sebi:PKK/AO/149/2010
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Facts / Headnote
Charges not established; matter disposed off without imposition of monetary penalty
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 11C
- s. 12
Parties
- Shri Ramasudhakaran Menon
Holding
The charges against the Noticee for violation of Section 11C(2) read with Section 11C(5) of the SEBI Act do not stand established, and the matter stands disposed off without imposition of monetary penalty under Section 15A(a).
Full text
Page 2 of 7 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 MCL in a fraudulent manner which resulted in the manipulation of the price of MCL. Their trading contributed in creation of artificial volume and influenced unrealistic price increase.
Page 3 of 7 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 7 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 hearing notice dated October 08, 2010 advising the Noticee 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,
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Source: SecMarx — sebi:PKK/AO/149/2010. 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.