sebi:PG/AO-45/2010
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Facts / Headnote
Penalty imposed on Noticee for violation of PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
- Reg. 4(a)
- Reg. 4(2)
- Reg. 4(2)(b)
Parties
- Mr. Kenneth Pinto
Holding
The Noticee, Mr. Kenneth Pinto, was held to have violated regulations 4(1), 4(2)(a), (b), (e) and (g) of the PFUTP Regulations, 2003 by indulging in synchronized circular/reversal trading in the scrips of MSL and BSEL on BSE, and a penalty of Rs.2,00,000 was imposed under section 15HA of the SEBI Act.
Full text
Page 2 of 32 2. The role of the brokers, sub-brokers and their clients who had traded in the scrips was scrutinized. It was observed during the investigation that certain entities had indulged in synchronized reversal/circular trading in such a manner that led to creation of artificial volume and impacted the price of the scrips.
Page 3 of 32 Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge the alleged violations of provisions of PFUTP Regulations.
Page 4 of 32 3. I deny all the above allegations and state that this is a mere coincidence. I deny that I know the opposite enteritis and my trades are merely jobbing transaction, as we have not given or taken delivery of shares. Further there are no ill-gotten gains.
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Source: SecMarx — sebi:PG/AO-45/2010. 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.