sebi:IVD/OMM/AO/DRK/AS/EAD3/-15/2009
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 11
- s. 15J
- s. 11C
- s. 12
- s. 11C(2)
- s. 11C(5)
Parties
- Shri Ashsish P Shah
Holding
The Adjudicating Officer held that Shri Ashsish P Shah violated Section 11C(2) and Section 11C(5) by failing to comply with summons dated 7th September 2006 and 21st September 2006 and imposed a penalty of Rs. 25,00,000 under Section 15A(a).
Full text
Page - 2 - of 9 investigation. The volume traded during the investigation period was 64,5492 and it was traded for 64 days. From the price volume statement it was observed that on April 8, 2002 the price opened at Rs.15.10/- touched a high of Rs.37.95/- on July 9, 2002 and closed at Rs.35.50/- on July 9, 2002.
Page - 3 - of 9 adjudge under Section 15A(a) of the SEBI Act, the violations of Section 11C(2) and 11C(5) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘SEBI, Act, 1992) alleged to have been committed by the noticee on account of non compliance of summons and failure to furnish requisite information/documents. SHOW CAUSE NOTICE, HEARING AND REPLY
Page - 4 - of 9 CONSIDERATION OF EVIDENCE AND FINDINGS 10. The noticee was given opportunity to explain the charges leveled against him through the aforesaid SCN dated November 21, 2007, but no reply is received from the noticee till date. Further a hearing notice dated December 24, 2008 was also issued to the noticee, but the noticee failed to appear on the scheduled hearing. Further, even after the service of the the SCN and hearing notice through the broker, the noticee has neither furnished any reply to the show cause notice nor rendered representation pursuant to the initiated adjudication proceedings.
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Source: SecMarx — sebi:IVD/OMM/AO/DRK/AS/EAD3/-15/2009. 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.