sebi:PG/AO-74/2010
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Facts / Headnote
Charges proved; penalty of Rs.1,50,000 imposed on Jyoti Jain
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(a)
- Reg. 4(2)
Parties
- Jyoti Jain
Holding
The Adjudicating Officer held that Jyoti Jain violated regulations 3, 4(1), 4(2)(a) and 4(2)(g) of the PFUTP Regulations, 2003 by executing synchronized circular/reversal trades creating artificial volume in AIL. A monetary penalty of Rs.1,50,000 under Section 15HA of the SEBI Act, 1992 was imposed on her.
Full text
Page 2 of 18 It is also noted that Mrs. Jyoti Jain is the wife of Mr. Praveen Kumar Jain. These trades created artificial volume in the scrip of AIL.
Page 3 of 18 6. In the interest of natural justice and in order to conduct an inquiry as per rule 4(3) of the Rules, the Noticee was granted an opportunity of personal hearing on November 18, 2010 vide Notice dated November 03, 2010. However, the Noticee vide letter dated nil received by SEBI on November 19, 2010 sought for a extension of 15 days to file reply to the SCN and appear for hearing. Thereafter, another opportunity of hearing was granted to the Noticee on December 13, 2010 vide notice dated November 22,
Page 4 of 18 iv) That there were no major price/ volume fluctuation/contribution of the Noticee in the scrip of AIL during the period of investigation.
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Source: SecMarx — sebi:PG/AO-74/2010. 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.