sebi:IVD-ID7/SVIL-CPL/AO/DRK/SS/EAD3/158-09/61-2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; penalty of Rs.2,00,000 imposed under Section 15HA of the SEBI Act
Provisions invoked
- s. 15
- s. 370
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4
- Reg. 13
- Reg. 4(a)
- Reg. 2(1)(e)(2)
- Reg. 2(i)(e)
Parties
- Casecade Power Limited (formerly Casecade Dealcom Pvt. Ltd.)
Holding
The noticee violated Regulation 4(a), (b), (c) and (d) of the PFUTP Regulations, 1995 read with Regulation 13 of the PFUTP Regulations, 2003 by creating artificial volumes and manipulating the price of SVIL, and is liable to a penalty of Rs.2,00,000 under Section 15HA of the SEBI Act.
Full text
Page 2 of 16 momentum and went upto Rs.65.75/- on 23.04.2003. On a few days (i.e. on 28.01.2003, 29.01.2003, 03.02.2003 and 11.04.2003) the volumes were exceptionally higher.
Page 3 of 16 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 Section 15HA 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’), alleged to have been committed by Casecade Power Limited (formerly Casecade Dealcom Pvt. Ltd.) (hereinafter referred to as the ‘noticee’).
Page 4 of 16 10. It was alleged that the noticee had also traded on BSE through its stock- broker IL&FS Investsmart India Ltd. wherein most of the transactions were structured and of matched deals and cross deals in nature, as the quantity of the shares, prices of the trades and timing of placing the orders were found to be the same. It was also alleged that all transactions repeatedly matched with Dimensional Securities Ltd. and its clients. It was observed that the noticee’s transactions along with the other clients of IL&FS Investmart India Ltd., the counterparty being Udgam Commercial Ltd., aided in raising the price of the scrip SVIL from Rs.9.30/- to Rs.15.70/-.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:IVD-ID7/SVIL-CPL/AO/DRK/SS/EAD3/158-09/61-2010. 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.