sebi:Order/KS/VC/2019-20/6176-6177
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Facts / Headnote
SCN disposed of; no violation established, no penalty imposed
Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 15H
Regulations
- Reg. 3
- Reg. 6
- Reg. 4(1)
- Reg. 4(2)
- Reg. 2(c)
- Reg. 3(a)
- Reg. 9
Parties
- Indistock Private Limited
- Spark Securities Private Limited
Holding
The allegation that Noticee 1 (Indistock Private Limited) manipulated the price of FIL by placing a sell order before the block deal was not established, and Noticee 1 is not liable for penalty under Section 15HA of the SEBI Act. Since price manipulation was not established against Noticee 1, Noticee 2 (Spark Securities Private Limited) could not be held to have facilitated such manipulation, and the SCN was disposed of against both Noticees.
Full text
Page 2 of 24 the Company respectively to another promoter group entitiy Hari Shankar Singhania Holdings Private Limited (herein after referred to as ‘HSSHPL’) at a price of Rs. 640.05 through block deals on Bombay Stock Exchange (BSE) on March 22, 2017.
Page 3 of 24 inquire into and adjudge under the provisions of Sections 15HA and 15HB of the SEBI Act, the alleged violations of the relevant provisions of SEBI Act, PFUTP Regulations and Broker Regulations by the Noticees. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING:
Page 4 of 24 d. The price volume movement of the scrip on March 22, 2017 was as under: Period Opening Price (Rs.) Closing price (Rs.) Low price during the day (Rs.) High Price during the day (Rs.) No. of shares traded during the day As on March 22, 2017 i.e. day of Block Deal 745 797.95 638 803 24,71,302 PV Chart as on March 22, 2017
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