sebi:Order/AA/AR/2019-20/3620-3625
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Facts / Headnote
Penalty of Rs. 25,00,000 imposed jointly and severally on Noticee 2 (Upturn Securities Pvt. Ltd) and Noticee 3 (Shri Suresh Pukhraj Jain) under Section 15HA of the SEBI Act; no penalty imposed on Noticees 1, 4, 5 and 6 on the rights issue allegations.
Provisions invoked
- s. 15
- s. 19
- s. 12
- s. 81
- s. 15H
- s. 15J
- s. 28A
- s. 15I(1)
Regulations
- Reg. 3
- Reg. 4(2)(f)
- Reg. 3(a)
Parties
- Sand Plast (India) Ltd (Noticee 1)
- M/s Upturn Securities Pvt. Ltd (Noticee 2)
- Shri Suresh Pukhraj Jain (Noticee 3)
- Dr. Ram S. Garg (Noticee 4)
- Shri Rajesh Gupta (Noticee 5)
- Shri Shivraj Manikrao Parvatkar (Noticee 6)
Holding
The Adjudicating Officer held that Noticee 2 (Upturn Securities) and Noticee 3 (Shri S. P. Jain) manipulated the scrip of Sand Plast (India) Ltd by executing matched and synchronised trades with each other and by establishing artificially higher opening prices, thereby violating Section 12A(c) of the SEBI Act read with Regulations 3(a),(b),(c),(d), 4(1), 4(2)(a) and 4(2)(b) of the PFUTP Regulations, and imposed a penalty of Rs. 25,00,000 jointly and severally under Section 15HA. No penalty was imposed on Noticees 1, 4, 5 and 6 in respect of the rights issue allegations.
Full text
_________________________________________________________________ Adjudication Order in the matter of Sand Plast (India) Ltd. Page 2 of 31
_________________________________________________________________ Adjudication Order in the matter of Sand Plast (India) Ltd. Page 3 of 31
_________________________________________________________________ Adjudication Order in the matter of Sand Plast (India) Ltd. Page 4 of 31
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Source: SecMarx — sebi:Order/AA/AR/2019-20/3620-3625. 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.