sebi:IVD-ID7/SVIL-AICL/AO/DRK/SS/EAD3/157-09/60-2010
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Facts / Headnote
Violations found; consolidated penalty of Rs.30,00,000 imposed on the noticee
Provisions invoked
- s. 15A
- s. 15
- s. 370
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 3
- Reg. 4
- Reg. 13
- Reg. 11
- Reg. 4(a)
- Reg. 13(3)
- Reg. 2(1)(e)(2)
- Reg. 2(i)(e)
Parties
- Amluckie Investment Company Limited
Holding
Amluckie Investment Company Limited violated Regulation 4(a)-(d) of PFUTP Regulations, 1995 read with Regulation 13 of PFUTP Regulations, 2003, Regulation 7(1A) of Takeover Regulations and Regulation 13(3) of Insider Trading Regulations, and a consolidated penalty of Rs.30,00,000 under Sections 15HA and 15A(b) of SEBI Act was imposed.
Full text
Page 2 of 20 on 28.01.2003, 29.01.2003, 03.02.2003 and 11.04.2003) the volumes were exceptionally higher. 4. Total traded quantity as provided by CSE in the scrip was 70,15,661 shares. The trading by major stock-brokers was as follows:
Page 3 of 20 APPOINTMENT OF ADJUDICATING OFFICER 8. I was appointed as the Adjudicating Officer vide order dated December 10, 2008 (subsequent to the transfer of the previous Adjudicating Officer Shri Biju S.), under Section 15 I of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘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 Sections 15HA and 15A(b) of the SEBI Act, the violations of Regulation 4(a), (b), (c) and (d) of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995 (hereinafter referred to as ‘PFUTP Regulations, 1995’) read with the provisions of Regulation 13 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 ‘PFUTP Regulations, 2003’), Regulation 7(1A) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as ‘Takeover Regulations’) and Regulation 13(3) of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as ‘Insider Trading Regulations’), alleged to have been committed by
Page 4 of 20 10. In the SCN it was alleged that the noticee as a promoter related selling entity of SVIL along with other promoter related selling entities had colluded with the stock-broker Bubna Stock Broking Services Ltd. (hereinafter referred to as ‘Bubna’) and purchasers, Rocky Marketing Pvt. Ltd. (hereinafter referred to as ‘Rocky’) and Prince Securities, in order to create artificial volumes and manipulate the price of the scrip of SVIL. It was alleged that on February 10, 2003, the noticee had sold 5 lakh shares to Rocky and the price was Rs.14.97, almost 35% higher than the price on January 31, 2003. It was also alleged that the noticee had sold 10 lakh shares of SVIL in collusion with the stock-broker Bubna.
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Source: SecMarx — sebi:IVD-ID7/SVIL-AICL/AO/DRK/SS/EAD3/157-09/60-2010. 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.