sebi:IVD-ID6/KSERA-SG/AO/DRK/ASG/EAD3-198-2009/101-2010
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Facts / Headnote
Penalty imposed on the noticee for violation of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- Santosh Gade
Holding
The Adjudicating Officer held that the noticee, Santosh Gade, violated Regulations 4(1) & 4(2)(a), (b), (e) and (g) of the PFUTP Regulations by engaging in circular and synchronized trading in the scrip of KSERA, and imposed a penalty of Rs. 4,00,000 under Section 15HA of the SEBI Act.
Full text
Page 2 of 12 referred to as ‘IR’) observed that during the Investigation Period the price of the scrip opened at ` 74.35 on May 2, 2005 reached a high of ` 97.50 on May 24, 2005 and closed at ` 89.25 on July 1, 2005.
Page 3 of 12 SHOW CAUSE NOTICE, HEARING AND REPLY 6. A Show Cause Notice (hereinafter referred to as ‘SCN’) A&E/BS/ASG/ 153887/2009 dated February 10, 2009 was served on the noticee by Speed Post Acknowledgment Due in terms of the provisions of Rule 4(1) of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995, seeking reply of the noticee as to why an inquiry should not be held against the noticee in respect of the violations alleged to have been committed by the noticee.
Page 4 of 12 10. To confirm the noticee’s available address with National Securities Depository Ltd. and Central Depository Services (India) Limited, e-mails dated July 30, 2010 were sent to both the depositories, requesting them to provide the address of the noticee available with them. Vide letter dated August 04, 2010 National Securities Depository Ltd. furnished the address of the noticee available with them which was the same that was available with SEBI to which the personal hearing notice was sent.
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Source: SecMarx — sebi:IVD-ID6/KSERA-SG/AO/DRK/ASG/EAD3-198-2009/101-2010. 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.