sebi:PB/AO-88/2010
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Facts / Headnote
Violation established ex-parte; monetary penalty imposed
Provisions invoked
- s. 13
- s. 18
- s. 23
- s. 23H
- s. 23J
- s. 2(4)
Holding
The Noticee violated section 2(i)(a) read with section 13 of SCRA by the off-market purchase of 1,50,000 shares on December 06, 2004 which did not qualify as a spot delivery contract, and is liable for penalty under section 23H of SCRA. A monetary penalty of Rs.5,00,000 was imposed ex-parte.
Full text
Page 2 of 16 (hereinafter referred to as “SCRA”). It was alleged that the Noticee had violated the provisions of the said sections and therefore, liable for monetary
Page 3 of 16 published in Gujarati on April 10, 2010 about the SCN requiring the Noticee or its authorized representative to collect the SCN from the office of Adjudicating Officer. It was also mentioned in the said notification that if the Noticee failed to reply to the SCN within 14 days from the date of publication, it shall be presumed that the Noticee did not have any reply to submit and the matter would be further proceeded ex-parte. The press notification was issued as a substitute service, for the Noticee. The copy of SCN was also uploaded on SEBI website i.e. www.sebi.gov.in. However, I find that Noticee neither collected the SCN nor replied to the SCN.
Page 4 of 16 been given ample opportunities, 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-88/2010. 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.