sebi:MRD/MK/1-5/2017-2018
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Facts / Headnote
Alleged violations not established; matter disposed of
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 2(c)
- Reg. 3
- Reg. 4
- Reg. 4(1)
Parties
- Udai Vora
- Sonal U. Vora
- Dhiren Vora
- Sonali D. Vora
- Saryuben Vora
Holding
The alleged violations of Regulations 4(1) and 4(2)(a) of the PFUTP Regulations against the noticees do not stand established, and the matter is disposed of without imposition of penalty.
Full text
Adjudication Order in the matter of M/s Nova Petrochemicals Ltd. Page 2 of 14 September 01, 2017 NPL was from November 14, 2005 to March 31, 2006 (hereinafter referred to as "investigation period" ). The main focus of investigation was to ascertain any violation of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as the ‘PFUTP Regulations’) during the above period.
Adjudication Order in the matter of M/s Nova Petrochemicals Ltd. Page 3 of 14 September 01, 2017 SHOWCAUSE NOTICE, HEARING AND REPLY
Adjudication Order in the matter of M/s Nova Petrochemicals Ltd. Page 4 of 14 September 01, 2017 shares at BSE and 136,570 shares at NSE”). Significantly, the said volumes prior to the investigation period were far in excess of volumes during the period November 28, 2005 to December 12, 2005. Therefore, the question of scrip being illiquid does not arise. Further, from the price volume of the scrip for the period prior to November 28, 2005, it is clear that the scrip was trading in almost in the same range. The price and volumes were already in upward mode and there were many brokers who were trading on behalf of various clients. Therefore, the issue of creating artificial interest can not arise. In the past also they have traded in the said scrip and were holding the shares as on November 28, 2005 and it is not the case that they had placed the orders during the investigation period. During the investigation period there were days when they had not placed the orders for buying but the volumes were high. They had bonafide traded in the scrip and not violated the alleged provisions of PFUTP Regulations. They have not gained anything from the transactions. SEBI has already exonerated the brokers through whom they have traded in the present scriop.
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Source: SecMarx — sebi:MRD/MK/1-5/2017-2018. 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.