sebi:Order/GR/BM/2023-24/28335
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Facts / Headnote
Penalty of Rs. 20,00,000 imposed on Arun Panchariya for fraudulent and unfair trade practices in connection with the GDR issue of Edserv Softsystems Limited.
Provisions invoked
- s. 15
- s. 12A
- s. 15H
- s. 15J
- s. 28A
- s. 376
Regulations
- Reg. 3
- Reg. 200
- Reg. 2(c)
- Reg. 3(a)
Parties
- Arun Panchariya
Holding
The Noticee, Arun Panchariya, violated Section 12A(a), (b), (c) of the SEBI Act, 1992 read with Regulations 3(a), (b), (c), (d) and 4(1) of the PFUTP Regulations, 2003 by acting as a party to a fraudulent GDR issuance scheme involving Edserv Softsystems Limited, and was liable to a penalty of Rs. 20,00,000 under Section 15HA of the SEBI Act.
Full text
Adjudication Order in respect of Arun Panchariya in the matter of GDR issue of Edserv Softsystems Limited P a g e 2 | 51
Adjudication Order in respect of Arun Panchariya in the matter of GDR issue of Edserv Softsystems Limited P a g e 3 | 51
Adjudication Order in respect of Arun Panchariya in the matter of GDR issue of Edserv Softsystems Limited P a g e 4 | 51
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Source: SecMarx — sebi:Order/GR/BM/2023-24/28335. 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.