sebi:IVD-ID6/AIL/AO/DRK/AKS/EAD-3/233-09/136-10
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Facts / Headnote
Ex-parte penalty of Rs. 3,00,000 imposed under Section 15A(a) for violation of Section 11C(6)
Provisions invoked
- s. 11
- s. 24
- s. 15A
- s. 15
- s. 15J
- s. 11C(6)
Parties
- Shri Jayanti Patel
Holding
The noticee Shri Jayanti Patel violated Section 11C(6) of the SEBI Act by failing to appear before the Investigating Authority and to produce documents/information sought in the investigation relating to Aditya Infosoft Ltd., and a penalty of Rs. 3,00,000 under Section 15A(a) was imposed ex-parte.
Full text
Page 2 of 9 APPOINTMENT OF ADJUDICATING OFFICER 2. I was appointed as the Adjudicating Officer, (subsequent to transfer of Shri Biju S.) vide order dated December 10, 2008 under section 15 I of the SEBI Act read with Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under Section 15A (a) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) the violation of Section 11 C (6) of the SEBI Act.
Page 3 of 9 c. Names and addresses of all the stock brokers / sub-brokers through whom you had traded in the scrip of Aditya Infosoft Ltd. d. Number of shares of Aditya Infosoft Ltd. that were purchased / sold. The settlement wise details like purchases / sales made, average rate of purchases / sales during the settlement, delivery taken / given in each settlement, distinctive number of deliveries taken / given, if any. e. The mode and source of payment to the stock brokers / sub- brokers for all the purchases / sales made in the secondary market. f. Indicate the source of acquisition of all the shares of Aditya Infosoft Ltd. by you at any point of time. Also indicate the source of funds that you used for the acquisitions of these shares (please enclose supporting documents for the above). g. In case the shares were acquired by you through off-market transactions, please indicate the name / address / phone nos / of the person from whom the acquisition was made. Please also indicate the source of funds which were used for purchasing these shares through off-market transactions.
Page 4 of 9 6. The SCN came back undelivered with remarks “address change”. The same was also published in English (The Hindustan Times, 10th June, 2010) and Hindi (Hindustan Times, 10th June, 2010). Noticee’s address was sought from National Securities Depository Ltd. A hearing notice dated September 13, 2010 was sent to the noticee granting him an opportunity to submit a reply by September 24, 2010 and attend the hearing on September 27, 2010. Vide note dated September 13, 2010, Western Regional Office of SEBI (herein after referred to as ‘WRO’) was requested to arrange for servicing the hearing notice / effecting substituted service by way of affixing the hearing notice to the noticee. Further, vide letter dated September 13, 2010, Ahmedabad Stock Exchange Ltd. (herein after referred to as ‘ASE’) was also requested to serve the hearing notice. In addition to this, the hearing notice was also hosted on the SEBI website on September 13, 2010 under the heading “unserved summons / notices”.
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Source: SecMarx — sebi:IVD-ID6/AIL/AO/DRK/AKS/EAD-3/233-09/136-10. 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.