sebi:Order/SRP/AE/2018-19/1779

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

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Facts / Headnote

Penalty imposed on the Noticee for violation of PFUTP Regulations

Provisions invoked

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

Regulations

• Reg. 4
• Reg. 3
• Reg. 4(1)
• Reg. 200
• Reg. 3(a)

Parties

• Praveen Kumar Agarwal HUF

Holding

The Adjudicating Officer held that Praveen Kumar Agarwal HUF violated Regulations 3(a) to (d), 4(1) and 4(2)(a) and (g) of the PFUTP Regulations by participating in reversal trades in PAL scrip, and imposed a penalty of Rs. 6,00,000 under Section 15HA of the SEBI Act, 1992.

Full text

Adjudication Order in respect of Praveen Agarwal HUF in the matter of Prressman Advertising Ltd Page 2 of 25 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 Praveen Agarwal HUF in the matter of Prressman Advertising Ltd Page 3 of 25 Proceedings) Regulations, 2014 (hereinafter referred to as “SEBI Settlement Regulations”). I note that vide respective 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 Praveen Agarwal HUF in the matter of Prressman Advertising Ltd Page 4 of 25 iii. I sold shares as under: No. of Shares Date of Sell Through 115000 shares 06.06.2013 Maheshwari Tech & Fin. Services Limited 100000 shares 07.06.2013 Maheshwari Tech & Fin. Services Limited iv. In view of above facts it is submitted that what m/s Mridul securities Pvt. Ltd did, I do not know, nor I have any concern with it. I have not done any fraudulent transaction nor violated any of the provisions of any Act.

Source: SecMarx — sebi:Order/SRP/AE/2018-19/1779. 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.