sebi:PG/AO-65/2010
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Facts / Headnote
Violation established; penalty imposed
Provisions invoked
- s. 15H
- s. 15J
- s. 15
Regulations
- Reg. 4(a)
- Reg. 3
- Reg. 4(1)
- Reg. 4(b)
- Reg. 199
- Reg. 200
- Reg. 4(c)
- Reg. 4(d)
Parties
- Kenneth Pinto
Holding
The Noticee violated Regulations 4(a), (b), (c) and (d) of PFUTP Regulations 1995 read with Regulation 4(1), 4(2)(a), (b) and (g) of PFUTP Regulations 2003 by executing synchronized circular/reversal trades in REL shares creating artificial volume. He is liable to a penalty of Rs 3,00,000 under Section 15HA of SEBI Act, 1992.
Full text
Page 2 of 25 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 respectively. In the months of November trading took place only on two days and in December 2002 on four days. Later, in January 2003, except for one day, there was no trading in the scrip till January 15, 2003.
Page 3 of 25 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 25 6. Pursuant to transfer of undersigned, Mr. V. S. Sundaresan was appointed as Adjudicating Officer vide order dated November 19,
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Source: SecMarx — sebi:PG/AO-65/2010. 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.