sebi:Order/SBM/JR/2021-22/12372-12375
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Facts / Headnote
Penalty imposed on Noticees for violation of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 3(a)
Parties
- Topwell Properties P Ltd. (Noticee no. 1)
- Shivkhori Construction P Ltd. (Noticee no. 2)
- Limestone Properties P Ltd. (Noticee no. 3)
- Comfort Dealcom P Ltd. (Noticee no. 4)
Holding
The Noticees violated Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) and (e) of the PFUTP Regulations by repeatedly placing buy orders above the Last Traded Price in the scrip of MEL, and a total penalty of Rs. 5,00,000/- was imposed jointly and severally on the four Noticees under section 15HA of the SEBI Act.
Full text
Page 2 of 18 In the matter of Mystic Electronics Ltd. Construction P Ltd. (hereinafter referred to as “Noticee no. 2”), Limestone Properties P Ltd. (hereinafter referred to as “Noticee no. 3”) and Comfort Dealcom P Ltd. (hereinafter referred to as “Noticee no. 4”) have traded extensively in the scrip of MEL during the investigation period and for the purpose of the present proceeding, Noticee nos 1, 2, 3 & 4 are hereinafter also collectively referred to as ‘Noticees’. It is alleged that the Noticees have consistently placed the orders in the scrip of MEL at prices above the LTP, which also caused substantial increase in the scrip price of MEL during the investigation period.
Page 3 of 18 In the matter of Mystic Electronics Ltd. as the Adjudicating Officer in the matter, vide an order dated March 18, 2019. Subsequently, in view of the transfer of Dr. Anitha Anoop, the undersigned was once again appointed as the Adjudicating Officer in the matter, vide communique dated November 3, 2020.
Page 4 of 18 In the matter of Mystic Electronics Ltd. of MEL started declining and finally closed at Rs. 8.2 on March 31, 2015.
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Source: SecMarx — sebi:Order/SBM/JR/2021-22/12372-12375. 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.