sebi:Order/SRP/AE/2018-19/1775

SEBI · SEBI · 2018-02-21 · Satya Ranjan Prasad, Adjudicating Officer

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Facts / Headnote

Penalty imposed under Section 15HA of the SEBI Act, 1992

Provisions invoked

• s. 15
• s. 12A
• s. 11
• s. 15H
• s. 15J

Regulations

• Reg. 4
• Reg. 3
• Reg. 200
• Reg. 3(a)

Parties

• Mridul Securities Pvt Ltd

Holding

Mridul Securities Pvt Ltd violated Regulations 3(a) to (d), 4(1) and 4(2)(a) and (g) of the PFUTP Regulations by indulging in reversal of trades creating artificial volume, and is liable to a penalty of Rs. 77,00,000 under Section 15HA of the SEBI Act, 1992.

Full text

Adjudication Order in respect of Mridul Securities Pvt Ltd in the matter of Pressman Advertising Ltd Page 2 of 18 3. SEBI has therefore initiated Adjudication Proceedings under Section 15HA of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) against the Noticee along with the aforesaid Group Entities for the alleged violation of the provisions of Regulations 3(a) to (d), 4(1), and 4(2)(a) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations 2003 (hereinafter referred to as "PFUTP Regulations").

Adjudication Order in respect of Mridul Securities Pvt Ltd in the matter of Pressman Advertising Ltd Page 3 of 18 Regulations, 2014 (hereinafter referred to as “SEBI Settlement Regulations”). I note that vide Settlement Orders dated February 21, 2018, the adjudication proceedings have been disposed of in respect of the aforesaid 15 entities. APPOINTMENT OF THE ADJUDICATING OFFICER

Adjudication Order in respect of Mridul Securities Pvt Ltd in the matter of Pressman Advertising Ltd Page 4 of 18 grave charge of “fraud” has been made out against them. Further, Noticee requested for the detailed investigation report along with documents of previous enquiry.

Source: SecMarx — sebi:Order/SRP/AE/2018-19/1775. 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.