sebi:PG/AO-18/2010
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 on the Noticee under section 15HA of the SEBI Act, 1992 for violations of PFUTP Regulations, 1995 and 2003
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 4(a)
- Reg. 3
- Reg. 4(1)
- Reg. 4(b)
- Reg. 2
- Reg. 4(c)
- Reg. 4(d)
Parties
- Airtel Maintenance & Marketing Consultants Pvt Ltd
Holding
The Noticee (Airtel) was held liable for engaging in synchronized and reversal/circular trades in the scrip of Rajesh Exports Ltd. (REL) with related entities (Kuber, Keval, Nirmit), thereby creating a false or misleading appearance of trading and manipulating price and volume, in violation of the PFUTP Regulations.
Full text
Page 2 of 43 2. Analysis of Price Volume data: ¾ First Period: (September 2002-February 2003): At BSE, price of the scrip opened at Rs. 89.00 on September 02, 2002 and moved in a narrow range and closed at Rs. 70.00 on January 09, 2003. In the month of September and October 2002, the scrip was traded for 14 days and 21 days. In the months of November and December 2002, trading took place only on two days and four days respectively. Later, in January 2003, except for one day, there was no trading in the scrip till 15/1/2003.
Page 3 of 43 to 4244 by the end of August 2003. Average daily volume in the scrip was around 25,000 shares during the said period. Total volume executed at BSE and NSE was 16.50 lacs and 11.18 lacs shares respectively.
Page 4 of 43 referred to as ‘PFUTP Regulations, 1995’) read with regulations 4(1), 4(2) (a), (b) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practice relating to Securities Markets) Regulations, 2003 ( hereinafter individually referred to as ‘PFUTP Regulations, 2003’) both the above regulations are hereinafter referred to as “PFUTP Regulations”).
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:PG/AO-18/2010. 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.