sebi:PKB/AO-115/2010
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 11
- s. 11(4)
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- Ramesh K Jain
Holding
The Noticee violated Regulation 4(1), (2)(a), (b) and (g) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 and was held liable for monetary penalty under Section 15HA of the SEBI Act, 1992. A penalty of Rs. 2,00,000 was imposed on Shri Ramesh K Jain.
Full text
Adjudication Order in respect of Ramesh K Jain in the matter of Oasis Media Matrix Ltd. Page 2 of 15 September 9, 2010 during the investigation period was 14,78,856 shares. Broker Galaxy Broking Limited (hereinafter refereed to as “GBL”) had a concentration of 25.88% in gross purchases and 30% in gross sales. Broker NCJ Share & Stock Brokers Limited (hereinafter referred to as “NCJ”) had concentration of 12.16% in gross purchases and 13.74% in gross sales. Broker Ramaben Samani Finance Private Limited (hereinafter referred to as “RSFPL”) had concentration of 5.94% in gross purchases and 9.65% in gross sales.
Adjudication Order in respect of Ramesh K Jain in the matter of Oasis Media Matrix Ltd. Page 3 of 15 September 9, 2010 7. Further, it was observed during the course of investigation that during the period June – September 2003 the Noticee had done substantial transactions in the scrip of the company. It was also observed that the Noticee had acquired shares in the off-market form company connected entities and other entities who were major shareholders in the company and sold the same in the market. In light of the aforesaid, it was alleged that trading by Noticee in the scrip of the company created huge volumes of the scrip in the market which was not having any liquidity before their trading. It was further alleged that the Noticee was instrumental in creation of artificial volumes and influencing the price of the scrip of the company during the Investigation Period.
Adjudication Order in respect of Ramesh K Jain in the matter of Oasis Media Matrix Ltd. Page 4 of 15 September 9, 2010 Rules. The report with regard to service of the SCN signed by two witnesses is on record. I observe that the Noticee has not replied to the said SCN.
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Source: SecMarx — sebi:PKB/AO-115/2010. 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.