sebi:IVD-ID7/AL-AK/AO/DRK-AKS/EAD3-399/65-2013
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Facts / Headnote
Penalty imposed on noticee for violation of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
Parties
- Shri Anjani Kumar
Holding
The noticee was found to have violated Regulations 3(a), (b), (c), (d) and 4(1), (2)(a) and (g) of the PFUTP Regulations by executing 9 self trades on 5 days for 4,268 shares, and a penalty of Rs. 75,000 was imposed under Section 15HA of the SEBI Act.
Full text
Page 2 of 7 APPOINTMENT OF ADJUDICATING OFFICER 2. I was appointed as the Adjudicating Officer and the same was communicated vide proceedings of the Whole Time Member appointing Adjudicating Officer dated 10.04.2013 under Section 15 I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’), read with Rule 3 of Securities and Exchange Board of India (Procedure for Holding 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 violation of Regulations 3 (a), (b), (c), (d), 4 (1), (2), (a) and (g) of PFUTP Regulations alleged to have been committed by Shri Anjani Kumar (hereinafter referred to as ‘noticee’).
Page 3 of 7 5. Noticee vide his letter dated 09.08.2013 authorised Shri Prakash Shah, Advocate to appear for the scheduled hearing. The noticee at the time of hearing submitted that he is a small investor and he had dealt through two stock brokers namely SMC Global and Way to Wealth. He mostly executes intra day trades in cash market and sometimes takes delivery of shares. The noticee’s self trades are miniscule in quantity and will therefore not affect the market equilibrium. Further, these self trades have not resulted into price manipulation. At the time of hearing, noticee requested for a copy of the SCN which was provided to him and the noticee was granted time till 27.08.2013 to submit a reply to the SCN along with a copy of his KYC form registered with all the stock brokers.
Page 4 of 7 also observed that all the sell orders were placed at 02:41 pm. Noticee’s trades on 21.07.2008, 12.08.2008 and 28.08.2008 were executed within a time gap of one minute.
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Source: SecMarx — sebi:IVD-ID7/AL-AK/AO/DRK-AKS/EAD3-399/65-2013. 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.