sebi:PKK/AO/133/2011
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Facts / Headnote
Penalty of Rs. 3,00,000 imposed under Section 15HA
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 15
Parties
- M/s. Surana Capital Markets (Proprietor Mr. Dinesh Kumar Surana)
Holding
The Noticee violated Regulations 3 and 4(2)(a) of the PFUTP Regulations and Clause D(4) read with Regulation 15 of the Broker Regulations by aiding synchronized sham trades in KDIL and is liable to a monetary penalty of Rs. 3,00,000 under Section 15HA of the SEBI Act.
Full text
Page 2 of 11 shares. The scrip was traded with erratic volume during the investigation period. 2. On the basis of an examination carried out, SEBI passed an exparte – interim order dated December 01, 2009 interalia directing M/s. Surana Capital Markets (Proprietor Mr. Dinesh Kumar Surana) not to buy, sell or deal in the securities of KDIL and in its own account till further directions in this regard. The said exparte – interim order was confirmed by order dated March 25, 2010 and directed to complete the investigation initiated by SEBI before February 28, 2011.
Page 3 of 11 to inquire into and adjudge under Section 15 HA of the SEBI Act, the alleged violation of the abovementioned violations.
Page 4 of 11 a) The Noticee submitted that it took more than one year for it to commence the operation in MSE Financial services, where the Noticee itself is acting as a Registered Sub- Broker of MSE Financial Services Limited, Chennai. It has struggled for the last 15 months following the exparte-interim order debarring it from dealing in KDIL shares and trading in proprietary account.
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Source: SecMarx — sebi:PKK/AO/133/2011. 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.