sebi:IVD-ID4/SB-AIL/AO/DRK-AKS/EAD-3/375/41-13
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Facts / Headnote
Penalty of Rs 5,00,000 imposed under Section 15HA of the SEBI Act for violation of Regulations 4(1) and 4(2)(e) of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 31
Parties
- Shri Saumil Bhavnagari
Holding
The noticee violated Regulations 4(1) and 4(2)(e) of the PFUTP Regulations by indulging in fraudulent and unfair trade practice and manipulating the price of the scrip of AIL, and was held liable to a penalty of Rs 5,00,000 under Section 15HA of the SEBI Act.
Full text
Page 2 of 13 brokers ASE Capital Markets Ltd. (Clg.No.293), Galaxy Broking Ltd. (Clg.No.513) and Grishma Securities (P) Ltd. (Clg.No.147) had major concentration of 46.12%, 18.73% and 14.97% in gross purchase respectively and 53.35%, 15.92% and 22.69% in net purchase respectively. The IR has focused on the trades executed in the scrip in the month of December 2003 to January 2004 during the investigation period. Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) has further conducted an investigation in the scrip.
Page 3 of 13 Section 15HA of the SEBI Act for the violation of Regulations 4 (1) and 4 (2) (e) of PFUTP Regulations. Proof of service of SCN is on record.
Page 4 of 13 shorten the time period / to avoid unnecessary delay) except passing of the final order which will be kept in abeyance till the completion of the consent proceedings. Proof of service of this notice is on record. The noticee vide his letter dated 17.01.2011 submitted that since he has availed the consent process, the expected legal cost to be incurred by him for the adjudication proceedings will be a wasteful expenditure. Therefore, he requested to keep the matter in abeyance.
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Source: SecMarx — sebi:IVD-ID4/SB-AIL/AO/DRK-AKS/EAD-3/375/41-13. 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.