sebi:PKB/AO-94/2009
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Facts / Headnote
Penalty imposed on the noticee for violating Regulation 4(1)(2)(a) and (g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003
Provisions invoked
- s. 11B
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 4(2)(b)
- Reg. 4(1)(2)(a)
Parties
- Shree Gayatri Shares & Services Private Limited
Holding
The noticee was found to have violated Regulation 4(1)(2)(a) and (g) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 by creating artificial volumes in the scrip of the company, and a penalty of Rs. 2,00,000/- was imposed under Section 15HA of the SEBI Act, 1992.
Full text
Adjudication Order in the matter of Shree Gayatri Shares & Services Pvt Ltd Page 2 of 10 8/7/2009 and 12.16% in gross purchases respectively. GBL & NCJ had concentration of 30.01% and 13.74% in gross sales respectively.
Adjudication Order in the matter of Shree Gayatri Shares & Services Pvt Ltd Page 3 of 10 8/7/2009 scrip of the company. Further, it was also observed from the demat account statement that the noticee had received shares from the directors of the company through off market transactions and subsequently sold these shares in the market. In light of which it was alleged that the noticee was instrumental in creation of artificial volumes in the scrip of the company during the Investigation Period.
Adjudication Order in the matter of Shree Gayatri Shares & Services Pvt Ltd Page 4 of 10 8/7/2009 personal hearing to noticee on February 25, 2009. The said notice of inquiry was delivered to the noticee. The receipt of the acknowledgement duly signed by the noticee is on record. The noticee vide letter dated February 25, 2009 inter-alia submitted as follows:
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Source: SecMarx — sebi:PKB/AO-94/2009. 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.