sebi:Order/VV/VS/2020-21/10481
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
SCN dated August 23, 2018 disposed of with no further inquiry and no penalty pursuant to settlement
Provisions invoked
- s. 15
- s. 19
- s. 15H
Regulations
- Reg. 3(a)
- Reg. 23
- Reg. 26
Parties
- Panem Steel Pvt. Ltd. (now known as Panem Industries Pvt. Ltd.)
Holding
The SCN dated August 23, 2018 issued against Panem Steel Pvt. Ltd. is hereby disposed of with no further inquiry required under Rule 4(3) of the Adjudication Rules.
Full text
Page 2 of 4 BSE during the Investigation Period. It was observed that Panem Steel Pvt. Ltd. (now known as Panem Industries Pvt. Ltd. and hereinafter referred to as the “Noticee”) was one of the various entities which indulged in execution of reversal trades in stock options segment of BSE during the Investigation Period. Such trades were observed to be non-genuine in nature and created false or misleading appearance of trading in terms of artificial volumes in stock options and therefore were alleged to be manipulative and deceptive in nature. It was observed that the Noticee executed 78 non-genuine trades in 31 contracts resulting in creation of an artificial volume of 1,13,95,500 units in the said 31 contracts. In view of the same, SEBI initiated adjudication proceedings against the Noticee for violation of the provisions of Regulations 3(a), (b), (c), (d), 4(1) and 4(2)(a) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”).
Page 3 of 4 of the SEBI Act for the violations alleged to have been committed by the Noticee. 5. During the course of proceedings, vide letter dated October 23, 2018, the Noticee submitted that it had filed an Application for Settlement under SEBI (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as “Settlement Regulations”). Subsequently, an intimation was also received from the concerned department of SEBI communicating that an application for settlement in the prescribed “form A” from the Noticee was received and that the Adjudicating Officer was requested to keep the proceedings in abeyance till disposal of the settlement application.
Page 4 of 4 8. In terms of the provisions of Rule 6 of the Adjudication Rules, a copy of this order is being sent to the Noticee and also to the Securities and Exchange Board of India.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/VV/VS/2020-21/10481. 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.