sebi:PG/AO-08/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 7(1)
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 3(a)
- Reg. 13(5)
- Reg. 7(2)
Parties
- Right Finstock Pvt. Ltd.
Holding
The Noticee violated regulation 7(1) read with 7(2) of SAST Regulations, regulation 13(1) and regulation 13(3) read with 13(5) of PIT Regulations, and regulation 3(a), (c), (d) and 4(1) of PFUTP Regulations by acting as a conduit for promoters/PACs. A total monetary penalty of Rs.5,00,000 was imposed, comprising Rs.2,00,000 under section 15A(b) and Rs.3,00,000 under section 15HA of the SEBI Act.
Full text
Page 2 of 30 “BSE”), Ahmedabad Stock Exchange (hereinafter referred to as “ASE”), Saurashtra Kutch Stock Exchange, Rajkot (hereinafter referred to as “SKSE”) and Jaipur stock Exchange (hereinafter referred to as “JSE”). It was observed that no transaction in the said scrip was reported at ASE, SKSE and JSE during the investigation period. Hence, for the purpose of investigation the trades done at BSE were considered.
Page 3 of 30 shares by creating artificial demand in the scrip by placing large buy orders at very low prices and later canceling them. It was observed that RFPL had acquired 1,35,57,593 shares aggregating to 5.42 % of the paid up equity share capital of AIL as on December 5, 2003.
Page 4 of 30 9. The entities involved in the alleged manipulation are as under: S.No Abbreviation Names Category 1. PIPL Parklight Investments Pvt. Ltd. Broker
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Source: SecMarx — sebi:PG/AO-08/2010. 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.