sebi:PB/AO-121/2010
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Facts / Headnote
Noticee found to have violated regulations 4(1), 4(2)(a), 4(2)(b) and 4(2)(g) of PFUTP Regulations; penalty of Rs. 2,00,000 imposed under section 15HA of SEBI Act.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 2
- Reg. 47
- Reg. 4(2)(a)
- Reg. 4(2)(g)
- Reg. 4(2)(b)
Parties
- Madhusudan Nair
Holding
The Noticee, trading through PKJ in the scrip of KRBL, violated regulations 4(1), 4(2)(a), 4(2)(b) and 4(2)(g) of the PFUTP Regulations by indulging in circular, reversal and synchronized trades creating artificial volumes. He is liable to monetary penalty of Rs. 2,00,000 under section 15HA of the SEBI Act.
Full text
Page 2 of 22 GROUP-I Sr. No. Name of Broker Name of Client 1. FMS Securities Ltd. Bela H. Kayastha 2. Shri Parshwa Finance (Prop. Piyush Jhaveri) 3. P. Suryakant Shares & Stock Brokers Pvt. Ltd. Digant Rajendra Bhai Desai Ketan R. Shah
Page 3 of 22 4. It was alleged that one of the entities, viz., Madhusudan Nair (hereinafter referred to as “Noticee”) had violated the provisions of regulations 4(1), 4(2)(a), 4(2)(b) and 4(2)(g) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practice relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) and therefore, liable for monetary penalty under section 15HA of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 4 of 22 Kumar Jain Securities Pvt. Ltd., Member BSE (hereinafter referred to as “PKJ”) of whose, Noticee was a client vide letter dated May 08, 2007. PKJ vide letter dated May 29, 2007 informed that they had forwarded the SCN to the Noticee through SPAD. However, the SCN was returned undelivered with remark “Left-Address not known” on May 24, 2007. Further, PKJ vide its letter dated June 22, 2007 informed that, they had deputed one of its senior employees to deliver the SCN personally. However, he found that Noticee left the place and his present address was not known to any of his neighbours.
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Source: SecMarx — sebi:PB/AO-121/2010. 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.