sebi:PG/AO-48/2010
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Facts / Headnote
Noticee held liable for violation of PFUTP Regulations; penalty imposed under Section 15HA of SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 4
- Reg. 4(a)
- Reg. 3
- Reg. 4(1)
- Reg. 4(b)
- Reg. 4(2)
- Reg. 2
- Reg. 4(c)
- Reg. 4(d)
Parties
- M/s Ajmera Associates Pvt. Ltd.
Holding
The Noticee, Ajmera Associates Pvt. Ltd., was held to have indulged in fraudulent and unfair trade practices by executing synchronized circular and reversal trades in the scrip of Rajesh Exports Ltd. (REL), creating artificial volume and a false appearance of trading, in violation of the PFUTP Regulations.
Full text
Page 2 of 30 of investigation’), due to sharp rise in price and volume of the scrip on National Stock Exchange of India Ltd. (hereinafter referred to as ‘NSE’) and Bombay Stock Exchange Ltd. (hereinafter referred to as ‘BSE’).
Page 3 of 30 ¾ Second Period (June 2, 2003 to August 29, 2003): At BSE, the price opened at Rs. 70.50 on June 06, 2003 and closed at Rs. 115.15 on August 29, 2003. During the period, BSE Sensex opened at 3176 in the month of June 2003 and increased 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 30 APPOINTMENT OF ADJUDICATING OFFICER 5. The undersigned had been appointed as Adjudicating Officer vide order dated March 16, 2006 under rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under Section 15HA of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’), the alleged violations of the provisions of SEBI Act and PFUTP Regulations.
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Source: SecMarx — sebi:PG/AO-48/2010. 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.