sebi:PB/AO-68/2011
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Facts / Headnote
Violation established; penalty of Rs. 1,00,000 imposed under section 15HA
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(2)
- Reg. 3(d)
Holding
The Noticee, as a member of the Hamir Ahir Group, violated regulations 3(d), 4(2)(a), 4(2)(d) and 4(2)(e) of the PFUTP Regulations and is liable for monetary penalty under section 15HA of the SEBI Act, with a penalty of Rs. 1,00,000 imposed.
Full text
Page 2 of 12 liable for monetary penalty under section 15HA of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”).
Page 3 of 12 have been observed to be connected to each other. It was alleged in the SCN that the Hamir Ahir Group created false buying pressure in the scrip, which helped in increasing, and maintaining the price of the scrip during the period of sale by the promoter, Milan R Parekh. Therefore, it was alleged that the Noticee being a member of the Hamir Ahir Group had violated regulations 3(d), 4(2) (a), 4(2)(d) and 4(2)(e) of the PFUTP Regulations.
Page 4 of 12 opportunities, as mentioned above, the Noticee had failed to avail of the same. I am, therefore, compelled to proceed with the matter ex- parte based on the material available on record.
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Source: SecMarx — sebi:PB/AO-68/2011. 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.