sebi:IVD-ID5/WTIL-MPA/AO/DRK-AKS/EAD3-553/97-2014

SEBI · SEBI · 2013-04-12 · D. Ravi Kumar, Chief General Manager & Adjudicating Officer

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Facts / Headnote

Violation established; penalty of Rs 2,00,000 imposed under Section 15HA

Provisions invoked

• s. 15
• s. 15H
• s. 15J

Regulations

• Reg. 3

Parties

• Shri Manish Pratap Ashar

Holding

The noticee violated Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) and (g) of the PFUTP Regulations by executing self trades in the scrip of WTIL, and a penalty of Rs 2,00,000 under Section 15HA of the SEBI Act was imposed on Shri Manish Pratap Ashar.

Full text

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) 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 Shri Manish Pratap Ashar (hereinafter referred to as ‘noticee’) and the same was communicated vide proceedings of the Whole Time Member appointing Adjudicating Officer dated 12.04.2013.

5. From the records it is noted that the noticee has neither replied to the SCN nor has attended the personal hearings granted to him inspite of service of all the notices as stated above. It is noted that the proof of service of the notices are on record. In light of this fact, I am convinced that the Principles of Natural Justice have been complied with and I am compelled to pass an ex-parte order against the noticee based on the material made available on record. CONSIDERATION OF EVIDENCE AND FINDINGS

9. At this juncture, I would like to quote the order of Hon'ble Securities Appellate Tribunal in the matter of Chirag Tanna Vs The Adjudicating Officer dated 16.06.2011 wherein it was held as follows: “..we have on record the trade and order logs from which it has been pointed out by the learned counsel for the respondent Board that the appellant had executed self trades i.e. trades in which he was both the buyer and the seller. Such trades are, admittedly, fictitious and create artificial volumes in the traded scrip..”

Source: SecMarx — sebi:IVD-ID5/WTIL-MPA/AO/DRK-AKS/EAD3-553/97-2014. 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.