sebi:PB/AO-111/2010
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Facts / Headnote
Violations of SAST Regulations and PIT Regulations held established and total monetary penalty of Rs. 6,00,000 imposed; PFUTP Regulations violation 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. 13(1)
- Reg. 13(3)
- Reg. 21
- Reg. 13(5)
- Reg. 4(2)(a)
- Reg. 7(2)
- Reg. 4(2)(e)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 23
- Reg. 35
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 and is liable for penalty under sections 15H(ii) and 15A(b) totalling Rs. 6,00,000, while the alleged violation of regulations 4(1),(2)(a),(b),(e) and (g) of PFUTP Regulations was not established.
Full text
Page 2 of 20 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 20 Ahmedabad Stock Exchange (ASE) containing the same allegations. Vide letter dated August 13, 2008, ASE informed that the SCN has been affixed at the given last known address.
Page 4 of 20 10. Thereafter, the hearing notice dated May 12, 2010 requiring the Noticee to appear on June 23, 2010 at 3:30 P.M. was uploaded on SEBI website i.e. www.sebi.gov.in. A press notification was also issued in the English national daily “Hindustan Times” as well as in Hindi national daily “Hindustan” on June 11, 2010 about the hearing notice requiring the Noticee to appear on June 23, 2010 at 3:30 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 June 23, 2010 nor requested for adjournment of the hearing.
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Source: SecMarx — sebi:PB/AO-111/2010. 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.