sebi:Order/SRP/AE/2018-19/1911

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

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Violation established; penalty of Rs. 6,00,000 imposed

Provisions invoked

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

Regulations

• Reg. 7
• Reg. 4
• Reg. 3
• Reg. 15
• Reg. 200
• Reg. 3(a)

Parties

• Nupur Agarwal

Holding

The Noticee violated Regulations 3(a) to (d), 4(1) and 4(2)(a) and (g) of the PFUTP Regulations by entering into reversal trades in Pressman Advertising Ltd, making her liable under Section 15HA of the SEBI Act, 1992, for which a penalty of Rs. 6,00,000 was imposed.

Full text

Adjudication Order in respect of Nupur Agarwal in the matter of Pressman Advertising Ltd Page 2 of 29 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 Nupur Agarwal in the matter of Pressman Advertising Ltd Page 3 of 29 APPOINTMENT OF THE ADJUDICATING OFFICER

Adjudication Order in respect of Nupur Agarwal in the matter of Pressman Advertising Ltd Page 4 of 29 and events in chronological manner and whereas the counsel is of the opinion that the alleged notice of inquiry by SEBI is w.r.t. alleged reversal of trades i.e. sell orders of above Noticee were being allegedly matched with buy orders of group of unscrupulous persons/ associations which was actually not known to Above Noticee and that the Noticee is being cheated and misled by group of unscrupulous persons who took undue advantage of inexperience & illiteracy of Noticee in securities market by inculcating the alleged acts in securities market under the disguise of securities law. Therein lies the hard fact that the Above Noticee is an innocent investor who was not aware of the fact that sell order punched by these unscrupulous persons in her account has been allegedly reversed by group of unscrupulou5 persons in their account without the knowledge of Above Noticee. In fact Above Noticee is also not having any knowledge of provisions of Securities laws. iii. I am advised to submit that there are thousands of laws made by the parliament and different states and thousands of rules framed by the executive arm i.e. the government. There are number of special enactments, i.e. special laws for securities market, special laws for insurance sector, special laws for banking sector, special laws for NBFC and so on which are applicable for particular sector and further their Regulators

Source: SecMarx — sebi:Order/SRP/AE/2018-19/1911. 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.