sebi:PB/AO-07/2010
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Facts / Headnote
The Noticee was found to have violated the cited PFUTP Regulations and stock-broker Code of Conduct provisions, and was directed to pay a monetary penalty under sections 15HA and 15HB of the SEBI Act. The penalty amount is not stated in the supplied text.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 3
- Reg. 4(1)
- Reg. 4(a)
- Reg. 25
- Reg. 2
- Reg. 4(2)(a)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 4(2)(n)
Parties
- Jitendra J. Bhabhera (JJB)
Holding
The Adjudicating Officer found that JJB participated in manipulative synchronized, reversal and circular trading in KRBL shares, creating artificial volume and a misleading appearance of trading, and violated the specified PFUTP and stock-broker Code of Conduct provisions. A monetary penalty under sections 15HA and 15HB of the SEBI Act was imposed, although its amount is absent from the supplied text.
Full text
Page 2 of 39 3. The entities found to have been involved in the alleged manipulation and against whom adjudication proceedings were initiated are divided into three groups on the basis of their trading vis-à-vis relationship as under:-
Page 3 of 39 Madhusudan Nair 10. Bharati Thakkar Sayyed Mustafa, Prem Prakash Thanvi 11. Uttam Financial Services Own Account 12. Pilot Credit Capital Ltd. Deepak Vyas
Page 4 of 39 SHOW CAUSE NOTICE, HEARING AND REPLY 6. Show Cause Notice No.EAD/EAD-5/PG/92012/2007 dated April 24, 2007 (hereinafter referred to as “SCN”) was issued to the Noticee under rule 4(1) of the Rules to show cause as to why an inquiry should not be held and penalty be not imposed under sections 15HA and 15 HB of SEBI Act for the alleged violation specified in the said SCN.
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Source: SecMarx — sebi:PB/AO-07/2010. 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.