sebi:Order/SRP/AE/2018-19/1833

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

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Facts / Headnote

Noticee held liable for violation of Regulations 3(a) to (d), 4(1) and 4(2)(a) and (g) 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 Agarwal

Holding

The Noticee, Praveen Agarwal, was held to have violated Regulations 3(a) to (d), 4(1) and 4(2)(a) and (g) of the PFUTP Regulations by engaging in reversal trades (on-market sale followed by off-market transfer back to the counterparty) that created false and misleading appearance of trading and artificial volumes in the scrip of Pressman Advertising Ltd.

Full text

Adjudication Order in respect of Praveen Agarwal in the matter of Pressman 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 in the matter of Pressman Advertising Ltd Page 3 of 25 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 in the matter of Pressman Advertising Ltd Page 4 of 25 15000 shares 14.06.2013 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/2018-19/1833. 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.