sebi:Order/GR/RK/2023-24/27469-27483
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Facts / Headnote
Violations established; penalties imposed on all 15 Noticees under Section 15HA of the SEBI Act
Provisions invoked
- s. 15
- s. 12A
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 3
- Reg. 4
- Reg. 3(a)
Holding
The 15 Noticees were found to have violated Section 12A(a), (b), (c) of the SEBI Act and Regulation 3(a), (b), (c), (d), 4(1), 4(2)(a) and (g) of the PFUTP Regulations by engaging in circular trading without intention of change of ownership in the scrip of Kapil Raj Finance Ltd. Penalties ranging from Rs.5,00,000/- to Rs.8,00,000/- were imposed on each Noticee under Section 15HA of the SEBI Act.
Full text
Adjudication order in the matter of Kapil Raj Finance Limited P a g e 2 | 29 BACKGROUND 1. Securities and Exchange Board of India (“SEBI”) conducted an investigation into the trading activities of certain entities in the scrip of Kapil Raj Finance Ltd., (“KRJFL/Company”), a company listed on Bombay Stock Exchange Limited (“BSE”). The investigation was mainly to ascertain whether there was any alleged trading activities by the suspected entities and thus to ascertain whether by involving in such activities in the scrip of the company during the period from January 24, 2018 to April 20, 2018 (hereinafter referred to as “Investigation period/IP”) they have violated the provisions of SEBI Act, 1992 (hereinafter referred to as “SEBI Act”) and SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”)
Adjudication order in the matter of Kapil Raj Finance Limited P a g e 3 | 29 the PFUTP Regulations and if the said violations are established, to impose penalties under section 15HA of the SEBI Act.
Adjudication order in the matter of Kapil Raj Finance Limited P a g e 4 | 29 1 Divyaben Hiteshbhai Gangani Y N May 02, 2023 EMAIL May 16, 2023 N 2 Bhavin Natwarlal Panchal Y N
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Source: SecMarx — sebi:Order/GR/RK/2023-24/27469-27483. 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.