sebi:PG/AO-83/2011
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Facts / Headnote
Penalty of Rs. 75,000 imposed under Section 15HB for violation of Clause A(2); allegations of manipulation and malpractice held not established
Provisions invoked
- s. 15H
- s. 15J
- s. 15
Regulations
- Reg. 7
Parties
- Action Financial Services Ltd.
Holding
The Noticee violated Clause A(2) of the Code of Conduct for failure to exercise due skill, care and diligence and was liable for penalty under Section 15HB of SEBI Act, while allegations of manipulation and malpractice were held not established. A penalty of Rs. 75,000 was imposed on Action Financial Services Ltd.
Full text
Page 2 of 14 related to financial investment. After merger the business related to financial investment was discontinued. The name of the listed company was then changed to NWTL, doing the business of providing computer education and developing software. Total paid up capital of NWTL as on quarter ending March 2005 was Rs. 2539.96 lacs comprising of 2,53,99,600 shares of Rs10 each.
Page 3 of 14 Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under Section 15HB 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 Broker Regulations. SHOW CAUSE NOTICE, HEARING AND REPLY
Page 4 of 14 objectives of the client in placing such buy orders. We have never advised our client on any of transactions.
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Source: SecMarx — sebi:PG/AO-83/2011. 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.