sebi:PB/AO-59/2010
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Facts / Headnote
Penalty imposed on the Noticee for violation of PFUTP Regulations
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
- Bhavesh Pabari
Holding
The Noticee, Bhavesh Pabari, was found to have violated regulations 4(1), 4(2)(a), 4(2)(b) and 4(2)(g) of the PFUTP Regulations by engaging in synchronized, circular and reversal trading in the scrip of KRBL through brokers SFL, JJB and DPS, and a penalty of Rs. 6,00,000 was imposed under section 15HA of the SEBI Act.
Full text
Page 2 of 21 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 21 10. Bharati Thakkar Sayyed Mustafa, Prem Prakash Thanvi 11. Uttam Financial Services Own Account 12. Pilot Credit Capital Ltd. Deepak Vyas
Page 4 of 21 7. I find from the records that, the aforesaid SCN was issued to the Noticee by Registered AD at 203/A, Shreenath Darshan, Navgar Road, Bhayandar, Dist. – Thane. However, it is observed that the said SCN had been returned undelivered. Another attempt was made to deliver the SCN to the Noticee through DPS Shares & Securities Pvt. Ltd., Member BSE (hereinafter referred to as “DPS”) of whose, Noticee was a client vide letter dated May 22, 2007. However, DPS did not confirm the delivery of SCN.
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Source: SecMarx — sebi:PB/AO-59/2010. 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.