sebi:Order/AA/AR/2019-20/3781
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Facts / Headnote
Adjudication proceedings disposed of; Noticee held not liable for imposition of monetary penalty under section 15 HA of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Shaishil Tusharkumar Jhaveri
Holding
The Noticee was held not liable for violating Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a) & 4(2)(g) of the PFUTP Regulations, as the self-trades executed were not done with manipulative intent.
Full text
Page 2 of 9 provisions of Regulations 3(a),(b),(c),(d), 4(1),4(2)(a) and 4(2)(g) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’).
Page 3 of 9 of the trades) in the scrip of PMTL during the Investigation Period. The details of self-trades by the Noticee are tabulated below: Entity Name Total Self Trade Volume Total Self Trade Count Self-trade count from same Terminal No of days on which self-trades done % Of Self- traded Qty. To Market Vol. LTP Shaishil T Jhaveri 64,107 8 6 7 0.20% -0.85
Page 4 of 9 ample opportunities to present his case and make submissions in the matter. However, Noticee failed to appear for the hearing on the stipulated date. In this context, it is pertinent to place reliance on the Order dated February 11, 2014 passed by the Hon’ble Securities Appellate Tribunal (SAT) in the matter of Sanjay Kumar Tayal and Ors vs SEBI (Appeal No 68 of 2013), wherein Hon’ble SAT had observed that “............................... As rightly contended by Mr Rustomjee, the learned senior counsel for respondents, appellants have neither filed any reply to the show cause notices issued to them nor availed opportunity of personal hearing offered to them in the adjudication proceedings and, therefore, appellants are presumed to have admitted the charges leveled against them in the show cause notices ....................”
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Source: SecMarx — sebi:Order/AA/AR/2019-20/3781. 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.