sebi:PKK/AO/141/2010
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Facts / Headnote
Penalty imposed on Noticee for non-compliance with summons
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
Parties
- Shri Ravi Panchal
Holding
The Noticee, Shri Ravi Panchal, was found to have violated Sections 11C(2) read with 11C(5) of the SEBI Act by failing to appear before the Investigating Authority and furnish information as required by the summons dated June 13, 2007, and a penalty of Rs. 1,00,000 was imposed 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 Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudicating Rules’) to inquire into and adjudge under Section 15A (a) of the SEBI Act, 1992 (hereinafter referred to as the ‘SEBI Act’) the alleged violation by the Noticee of the abovementioned provisions of the SEBI Act. Consequent to Mrs. Rayudu being sent on deputation, Mr. Sandeep Deore was appointed as the AO vide SEBI Order dated November 23,
Page 4 of 10 6. 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. I granted an opportunity of personal hearing to the Noticee by issuing a letter dated October 04, 2010 advising him to appear before me on October 21, 2010 for the personal hearing. The notice of hearing was served on the Noticee by affixing the same at the Noticee’s last known address, in accordance with Rule 7(c) of the Adjudication Rules, 1995. The said hearing was scheduled by the AO at SEBI Head Office, Mumbai. The Noticee however, did not appear before the undersigned for the said personal hearing.
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Source: SecMarx — sebi:PKK/AO/141/2010. 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.