sebi:Order/BD/BM/2020-21/7650-7674
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Monetary penalties imposed on 25 Noticees under Section 15HA of the SEBI Act, 1992 for violations of PFUTP Regulations, 2003
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
- Reg. 2(1)
Holding
The 25 Noticees belonging to the Jolly Group were found to have violated Regulations 3(a),(b),(c),(d) and 4(1), 4(2)(a) and (e) of the PFUTP Regulations, 2003 by manipulating the price of JPIL scrip downwards through a complex web of off-market transactions and market trades among themselves at lower circuit filter prices, and monetary penalties were imposed under Section 15HA of the SEBI Act, 1992.
Full text
Adjudication Order against Aavia Buildtech Pvt. Ltd & Ors in the matter of Jolly Plastic Industries Ltd. Page 2 of 46 In the matter of Jolly Plastic Industries Ltd
Adjudication Order against Aavia Buildtech Pvt. Ltd & Ors in the matter of Jolly Plastic Industries Ltd. Page 3 of 46 violations of the provisions of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) and SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) by certain entities in scrip of JPIL during the period February 14, 2012 to November 27, 2014 (hereinafter referred to as “Investigation Period”).
Adjudication Order against Aavia Buildtech Pvt. Ltd & Ors in the matter of Jolly Plastic Industries Ltd. Page 4 of 46 November 28, 2014, i.e., after the investigation period until January 7, 2015. 5. The scrip was in physical rolling with the market lot size being 100 shares throughout the investigation period. Further, the scrip was traded in „T‟ group from February 14, 2012 to August 21, 2014, and started trading in „P‟ group on September 02, 2014 (there was no trading in the scrip at BSE during August 22, 2014 to September 01, 2014). The scrip price opened at low price of Rs. 10 on February 14, 2012 and touched a high of Rs. 317 on November 18, 2013 and closed at Rs. 122 on November 27, 2014.
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Source: SecMarx — sebi:Order/BD/BM/2020-21/7650-7674. 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.