sebi:IVD-ID9/RDB/AO/DRK-AKS/EAD3-494-496/38-40/2014
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Facts / Headnote
Penalty of Rs. 2,00,00,000 imposed jointly and severally
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 27
Regulations
- Reg. 3
Parties
- BMD Exports Pvt. Ltd.
- Shri Jitendrabhai Ramanbhai Patel
- Shri Madhavlal Bechardas Patel
Holding
BMD Exports Pvt. Ltd. and its Directors, Shri Jitendrabhai Ramanbhai Patel and Shri Madhavlal Bechardas Patel, violated Sections 12A (a), (b) and (c) of the SEBI Act read with Regulations 3 (a), (b), (c), (d), 4 (1), 4 (2) (a), (d) and (e) of the PFUTP Regulations and a penalty of Rs. 2,00,00,000 was imposed jointly and severally under Section 15HA of the SEBI Act.
Full text
Page 2 of 11 inquire into and adjudge under Sections 15 HA and 15 HB of the SEBI Act the violations of Sections 12A (a), (b) and (c) of the SEBI Act read with Regulations 3 (a), (b), (c), (d), 4 (1), 4 (2) (a), (d) and (e) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’) alleged to have been committed by BMD Exports Pvt. Ltd. (hereinafter referred to as ‘BMD / noticee 1’), Shri Jitendrabhai Ramanbhai Patel (hereinafter referred to as ‘ JRP / noticee 2’) and Shri Madhavlal Bechardas Patel (hereinafter referred to as ‘ MBP / noticee 3’), Directors of noticee 1 and the same was communicated vide proceedings of the Whole Time Member appointing Adjudicating Officer dated 11.05.2013.
Page 3 of 11 • All trades were done by them in the normal course of my trading business. The said trades are noticees own transactions and not for or at the behest of any 3rd party or as a front entity as incorrectly assumed or otherwise.
Page 4 of 11 on record. Proof of service is available on record. The noticees again failed to attend the scheduled hearing without providing any reasons.
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Source: SecMarx — sebi:IVD-ID9/RDB/AO/DRK-AKS/EAD3-494-496/38-40/2014. 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.