sebi:IVD-ID7/SVIL-DDL/AO/DRK/SS/EAD3/156-09/59-2010
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Facts / Headnote
Consolidated penalty of Rs.40,00,000 imposed on Divya Dealers Limited for violations of PFUTP Regulations, Takeover Regulations and Insider Trading Regulations
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
- Divya Dealers Limited
Holding
Divya Dealers Limited violated Regulation 4(a), (b), (c) and (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.40,00,000 (Rs.30,00,000 under Section 15HA and Rs.10,00,000 under Section 15A(b)) was imposed.
Full text
Page 2 of 21 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 21 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 Divya Dealers Limited (hereinafter referred to as the ‘noticee’).
Page 4 of 21 create artificial volumes and manipulate the price of the scrip of SVIL. It was alleged that the noticee had sold 3.5 lakh shares through the stock- broker Bubna. It was alleged that Rocky had returned 5 lakh shares to the noticee through the same stock-broker. It was also alleged that the noticee had sold 5.35 lakh shares of SVIL in collusion with the stock-broker M. Bhiwaniwala & Co.
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Source: SecMarx — sebi:IVD-ID7/SVIL-DDL/AO/DRK/SS/EAD3/156-09/59-2010. 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.