sebi:PB/AO-01/2014
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Facts / Headnote
Violation established; penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 4(a)
- Reg. 4(2)
- Reg. 4(2)(a)
Parties
- Action Financial Services (India) Ltd.
Holding
The Noticee, Action Financial Services (India) Ltd., violated regulations 4(2)(a) and 4(2)(e) of the PFUTP Regulations and Clauses A(1), A(2), A(3) and A(4) of the Code of Conduct for Stock Brokers and was held liable for a total monetary penalty of Rs 21,00,000, comprising Rs 15,00,000 under Section 15HA and Rs 6,00,000 under Section 15HB of the SEBI Act.
Full text
Page 2 of 20 Suman Saini, Jalaj I Batra, Nicholas N. Gomes, Piyush Shah, Dimple Shah, Harish Kapadia, Vinod Khetan, M/s Shri Sai Shraddha Leasing & Hire Purchase Finance Private Limited, M/s Arihant Securities, M/s Shiner Trading Co. Pvt. Ltd., Rupa V Shah, Narendra Ganatra, Anita Khetan and Vijay Amrutlal Rathod (hereinafter referred to as ‘Mahesh Mistry Group’) had employed manipulative and deceptive devices of trading which led to creation of artificial demand and a false appearance of trading in the scrip of BGSL. Mahesh Mistry Group traded in the shares of the BGSL through various trading members and mostly through Action Financial Services (India) Ltd. (hereinafter referred to as 'Noticee/AFSIL') and Jitendra Harjivandas Securities Pvt. Ltd.
Page 3 of 20 P.K. Bindlish, I have been appointed as the Adjudicating Officer vide order dated January 19, 2012. SHOW CAUSE NOTICE, HEARING AND REPLY
Page 4 of 20 hearing on December 06, 2010. The Noticee filed written submissions dated December 06, 2010. The salient points of submissions made by the Noticee vide its written submissions dated December 06, 2010 are as follows:
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Source: SecMarx — sebi:PB/AO-01/2014. 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.