sebi:JJ/AK/AO-113/2014

SEBI · SEBI · 2014-08-27 · Jayanta Jash, Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Noticee held liable for violations of sections 12A(a), 12A(b), 12A(c) of the SEBI Act and regulations 3(a), 3(b), 3(c), 3(d), 4(1), 4(2)(a), 4(2)(e) of the PFUTP Regulations; monetary penalty imposed under section 15HA payable within 45 days

Provisions invoked

• s. 15
• s. 12A
• s. 15H
• s. 15J

Regulations

• Reg. 4
• Reg. 3
• Reg. 4(a)
• Reg. 2
• Reg. 3(a)

Parties

• Praveen Poddar

Holding

Praveen Poddar was held liable for engaging in synchronized, circular and reversal trades in the scrip of Gangotri Textiles Limited in concert with the Vishvas Group, thereby indulging in fraudulent and manipulative trade practices in contravention of sections 12A(a), 12A(b), 12A(c) of the SEBI Act and regulations 3 and 4 of the PFUTP Regulations, and was adjudged liable for monetary penalty under section 15HA.

Full text

Adjudication Order in respect of Praveen Poddar in the matter of M/s Gangotri Textiles Limited Page 2 of 27 August 27, 2014 was ` 52.25 (intra day high on February 6, 2006) and lowest price during this period was ` 40.55 (intra day low on March 28, 2006). The average daily traded quantity during this period was for 77,036 shares.

Adjudication Order in respect of Praveen Poddar in the matter of M/s Gangotri Textiles Limited Page 3 of 27 August 27, 2014 during this period was `24 (intra day low on December 13, 2006) in both NSE and BSE. The average daily traded quantity during this period was for 34,080 / 43,717 (NSE/BSE) shares.

Adjudication Order in respect of Praveen Poddar in the matter of M/s Gangotri Textiles Limited Page 4 of 27 August 27, 2014 (hereinafter referred to as “PFUTP Regulations”) and therefore, liable for monetary penalty under section 15HA of SEBI Act.

Source: SecMarx — sebi:JJ/AK/AO-113/2014. 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.