sebi:Order/EB/PB/2022-23/15816
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Facts / Headnote
Adjudication proceedings abated; SCN disposed of without penalty
Provisions invoked
- s. 15
- s. 19
- s. 15H
Regulations
- Reg. 3(a)
Holding
The adjudication proceedings initiated against the Noticee are liable to be abated without going into the merits of the case, as the Noticee expired before the issuance of the Show Cause Notice and no opportunity of being heard could be provided for the purpose of imposing penalty.
Full text
Page 2 of 4 genuine in nature and created false or misleading appearance of trading in terms of artificial volumes in stock options and therefore were alleged to be manipulative, deceptive in nature. In view of the same, SEBI initiated adjudication proceedings against the Noticee for violation of the provisions of regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations, 2003”).
Page 3 of 4 CONSIDERATION OF ISSUES AND FINDINGS 6. Mr. Manish Shah, the son of the Noticee, vide letter dated February 15, 2022 and March 04, 2022, intimated that his mother, the Noticee, had expired on October 13,
Page 4 of 4 prescribed manner after giving any person concerned a reasonable opportunity of being heard for the purpose of imposing any penalty”’
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Source: SecMarx — sebi:Order/EB/PB/2022-23/15816. 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.