sebi:IVD/OMM/AO/DRK/AS/EAD3-09/2009
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Facts / Headnote
Penalty of Rs. 25,00,000 imposed on the noticee ex-parte for violation of Sections 11C(2) and 11C(5)
Provisions invoked
- s. 15A
- s. 15
- s. 11
- s. 15J
- s. 11C
- s. 12
- s. 11C(2)
- s. 11C(5)
Parties
- Shri Anil D Modi
Holding
Shri Anil D Modi was found to have violated Sections 11C(2) and 11C(5) of the SEBI Act, 1992 by failing to comply with summons dated 7th September 2006 and 21st September 2006, and a penalty of Rs. 25,00,000 under Section 15A(a) was imposed.
Full text
- 2 - investigation. The volume traded during the investigation period was 645,492 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.
- 3 - 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. SHOW CAUSE NOTICE, HEARING AND REPLY
- 4 - 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 and the Hearing Notice dated December 24, 2008, but the noticee refused to claim the said notices served by Registered Post Acknowledgment Due. Further, even after the service of the same 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/EAD3-09/2009. 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.