sebi:PKK/AO/128/2010
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Facts / Headnote
Penalty of Rs. 5,00,000 imposed under Section 15HA of the SEBI Act, 1992
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
Parties
- M/s. Cornhill Trading Co. Pvt. Ltd.
Holding
The Noticee violated Regulations 3(b), (c), (d) and 4(1), 4(2)(a), (d) and (e) of the PFUTP Regulations, 2003 and was held liable to a monetary penalty of Rs. 5,00,000 under Section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 10 clients to trade in the scrip of MCL fraudulently and inflate the price and create artificial volume. M/s. Cornhill Trading Co. Pvt. Ltd. (hereinafter referred to as the ‘Noticee’) was one of the promoter entities found involved in dealing in the scrip of MCL in the above manner during the investigation period.
Page 3 of 10 show cause as to why an inquiry should not be held against it and penalty be not imposed under Sections 15 HA of the SEBI Act, for its alleged violation of the provisions of Regulations 3 (b), (c), (d) and 4(1), 4(2) (a), (d)& (e) of the PFUTP Regulations.
Page 4 of 10 8. In the absence of any written reply submitted by the noticee, the AO considered the matter on the basis of the material available on record. The AO accordingly decided to conduct an inquiry. The AO granted an opportunity of personal hearing to the Noticee by issuing a letter dated May 31, 2010 advising the Noticee to appear before him on June 15, 2010. The letter was sent by “hand delivery” which was returned undelivered. Subsequently, the undersigned issued a notice of hearing granting an opportunity of personal hearing on August 26,
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Source: SecMarx — sebi:PKK/AO/128/2010. 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.