sebi:PG/AB/AO-23/2012
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Facts / Headnote
Violation established ex parte; penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 13
- s. 15I
- s. 15J
- s. 23H
- s. 11C
- s. 12
- s. 11C(2)
- s. 23I
- s. 23J
- s. 23
- s. 17
- s. 18(1)
Parties
- Kirti Electro System Private Limited
Holding
The Noticee violated Section 11C(2), (3) and (5) of the SEBI Act and Section 13 and 18 r/w Section 2(i) of the SCR Act, and was held liable for penalty under Section 15A(a) of the SEBI Act and Section 23H of the SCR Act with total penalty of Rs. 2,50,000.
Full text
Adjudication Order in respect of Kirti Electro System Private Limited in the matter of Indo-Pacific Software and Entertainment Ltd. Page 2 of 18 development of multiplexes etc. SEBI had conducted an investigation into the dealing in the shares of IPSE during 2007.
Adjudication Order in respect of Kirti Electro System Private Limited in the matter of Indo-Pacific Software and Entertainment Ltd. Page 3 of 18 and was therefore liable for penalty under section 15 A (a) of SEBI Act. It was further alleged that the Noticee had entered into off market transactions whereby it had violated Sections 13 and 18 r/w Section 2(i) of Securities Contracts (Regulation) Act, 1956 (“SCR Act”) and was liable for penalty under Section 23H of SCR Act.
Adjudication Order in respect of Kirti Electro System Private Limited in the matter of Indo-Pacific Software and Entertainment Ltd. Page 4 of 18 be read along with the Rules. The Noticee was informed about the corrigendum to the appointment order and a corrigendum in the SCN clarifying that the allegations against him are under Sec. 2(i) of the SCR Act was issued and it was also granted another opportunity of hearing on February 21, 2012 vide notice dated February 3, 2012. The said Notice was sent through speed post and it returned undelivered. This Notice was affixed at the last known address of the Noticee. No reply was received from the Noticee and the Noticee did not appear for personal hearing.
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Source: SecMarx — sebi:PG/AB/AO-23/2012. 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.