sebi:ORDER/VKV/HKS/2019-20/5701
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Facts / Headnote
Ex-parte penalty of Rs.5,00,000 imposed on Noticee for violation of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 3(a)
Parties
- Dipen D Chandruva HUF
Holding
The Noticee violated Regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a) of PFUTP Regulations, 2003 by executing 42 non-genuine reversal trades creating artificial volume of 13,90,000 units in illiquid stock options at BSE, and is liable to monetary penalty of Rs.5,00,000 under Section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of Dipen D Chandruva HUF. Page 2 of 17 1992, (hereinafter referred to as “SEBI Act”) read with Section 15-I (1) of the SEBI Act and Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “Adjudication Rules”) to conduct adjudication proceedings inter-alia in respect of the Noticee, in the manner specified under Rule 4 of the Adjudication Rules read with Section 15-I (1) and (2) of the SEBI Act, and if satisfied that penalty is liable, to impose such
Adjudication Order in respect of Dipen D Chandruva HUF. Page 3 of 17 submissions in the matter. However, the Noticee neither appeared for personal hearing nor filed any submissions in the matter.
Adjudication Order in respect of Dipen D Chandruva HUF. Page 4 of 17 10. In view of the above, I note that Noticee has been provided ample opportunities of Personal Hearing. However, till date, the Noticee neither availed the opportunities nor filed any reply to the SCN. Therefore, I am inclined to decide the matter ex-parte taking into account the details/material available on record.
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Source: SecMarx — sebi:ORDER/VKV/HKS/2019-20/5701. 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.