sebi:PG/AO-59/2010
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Facts / Headnote
Penalty imposed on the Noticee for violating PFUTP Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 2
- Reg. 3(a)
Parties
- Pravin C Jain
Holding
The Noticee, Pravin C Jain, violated regulations 3(a), (b), (c), (d) and 4(1), 4(2)(a) of the PFUTP Regulations by acting as a conduit for promoters/PACs and aiding and abetting them in offloading shares of AIL through off-market and on-market transactions timed with misleading announcements, and by himself profiting from such announcements. A penalty of Rs. 3,00,000 was imposed under section 15HA of the SEBI Act.
Full text
Page 2 of 21 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 21 by placing large buy orders at very low prices and later canceling them. 6. The entities involved in the alleged manipulation are as under:
Page 4 of 21 8. The findings of the investigation led to the allegation that the Noticee had violated regulation 3 (a), (b), (c), (d), 4(1) and 4(2)(a) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) and consequently, liable for monetary penalty under Section 15 HA of Securities and Exchange Board of India Act 1992 (hereinafter referred to as “SEBI Act”).
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Source: SecMarx — sebi:PG/AO-59/2010. 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.