sebi:Order/SV/AJ/2023-24/30067

SEBI · SEBI · 2021-06-21 · Shashi Kumar Valsakumar, Adjudicating Officer

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Facts / Headnote

Allegations of violation of Section 12A(a),(b),(c) of SEBI Act read with Regulation 3(a),(b),(c),(d) and Regulation 4(1), 4(2)(a), (e) of PFUTP Regulations established against the Noticee; monetary penalty imposed under Section 15HA of SEBI Act

Provisions invoked

• s. 15
• s. 19
• s. 12A
• s. 12
• s. 15H
• s. 15J
• s. 15I(1)

Regulations

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

Parties

• M/s Parvati Minerals Pvt. Ltd.

Holding

The Adjudicating Officer found that the Noticee (M/s Parvati Minerals Pvt. Ltd.) along with three other entities traded amongst themselves and contributed 19.79% of total market positive LTP through a predetermined scheme, thereby establishing violation of Section 12A(a),(b),(c) of SEBI Act read with Regulations 3(a),(b),(c),(d) and 4(1), 4(2)(a), (e) of PFUTP Regulations, and imposed a monetary penalty under Section 15HA of the SEBI Act.

Full text

Adjudication Order in respect of M/s Parvati Minerals Pvt. Ltd. in the matter of Sun & Shine Worldwide Limited Page 2 of 24 provisions of Section 15HA of the SEBI Act, the alleged violations of the relevant provisions of PFUTP Regulations by the Noticees, Subsequently, on transfer of Shri Santosh Shukla, the case was transferred to Shri Amit Pradhan. Subsequently, pursuant to transfer of Shri Amit Pradhan, Shri Prasanta Mahapatra (hereinafter referred to as “erstwhile AO”) was appointed as the AO in the matter vide Communiqué dated June 21, 2021.

Adjudication Order in respect of M/s Parvati Minerals Pvt. Ltd. in the matter of Sun & Shine Worldwide Limited Page 3 of 24 would serve the show cause notice to the appellant and the matter would proceed from there onwards. We have also been informed that the pursuant to the impugned order the penalty amount has been recovered. We direct the AO to deposit this penalty amount in an interest bearing account which would be subject to the result of the adjudication proceedings”

Adjudication Order in respect of M/s Parvati Minerals Pvt. Ltd. in the matter of Sun & Shine Worldwide Limited Page 4 of 24

Source: SecMarx — sebi:Order/SV/AJ/2023-24/30067. 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.