sebi:PB/AO-06/2012
Facts / Headnote
Penalty imposed on the Noticee for violation of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations relied on
- SEBI (PFUTP) Regulations, 2003
Parties
- Dinesh K Pandey
Holding
The Noticee, Dinesh K Pandey, was found 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, creating artificial volumes and misleading appearance of trading 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 dated December 12, 2011. The said notice was sent via hand delivery to the aforesaid last known address of the Noticee. The notice was returned undelivered. The copy of hearing notice was also uploaded on SEBI website i.e. www.sebi.gov.in. A press notification was also issued in the English national daily “The Times of India” on January 05, 2012, in the local newspaper “Sakal” published in Marathi on January 05, 2012 about the hearing notice requiring the Noticee to appear on January 25, 2012 at 02:30 P.M. The press notification was issued as a substitute service, for the Noticee. Pursuant to the uploading of hearing notice on SEBI website and advertisement in the newspapers, I note that the Noticee neither appeared on January 25, 2012 nor requested for adjournment of the hearing.
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Source: SecMarx — sebi:PB/AO-06/2012. 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.