sebi:Order/KS/AA/2019-20/7264
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Facts / Headnote
Penalty of Rs. 40 lakh imposed on the Noticee
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
- s. 15F
- s. 28A
- s. 25
- s. 15I(1)
- s. 151
Regulations
- Reg. 3
- Reg. 4(1)
Holding
The Adjudicating Officer imposed a penalty of Rs. 40 lakh on the Noticee in respect of dealings in the scrip of AXON.
Full text
Page 2 of 46 (presently known as Octant Interactive Technologies Limited and hereinafter referred to as 'KUSHAL’ or ‘KSL') with it.
Page 3 of 46 adjudication order on September 28, 2012 after perusal of facts and evidences imposing a penalty of Rs. 40 lakh on the Noticee.
Page 4 of 46 8. The details of the observations of BSE and SEBI in respect of the present proceedings are given below: A. Brief of Observations made by Bombay Stock Exchange (a) During the exchange examination period, the price of the scrip decreased from Rs. 73.00 (opening price on March 17, 2006) to Rs.49.45 on July 03, 2006 and thereafter it has increased to touch its period high of Rs.156.10 (September 12, 2006) and closed at Rs.149.00 on September 19, 2006. During the entire exchange examination period the scrip was traded with an average daily traded volume of 7,345 shares. Out of the total trading days of 130 days, the scrip has been traded only on 63 days, out of which on 27 days, singular trades in the scrip was observed. (b) KUSHAL which was going to be amalgamated with AXON, along with its various connected entities had dealt in the scrip and had altogether purchased 67,527 shares (14.59% of the total market volume and 10.23% of the total share capital) and sold 2,15,086 shares (46.84% of the total market volume and 32.59% of the total share capital). (c) On analysis of price variation, for the price fall and price rise patch it is observed that clients connected/related to KUSHAL had contributed Rs. 38.2 out of the total price fall of Rs. 97.55 during the period from February 22, 2006 to July 03, 2006 and Rs. 33.10 to the total price rise of Rs. 96.75 during the period from July 19, 2006 to September 12, 2006. On analyzing the counterparty concentration, no specif
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Source: SecMarx — sebi:Order/KS/AA/2019-20/7264. 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.