sebi:PG/AO-12/2011
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Facts / Headnote
Penalty of Rs.2,00,000 imposed ex-parte for violation of regulations 4(2)(a), 4(2)(e) and 4(2)(g) of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(2)(a)
- Reg. 10
Parties
- Mr. Dharmendra Kumar
Holding
The Noticee, Mr. Dharmendra Kumar, violated regulations 4(2)(a), 4(2)(e) and 4(2)(g) of the PFUTP Regulations by placing large buy orders at unrealistic prices and is liable to a penalty of Rs.2,00,000 under section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 12 “Noticee”), client of sub-broker Ganpati Investments (hereinafter referred to as ‘Ganpati’), had dealt through Ganpati in the scrip of Tulip as well as other scrips namely: PVR Films Ltd. (hereinafter referred to as ‘PVR’), Compulink System Ltd. (hereinafter referred to as ‘Compulink’) and Repro India Ltd. (hereinafter referred to as ‘Repro’), and placed large sell/buy orders at unrealistic prices to distort the market equilibrium. These trades were done on the first trading day of these scrips where circuit filters were kept open to enable efficient price discovery. Ganpati Investments is a sub broker of Uttam Financial Services.
Page 3 of 12 alleged violations of the provisions of PFUTP Regulations by the Noticee, as observed during the investigation conducted by SEBI into the affairs, trading and dealings in the scrip of Tulip IT Services Ltd.
Page 4 of 12 Date of notice Date of hearing Mode of communication/status of delivery Appearance/response May 07, 2010 June 22, 2010 Speed Post Acknowledgment Due (SPAD), newspaper advertisement and SEBI website/ SPAD undelivered None October 06, 2010 November 23, 2010 Speed Post Acknowledgment Due/ SPAD undelivered None December 14, 2010 February 07, 2011 Speed Post Acknowledgment Due/ SPAD undelivered None January 11, 2010 February 21, 2011 Speed Post Acknowledgment Due, newspaper advertisement/ SPAD undelivered None
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Source: SecMarx — sebi:PG/AO-12/2011. 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.