sebi:IVD-ID6/SS-EIIL/AO/DRK/AKS/EAD-3/331/29-12
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Facts / Headnote
Violation established; penalty of Rs. 1,00,000 imposed under Section 15HA
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
Parties
- Ms. Shila Suryavanshi
Holding
The noticee violated Regulations 3(a), 4(1), 4(2)(a) and (e) of the PFUTP Regulations by being part of a connected Group engaged in circular movement of shares to inflate volumes. A penalty of Rs. 1,00,000 under Section 15HA of the SEBI Act was imposed.
Full text
Page 2 of 15 during 18 trading days. Total trading volume during the period of investigation was 2,17,700 shares with an average daily trading volume of 12,095 shares. One month before the investigation period the scrip traded with the daily average volume of 2,365 shares and the price of the scrip increased from ` 61.00 on 13th January, 2005 to ` 79.50 on 9th February, 2005. One month after the investigation period the scrip traded with an average trading volume of 13,773 shares per day and the price of the scrip came down to ` 97.80 on 11th April, 2005 as against ` 110.75 on 14th March, 2005 (Decrease of 13.29% during one month after investigation period). APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 15 not be imposed on her under Section 15HA of the SEBI Act for the alleged violations of Regulations 3 (a), 4 (1), 4 (2) (a) and (e) of PFUTP Regulations. Proof of service of SCN is on record. In the said SCN it was alleged that the noticee was party to circular movement of shares with a clear intention to inflate trade volumes, creating interest in the share and had aided and abetted the company, Promoter- Director in manipulation thereby defrauding the innocent investors. The noticee did not submit any reply to the aforesaid SCN.
Page 4 of 15 7. From the records it is noted that the noticee has neither replied to the SCN nor has attended any of the personal hearings granted to her inspite of service of the notices as stated above. It is noted that the proof of service of all the notices are on record. In the 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. It is also noted that inspite of providing several opportunities, the noticee has failed to cooperate in the current adjudication proceedings.
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Source: SecMarx — sebi:IVD-ID6/SS-EIIL/AO/DRK/AKS/EAD-3/331/29-12. 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.