sebi:PB/AO/48/2012
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Facts / Headnote
Violations of regulations 4(1), 4(2)(a), 4(2)(b) and 4(2)(g) of PFUTP Regulations established; penalty imposed under section 15HA of SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 4(a)
- Reg. 2
- Reg. 47
- Reg. 4(2)(a)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
Parties
- Hiren Kirit Gandhi
Holding
The Noticee, Hiren Kirit Gandhi, was held to have violated regulations 4(1), 4(2)(a), 4(2)(b) and 4(2)(g) of the PFUTP Regulations by engaging in synchronized and circular trading with a connected group of entities in the scrip of FDIL, and a penalty of Rs. 1,00,000 was imposed under section 15HA of the SEBI Act.
Full text
Page 2 of 18 3. The role of the entities who had traded in the scrip of FDIL was scrutinized. It was observed during the investigation that certain entities viz. Akhilesh Kamla Prasad, Balasaheb J Kamble, Dinesh K Pandey, Jagadish R Jani, Kirit S Gandhi, Vijay K Bohra, Dilip K Pawar and Hiren Kirit Gandhi (hereinafter referred as “Group”) had allegedly indulged in synchronization of deals/circular trading/fictitious trading in such a manner that led to creation of artificial volume and impacted the price of the scrip.
Page 3 of 18 Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge the alleged violations of provisions of PFUTP Regulations.
Page 4 of 18 9. In view of the aforesaid steps taken, I am convinced that ample opportunities have been given to the Noticee to explain his case. As per rule 4(7) of the Rules, if any person fails, neglects or refuses to appear as required by sub-rule (3) before the Adjudicating Officer, he may proceed with the inquiry in the absence of such person after recording the reasons therefor. Despite having been given ample opportunities, the Noticee had failed to avail of the same. I am, therefore, compelled to proceed with the matter ex-parte based on the material available on record.
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Source: SecMarx — sebi:PB/AO/48/2012. 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.