sebi:IVD-ID5/ADPL-JRP/AO/DRK-AKS/EAD3-584/128-2014
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Facts / Headnote
Penalty imposed on the noticee for violation of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
Parties
- Shri Jagdish Ramanlal Patel
Holding
The Adjudicating Officer held that Shri Jagdish Ramanlal Patel violated Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) and (e) of the PFUTP Regulations by executing synchronised trades with a group of connected entities in the scrip of Aarey Drugs and Pharmaceuticals Ltd., resulting in artificial volume and price increase, and imposed a penalty of Rs. 3,00,000/- under Section 15HA of the SEBI Act.
Full text
Page 2 of 15 Aarey Drugs and Pharmaceuticals Ltd. Pre Investigation Period (1.10.2008 – 31.12.2008) Open (1.10.2008) 44.7 High 44.7 (1.10.2008) Low 15.15 (5.12.2008)
Page 3 of 15 under Section 15 HA of the SEBI Act for the violation of Regulations 3 (a), (b), (c), (d), 4 (1), 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 ‗PFUTP Regulations‘) alleged to have been committed by Shri Jagdish Ramanlal Patel (hereinafter referred to as ‗noticee‘) and the same was communicated vide proceedings of the Whole Time Member appointing Adjudicating Officer dated 12.04.2013.
Page 4 of 15 26.11.2013 at 10:30 am at SEBI Bhavan, Mumbai. Noticee vide his letter dated 22.11.2013 authorised Ms. Rinku Valanju, Advocate (herein after referred to as 'AR') to appear on his behalf for the scheduled hearing. The AR vide her letter dated 22.11.2013 and noticee vide his letter dated 26.11.2013 sought 3 weeks adjournment as they needed time to prepare a detailed reply to the SCN. Vide hearing notice dated 23.12.2013 the noticee was advised to attend the hearing on 07.01.2014 at 12:00 noon at SEBI Bhavan, Mumbai. The AR vide her letter dated 03.01.2014 requested to adjourn the matter as she was pre occupied with other matters. Vide email dated 03.01.2014 noticee was asked to attend the hearing on 10.01.2014 at 02:30 pm at SEBI Bhavan, Mumbai. However, the said hearing was adjourned and vide hearing notice dated 17.01.2014 noticee was granted an opportunity to appear for hearing on 04.02.2014 at 11:00 am SEBI Bhavan, Mumbai.
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Source: SecMarx — sebi:IVD-ID5/ADPL-JRP/AO/DRK-AKS/EAD3-584/128-2014. 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.