sebi:IVD-ID9/RDB/AO/DRK-AKS/EAD3-497/41/2014
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Facts / Headnote
Violation found; penalty of Rs. 75,00,000 imposed under Section 15HA
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
Parties
- Shri Prakashbhai Ishwarbhai Rana
Holding
The Adjudicating Officer held that Shri Prakashbhai Ishwarbhai Rana 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 imposed a penalty of Rs. 75,00,000 under Section 15HA of the SEBI Act.
Full text
Page 2 of 10 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 Shri Prakashbhai Ishwarbhai Rana (hereinafter referred to as ‘noticee / Prakash) and the same was communicated vide proceedings of the Whole Time Member appointing Adjudicating Officer dated 11.05.2013.
Page 3 of 10 arbitrage activities in the capital market. Noticee has huge business volumes of more than ` 80 crore per annum.
Page 4 of 10 the noticee based on the material made available on record. It is also noted that inspite of providing opportunity, the noticee has failed to carry out the inspection in the matter as requested by him and has also failed to appear for the personal hearings granted to him in the current adjudication proceedings. CONSIDERATION OF EVIDENCE AND FINDINGS
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Source: SecMarx — sebi:IVD-ID9/RDB/AO/DRK-AKS/EAD3-497/41/2014. 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.