice dated March 25, 2009, granting a personal hearing to the noticee on May 06, 2009 was issued. The noticee was represented by his father Shri Adolf Pinto (who had also acted as his broker for the alleged fraudulent trades) and the representative of the noticee reiterated the
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Source: SecMarx — sebi:IVD/KSERA/AO/DRK/ASG/EAD3-25/2009. 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.