sebi:PKK/AO/122/2010
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Facts / Headnote
Charges not established - case disposed off
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- Mr. Ramdas Kshirsagar
Holding
The charges against Mr. Ramdas Kshirsagar for violation of Regulations 4(1), 4(2)(a), 4(2)(b), 4(2)(e) and 4(2)(g) of PFUTP Regulations, 2003 in the scrip of KCL do not stand established and the case is disposed off with no penalty.
Full text
Page 2 of 6 shares received through off market. The connected entities were involved in creation of artificial volume and liquidity which led to price increase to unrealistic levels as mentioned above. The investigations revealed that Mr. Ramdas Kshirsagar (hereinafter referred to as the ‘Noticee’) is one of the connected entities who has engaged in such activities.
Page 3 of 6 6. It was alleged in the SCN that the Noticee was one of the 48 entities connected to each other and had acted in tandem in creation of artificial volume and liquidity thereby manipulating the price of KCL during the Investigation Period. The list of the connected entities was provided to the Noticee as Annexure 1 to the SCN. The connection between the connected entities and their linkages were provided to the Noticee as Annexure 2 to SCN. The connected entities executed significant numbers of buy and sale transactions in the market. Noticee is one of the directors of two connected entities viz. M/s Sharpline Trading Co. Pvt. Ltd. and M/s IFSL Ltd. The Noticee also shares common contact number with few other connected entities who were alleged to be involved in manipulating the scrip of KCL. It was also alleged that Noticee being the director of the connected entities allegedly facilitated the manipulation in the scrip of KCL.
Page 4 of 6 Consideration of Issues, Evidence and Findings 9. I have carefully perused the charges made against the Noticee mentioned in the SCN and the materials and documents available on record. The issues that arise for consideration in the present case are:
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Source: SecMarx — sebi:PKK/AO/122/2010. 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.