sebi:ORDER/GR/AE/2019-20/3604
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Facts / Headnote
Violation established; penalty of Rs. 14,00,000 imposed
Provisions invoked
- s. 15
- s. 11B
- s. 11
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 2
- Reg. 3(a)
Parties
- Evergrowing Iron & Finvest Private Limited
Holding
The Noticee violated Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a) of the PFUTP Regulations by executing non-genuine reversal trades in illiquid BSE Stock Options creating artificial volume and false appearance of trading, and is liable for penalty under Section 15HA of the SEBI Act, with a penalty of Rs. 14,00,000 imposed.
Full text
Adjudication Order in respect of Evergrowing Iron & Fivest Private Limited Page 2 of 21 non-genuine in nature and have created false and misleading appearance of trading in terms of artificial volumes in the Stock Options Segment of BSE.
Adjudication Order in respect of Evergrowing Iron & Fivest Private Limited Page 3 of 21 of the undersigned as AO in the matter vide notice dated May 22, 2019, in terms of Rule 4 (3) of the SEBI Adjudication Rules, an opportunity of personal hearing was granted to the Noticee on June 04, 2019 and another opportunity to submit his reply. The notice of hearing was duly served upon but the Noticee did not availed the opportunity. It is noted that till date, no reply / communication has been received from the Noticee. It is pertinent to mention here that vide the aforesaid notice it was clearly indicated that in case of failure to submit reply, the case would be proceeded with ex-parte on the basis of the material available on record.
Adjudication Order in respect of Evergrowing Iron & Fivest Private Limited Page 4 of 21 proceedings and, therefore, appellants are presumed to have admitted charges leveled against them in the show cause notices...”
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Source: SecMarx — sebi:ORDER/GR/AE/2019-20/3604. 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.