sebi:Order/AA/AR/2020-21/8808-8810
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Facts / Headnote
Noticees held liable under section 15A(a) of the SEBI Act; total penalty of Rs. 3,00,000 imposed jointly and severally
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 11C(3)
- s. 28A
- s. 11C(5)
Parties
- Mr. Sourabh Tyagi / Saurabh Tyagi
- Mr. Marconi James Macwan
- Ms. Preety Bharatbhai Gohel / Preeti Bharatbhai Gohel
Holding
The noticees, partners of Smart Technology, failed to furnish complete information sought through summons under section 11C(3) of the SEBI Act and thereby hampered the investigation, and are liable for monetary penalty under section 15A(a) of the SEBI Act. A total penalty of Rs. 3,00,000 to be paid jointly and severally was imposed.
Full text
Adjudication Order in the matter of Steel Exchange India Ltd Page 2 of 14 (hereinafter referred to as ‘SEBI Act’) and also failed to appear in person for recording of statement under oath under section 11C(5) of the SEBI Act.
Adjudication Order in the matter of Steel Exchange India Ltd Page 3 of 14 was around Rs. 100, which then reached to Rs. 133 before falling to Rs. 42.95. On November 24, 2017, SEIL informed the stock exchanges that “the Company had not given any such news of any such order and it denied this rumor and was unaware of the news item and its source”. b) Thus, it is observed that the false information was being circulated through the SMSs during the SMS period. One of the sender id which was used for spreading such false SMSs was AD-MASTER which were using the platform of service provider Airtel. c) Accordingly, Call Data Records (CDR) data / information was sought from Telecom Service Provider (TSP) viz. Airtel. From the CDR data as received from Airtel (Annexure - 2), it is observed that the following SMS aggregator had sent messages in the scrip during the SMS period: TSP Aggregator Name Sender ID No of SMSs Delivered Re-seller Airtel Smart Technology AD- MASTER 5,40,330 Rohit Solutions Rohit Singh
Adjudication Order in the matter of Steel Exchange India Ltd Page 4 of 14 (ICICI Bank) dated October 27, 2017 with a credit of Rs 49,500/- in its account. As per the information provided by ICICI Bank, it is observed that the aforesaid amount of Rs. 49,500/- was transferred by one Mr. Harish Kumar Pahwa (and not M/s Rohit Solutions / Rohit Singh) having account number 020008444646 with Fino Payment Bank. g) Accordingly, the explanation for the transfer of Rs. 49,500 to Smart Technology was sought from Mr. Harish Kumar Pahwa vide email dated June 13, 2019. Mr. Harish Kumar Pahwa vide email dated June 17, 2019, inter-alia, informed as under “I state following, I was working as merchant of fino payment bank my job was to transfer payment to any account by receiving cash as informed by client wanting to transfer money. In this case, one person came to me asking for transfer to this account; OTP for his number was not received after repeated tries. So I used my father’s number (9826038655) to solve his problem.” h) Subsequently, all the three noticees, who were the partners of Smart Technology were summoned to appear for personal appearance and production of documents vide letter dated May 30, 2019 (Annexure - 5). i) Mr. Sourabh Tyagi, and Ms. Preety Gohel (Partners in Smart Technology), on behalf of Smart Technology made personal appearance and their statements were recorded on June 11, 2019. They were advised to provide additional information which they agreed to send through em
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Source: SecMarx — sebi:Order/AA/AR/2020-21/8808-8810. 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.