sebi:IVD-ID7/SSBPL/BEPL/AO/DRK/AS/EAD3/317-09/15-2012
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Facts / Headnote
Penalty of Rs 18,00,000 imposed under Section 15HA for violation of Regulation 4(2)(b)
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 10
- Reg. 4(2)
- Reg. 4(2)(b)
Parties
- Shradha Stock Broking Pvt. Ltd.
Holding
The Adjudicating Officer held that Shradha Stock Broking Pvt. Ltd. violated Regulation 4(2)(b) of the PFUTP Regulations in its dealings in the scrip of BEPL and imposed a penalty of Rs 18,00,000 under Section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 16 filter was lowered from 5% to 2%. The scrip was also touching the upper circuit limit after the preferential issue period i.e. after August 29, 2003.
Page 3 of 16 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 ‘Rules’) vide order dated 10/12/2008 after transfer of Shri Biju S. to inquire into and adjudge under Section 15 HA of the SEBI Act, the violation of Regulation 4 (2) (b) of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘SEBI PFUTP Regulations’) alleged to have been committed by the noticee in respect of its dealings in the scrip of BEPL.
Page 4 of 16 11. It was alleged based on IR that TCP has contributed major volume of large trades and involved in self-trades which were in the nature of cross deals. It was observed that the noticee was the selling client for these cross deals while buying clients were mainly MKJ Enterprises Ltd. (MKJ), Toplight Vinmay Pvt. Ltd. (Toplight), Shankar Sales Promotion Pvt. Ltd. (Shankar), Eminent Sales Pvt. Ltd. (Eminent), Sanatan Merchants Pvt. Ltd. (Sanatan), Sweet Solution Ltd. (Sweet) and Mantu Housing and Projects Ltd. (Mantu).
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Source: SecMarx — sebi:IVD-ID7/SSBPL/BEPL/AO/DRK/AS/EAD3/317-09/15-2012. 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.