sebi:PKK/AO/135/2010
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
Parties
- Mr. Jagdish Parab
Holding
The Noticee Mr. Jagdish Parab violated Regulations 4(1), 4(2)(a), (b), (e) and (g) of the PFUTP Regulations, 2003 and is liable to a monetary penalty of Rs. 2,00,000 under Section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 13 involvement in manipulation of the price of MCL scrip. These entities were directed not to buy, sell and deal in the securities of MCL, directly or indirectly, till further directions are given. Mr.Jagdish Parab was one of the entities named in the said Order.
Page 3 of 13 of SEBI (Procedure for holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the “Adjudication Rules”) to inquire into and adjudge under Section 15HA of the SEBI Act, the alleged violation of Regulations 4 (1), 4 (2) (a), (b), (e) and (g) of the PFUTP Regulations. SEBI vide Order dated November 23, 2007, appointed Shri Sandeep Deore as the AO consequent to Ms. Babita Rayudu being sent on deputation. However, subsequent to the transfer of Shri Sandeep Deore to the Enforcement Department, SEBI, vide Order dated August 17, 2010 appointed the undersigned as the AO in the instant matter.
Page 4 of 13 8. The said allegations made in the SCN are supported by Annexures I-VIII. Annexure I contains the list of names of the 42 entities involved in the manipulation of the scrip of MCL. Annexure II lists out 33 entities and their linkages and connections between them. Annexure III gives details of various off-market trades entered into by the connected entities. Annexure IV details the market trades entered into by the connected entities amongst themselves. Annexure V contains the details of the buy and sell transactions in the scrip of MCL by the connected entities along with their contribution to the market volume. Annexure VI and VII contain the details of the synchronized and structured deals respectively entered into amongst the connected entities. The details of trades executed by the connected entities at a price difference of 0.5% or more than the last traded price or last closing price are given in Annexure VIII.
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Source: SecMarx — sebi:PKK/AO/135/2010. 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.