sebi:IVD-ID5/WTIL-KG/AO/DRK-AKS/EAD3-562/106-2014
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Facts / Headnote
Penalty imposed on noticee for violations of PFUTP Regulations, 2003
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
Parties
- Ms Kavita Goyal
Holding
The Adjudicating Officer held that the noticee violated Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) and (e) of the PFUTP Regulations, 2003 by regularly placing buy orders at prices higher than the Last Traded Price (LTP), thereby creating a false and misleading appearance of trading and artificially increasing the scrip's price, and imposed a penalty of Rs. 2,00,000 under Section 15HA of the SEBI Act. The allegation regarding self trades was not sustained.
Full text
Page 2 of 8 Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‗Adjudication Rules’) to inquire into and adjudge under Section 15 HA of the SEBI Act the 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 Ms Kavita Goyal (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 3 of 8 Noticee had bought and sold WTIL shares from December 2007 to March 2009. Noticee strongly denies the allegation leveled against her since all her trades in the market were genuine trades and noticee has met with all her obligations in the market and whenever required had taken / given delivery of shares.
Page 4 of 8 self trade volume is quite negligible to noticee's volume and also market volume on that particular day in the scrip.
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Source: SecMarx — sebi:IVD-ID5/WTIL-KG/AO/DRK-AKS/EAD3-562/106-2014. 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.