sebi:PG/AO-68/2010
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Facts / Headnote
Penalty of Rs. 2,00,000 imposed under section 15HA of SEBI Act for violation of regulation 3(a), (b), (c), (d) of PFUTP Regulations; matter proceeded ex-parte
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 2
- Reg. 3(a)
Parties
- Hitendra Chaturbhai Makwana
Holding
The Noticee violated regulation 3(a), (b), (c) and (d) of the PFUTP Regulations by acting as a conduit and aiding and abetting promoters/promoter-related entities/PACs in offloading shares of Alka India Ltd on the strength of misleading announcements, and is liable to monetary penalty under section 15HA of the SEBI Act.
Full text
Page 2 of 18 “BSE”), Ahmedabad Stock Exchange (hereinafter referred to as “ASE”), Saurashtra Kutch Stock Exchange, Rajkot (hereinafter referred to as “SKSE”) and Jaipur stock Exchange (hereinafter referred to as “JSE”). It was observed that no transaction in the 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 18 Pvt. Ltd. and M/s Harikishan Hiralal (Now known as Shree Hari Hira Stock Broking (P) Limited) broker-BSE, also assisted the promoter/related entities/other entities to offload shares by creating artificial demand in the scrip by placing large buy orders at very low prices and later canceling them.
Page 4 of 18 8. The findings of the investigation led to the allegation that the Noticee had violated regulation 3 (a), (b), (c) & (d) 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
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Source: SecMarx — sebi:PG/AO-68/2010. 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.