sebi:IVD-ID7/SVIL-UCL/AO/DRK/SS/EAD3/164-09/67-2010
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Facts / Headnote
Penalty imposed on the noticee for violations of PFUTP Regulations
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
- Udgam Commercial Limited
Holding
The Adjudicating Officer held that Udgam Commercial Limited violated Regulation 4(a), (b), (c) and (d) of the PFUTP Regulations, 1995 read with Regulation 13 of the PFUTP Regulations, 2003, by indulging in artificially creating volumes, manipulating the price of SVIL's scrip, and engaging in circular/reversal trades and matched/structured trades/cross deals, and imposed a penalty of Rs.2,00,000/- under Section 15HA of the SEBI Act.
Full text
Page 2 of 18 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 18 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 Udgam Commercial Limited (hereinafter referred to as the ‘noticee’).
Page 4 of 18 (formerly Casecade Dealcom Pvt. Ltd.) and Ojas Suppliers Ltd. which aided in raising the price of the scrip from Rs.9.30/- to Rs.15.70/-.
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Source: SecMarx — sebi:IVD-ID7/SVIL-UCL/AO/DRK/SS/EAD3/164-09/67-2010. 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.