sebi:PKK/AO/12/2011
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Facts / Headnote
Noticee found guilty of violation of Sections 11C(2) read with 11C(5) of SEBI Act; penalty of Rs. 1,00,000 imposed under Section 15A(a)
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
Parties
- Shri Prasad Tandel
Holding
The Noticee violated Sections 11C(2) read with 11C(5) of the SEBI Act by failing to appear before the Investigating Authority and failing to furnish information sought by summons dated March 01, 2007, and is therefore liable to a monetary penalty of Rs. 1,00,000 under Section 15A(a) of the SEBI Act.
Full text
Page 2 of 10 2. During the investigation it was found that certain entities connected to each other acting as clients with some brokers dealt in the scrip of FTEL in a fraudulent manner which resulted in the manipulation of the price of FTEL. Their trading contributed in creation of artificial volume and influenced unrealistic price increase.
Page 3 of 10 the ‘SEBI Act’) the alleged violation by the Noticee of the abovementioned provisions of the SEBI Act. Subsequent to the transfer of Mr. Deore to the Enforcement Department of SEBI, the undersigned was appointed, vide Order dated August 17, 2010, as the AO in the instant matter.
Page 4 of 10 and the same was duly received. The said hearing was scheduled by the AO at SEBI Head Office, Mumbai. The authorised representative of Noticee attended the hearing and admitted that he understood all the allegations as per the SCN. He also stated that, the Noticee did not have any papers or documents with him. He did not have any malafide intention in dealing in the shares and requested to take a lenient view.
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Source: SecMarx — sebi:PKK/AO/12/2011. 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.