sebi:PKK/AO/161/2010
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Facts / Headnote
Charges not established; matter disposed of
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- Shri Deepak Todkar
Holding
The Adjudicating Officer concluded that the charges against the Noticee, Shri Deepak Todkar, of violating Regulations 4(1), 4(2)(a) and 4(2)(e) of the PFUTP Regulations, 2003 as alleged in the Show Cause Notice, do not stand established, and the matter stands disposed of.
Full text
Page 2 of 7 of 269% in just four months. The scrip had an average daily volume of 34, 532 shares. 2. During the investigation it was found that certain entities connected to each other acting as clients with some brokers carried out large number of trades both off market and on market in the scrip of MCL. The transfer of shares of MCL in the off market among the entities further established the linkages between them. These entities used to complete many of the market obligations by the shares received through off market transfers. They were involved in creation of artificial volume and liquidity which led to price increase to unrealistic levels as mentioned above. Investigation revealed that Shri Deepak Todkar (hereinafter referred to as the ‘Noticee’) was one of the connected entities found involved in dealing in the scrip of MCL in the above manner during the investigation period.
Page 3 of 7 under Section 15 I of the SEBI Act (hereinafter referred to as the ‘SEBI Act’) read with Rule 3 of SEBI (Procedure for holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudicating Rules’) to inquire into and adjudge under Section 15 HA of 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 various entities through common phone number and common address, who had traded among themselves in the scrip of MCL. He is thus alleged to have acted together with the entities to trade fraudulently in the scrip of MCL.
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Source: SecMarx — sebi:PKK/AO/161/2010. 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.