sebi:Order/SS/VS/2019-20/6066-6090
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Ex-parte penalties imposed under section 15HA of the SEBI Act against all 25 Noticees, totaling Rs. 1,76,00,000, for fraudulent and unfair trade practices in Kuber Udyog Limited.
Provisions invoked
- s. 15
- s. 12A
- s. 15H
- s. 15I
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 2
- Reg. 2(c)
Holding
All 25 Noticees violated section 12A(a), (b), (c) of the SEBI Act and PFUTP Regulations by reversal trades creating misleading appearance of trading, and Noticees No. 1 to 19 additionally manipulated price; penalties under section 15HA were imposed ranging from Rs. 5 lakh to Rs. 16 lakh per Noticee.
Full text
__________________________________________________________________________ Adjudication Order in the matter of Kuber Udyog Limited Page 2 of 16 (File Ref No.: EAD-2/SS/VS/65/112-136/2019-20)
__________________________________________________________________________ Adjudication Order in the matter of Kuber Udyog Limited Page 3 of 16 (File Ref No.: EAD-2/SS/VS/65/112-136/2019-20)
__________________________________________________________________________ Adjudication Order in the matter of Kuber Udyog Limited Page 4 of 16 (File Ref No.: EAD-2/SS/VS/65/112-136/2019-20)
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Source: SecMarx — sebi:Order/SS/VS/2019-20/6066-6090. 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.