sebi:IVD-ID5/UTI/AO/DRK-AKS/EAD-3/352/18-13
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Facts / Headnote
Adjudication proceedings disposed of; violations not established against the noticee.
Provisions invoked
- s. 15H
Regulations
- Reg. 3
Parties
- Shri Keyur Jagdishbhai Kakrecha
Holding
The allegations that the noticee violated Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a), (b), (e) and (g) of the PFUTP Regulations by artificially inflating the price of UTI SUNDER ETF and giving a false and misleading appearance of trading were not established, and the adjudication proceedings were disposed of.
Full text
Page 2 of 4 as ‘SEBI Act’) to inquire into and adjudge under Section 15HA of the SEBI Act the alleged violations 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 Keyur Jagdishbhai Kakrecha (hereinafter referred to as ‘noticee’) with respect to his dealings / trading in UTI SUNDER ETF and the same was communicated vide communiqué dated 25.04.2012.
Page 3 of 4 Proof of service of the notice is on record. Since the noticee failed to confirm his appearance for the hearing as mentioned in the hearing notice, the said hearing could not be conducted. Therefore, the noticee was granted final opportunity of hearing vide personal hearing notice dated 07.03.2013 to appear for hearing on 22.03.2013 at SEBI WRO, Ahmedabad and was once again advised to submit a reply to the SCN by 18.03.2013. The said hearing notice which was sent through courier came back undelivered with remark “All Close”.
Page 4 of 4 not give a false and misleading appearance of trading in UTI SUNDER ETF as alleged in the SCN. 9. In view of the above it can be concluded that the allegation against the noticee that he has violated 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 is not established.
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Source: SecMarx — sebi:IVD-ID5/UTI/AO/DRK-AKS/EAD-3/352/18-13. 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.