sebi:PB/AO-110/2010
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Facts / Headnote
Violations of SAST Regulations and PIT Regulations held established and monetary penalty imposed; alleged violations of PFUTP Regulations held not established
Provisions invoked
- s. 41(3)
- s. 15A
- s. 15
- s. 15H
- s. 15J
- s. 10
- s. 152A
- s. 11
- s. 13(1)
Regulations
- Reg. 7(1)
- Reg. 4
- Reg. 13
- Reg. 3
- Reg. 4(1)
- Reg. 2(1)
- Reg. 10
- Reg. 17
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(5)
- Reg. 4(2)(a)
- Reg. 7(2)
- Reg. 4(2)(e)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 19
- Reg. 31
Holding
The Noticee violated regulation 10 and regulation 7(1) read with 7(2) of SAST Regulations and regulation 13(1) and regulation 13(3) read with 13(5) of PIT Regulations, but did not violate PFUTP Regulations, and a total monetary penalty of Rs. 6,00,000 was imposed.
Full text
Page 2 of 19 Regulations’) and regulations 4(1),(2)(a),(b),(e)and(g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’) and consequently, liable for monetary penalty under sections 15HA, 15A(b) and 15H (ii) of the SEBI Act.
Page 3 of 19 • “Our company was engaged in the broking business as one of the members of Ahmedabad Stock Exchange and during the financial year 2003 and 2004. • During the said period company has purchase and sale the shares of India Polyspin Limited on behalf of its clients. • Accordingly, our company has not required making any disclosure pursuant to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 in case of the aforesaid scrip and as such we have not violated any regulations of the said act”.
Page 4 of 19 Regulations and regulations 4(1),(2)(a),(b),(e)and(g) of the PFUTP Regulations? b. Does the violation, if any, attract monetary penalty under section 15HA, 15A (b) and 15H (ii) of the SEBI Act? c. If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of the SEBI Act?
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Source: SecMarx — sebi:PB/AO-110/2010. 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.