sebi:IVD-ID3/ECL-MS/AO/DRK/AKS/EAD3-323/21-2012
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Facts / Headnote
Noticee found in violation and penalty of Rs. 2,00,000 imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- Shri Mehul Shah
Holding
The noticee Shri Mehul Shah violated Regulations 4(1) and 4(2)(a) and (g) of the PFUTP Regulations by executing synchronized trades and creating artificial volume in the scrip of Era, and is liable to a penalty of Rs. 2,00,000 under Section 15HA of the SEBI Act.
Full text
Page 2 of 12 3. Based on the findings of BSE, an examination was carried out by SEBI. The Investigation Report observed that a group of clients and few stock brokers, trading on their own accounts, traded significantly in the scrip during the investigation period. The group aggregately traded for 18,73,122 shares amongst themselves, which accounted for 29.54% of the total market volume of 63,41,973 shares during the investigation period. This group consisted of namely
Page 3 of 12 APPOINTMENT OF ADJUDICATING OFFICER 5. Vide order dated January 17, 2012 the matter was transferred and I was appointed as the Adjudicating Officer under section 15 I of Securities and Exchange Board of India Act, 1992 (hereinafter referred to 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) & 4(2) (a), (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 12 Regulations 4(1) & 4(2) (a), (g) of the PFUTP Regulations. However, no reply to the SCN has been received till date.
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Source: SecMarx — sebi:IVD-ID3/ECL-MS/AO/DRK/AKS/EAD3-323/21-2012. 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.