sebi:ORDER/SRP/HKS/2019-20/2900
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Facts / Headnote
Settlement Order disposing of the adjudication proceedings initiated against the Applicant vide SCN No. EAD-5/ADJ/SVKM/DS/OW/20391/1/2016
Provisions invoked
- s. 15
Regulations
- Reg. 3
- Reg. 25
- Reg. 28
- Reg. 29
- Reg. 34
- Reg. 23
Parties
- Sunaina Nareshkumar Saraf
Holding
The Adjudicating Officer accepted the settlement of the adjudication proceedings against Sunaina Nareshkumar Saraf for alleged violations of PFUTP Regulations and SAST Regulations, and disposed of the proceedings pursuant to the settlement application.
Full text
Settlement Order in respect of Sunaina Nareshkumar Saraf Page 2 of 5 2. Show Cause Notice No. EAD-5/ADJ/SVKM/DS/OW/20391/1/2016 dated July 19, 2016 read with its Corrigendum No. SEBI/EAD-IV/SRP/MCS/22319/5/2018 dated August 08, 2018 (hereinafter referred to as “SCN”) was issued by AO to the Applicant in terms of Rule 4 of the Adjudication Rules read with Section 15-I of the SEBI Act.
Settlement Order in respect of Sunaina Nareshkumar Saraf Page 3 of 5 trading days. It was alleged that the Applicant was consistently marking the price in the market by selling shares in single quantity despite pending buy orders for large volume of shares were available at the respective selling rates and thus the Applicant allegedly manipulated the price in the scrip of TCL. Therefore, it was alleged that the Applicant violated the provisions of Regulation 3 (a) to (d), 4 (1), 4 (2) (b) and (e) of PFUTP Regulations.
Settlement Order in respect of Sunaina Nareshkumar Saraf Page 4 of 5 recommendation of the HPAC on March 29, 2019 and the same was communicated to the Applicant vide e-mail dated April 02, 2019.
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Source: SecMarx — sebi:ORDER/SRP/HKS/2019-20/2900. 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.