sebi:IVD-ID5/RTL-KS/AO/DRK-AKS/EAD3-535-536/79-80-2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Consolidated penalty of Rs. 3,00,000 imposed on Shri Ketan Nalinkant Shah and Ms. Hemal Ketan Shah under Section 15HA of the SEBI Act, 1992 for violation of Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) and (g) of PFUTP Regulations, 2003
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
Parties
- Shri Ketan Nalinkant Shah
- Ms. Hemal Ketan Shah
Holding
The noticees violated Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) and (g) of the PFUTP Regulations by executing reversal trades and self trades in the scrip of RTL, and a consolidated penalty of Rs. 3,00,000 under Section 15HA of the SEBI Act was imposed on them.
Full text
Page 2 of 8 31.12.2008) Low ` 20.5 (25.11.2008) Close (31.12.2008) ` 25.4 Average Volume 8,858 Investigation Period (1.1.2009 – 31.8.2009) Open (1.1.2009) ` 25.75 High ` 77.15 (28.5.2009) Low ` 20.45 (12.1.2009) Close (31.8.2009) ` 39 Average Volume 69,934
Page 3 of 8 Adjudicating Officer) Rules, 1995 requiring the noticee to show cause as to why an inquiry should not be held against the noticees and why penalty, if any, should not be imposed on the noticees under Section 15 HA of the SEBI Act. In the said SCN, it was alleged that the noticees have entered into reversal of trades with each other in the scrip which had led to false and misleading appearance of trading in the scrip and hence is fraudulent in nature. Further, it was also alleged that noticee 2 has executed self trades in the scrip of RTL.
Page 4 of 8 course. As a professional noticee 1 is involved in development activity in health care, educational software, and e-governance application. Noticee 1 has traded in Adani Ports, Alstom, Apollo tyres, Dena Bank, etc while noticee 2 has traded in Adani Ports, Alstom, Wipro, Zee News, Voltas. Tata Motors, etc.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:IVD-ID5/RTL-KS/AO/DRK-AKS/EAD3-535-536/79-80-2014. 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.