sebi:PB/AO-114/2010
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Facts / Headnote
Noticee found liable for violations of PFUTP Regulations and Brokers Regulations; penalty under sections 15HA and 15HB of SEBI Act to be imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 15
- Reg. 4(a)
- Reg. 2
- Reg. 6(1)
- Reg. 4(2)(a)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
- Reg. 4(2)(n)
- Reg. 25
Holding
The Adjudicating Officer held that the Noticee violated regulations 4(1), 4(2)(a), (b), (g) and (n) of the PFUTP Regulations and the Code of Conduct under Schedule II of the Brokers Regulations by engaging in circular, reversal and synchronized trading in KRBL scrip, making the Noticee liable for penalty under sections 15HA and 15HB of the SEBI Act.
Full text
Page 2 of 36 trading/fictitious trading in such a manner that led to creation of artificial volume and impacted the price of the scrip.
Page 3 of 36 6. Manoj Javeri Stock Broking Ramasudhakaran 7. Galaxy Broking Ltd. Chaitnya Raote, Rajesh Kantilal Shah 8. N.C. Jain Own Account
Page 4 of 36 SHOW CAUSE NOTICE, HEARING AND REPLY 6. Show Cause Notice No.EAD/EAD-5/PG/92006/2007 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 15HB of the SEBI Act for the alleged violation specified in the said SCN.
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Source: SecMarx — sebi:PB/AO-114/2010. 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.