sebi:PKK/AO/164-165/2011
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Facts / Headnote
Penalty imposed on Noticees for violation of PFUTP Regulations
Provisions invoked
- s. 12
- s. 15H
- s. 15J
- s. 15
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Smt. Seema Aggarwal
- Shri Aashish Aggarwal
Holding
The Noticees violated Regulations 3(a), 3(d), and 4(1) of the PFUTP Regulations read with Section 12A(c) of the SEBI Act by trading ahead of Shri Arora's trades, and a penalty of ₹5,00,000 on Smt. Seema Aggarwal and ₹2,00,000 on Shri Aashish Aggarwal was imposed under Section 15HA.
Full text
Page 2 of 12 (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’) read with Section 12 A (c) of the Act.
Page 3 of 12 Noticees inter alia submitted “I am working in Share market since 1992, it was my first and last mistake, it was incident of year 2008, for this no one intimated or warned me about this at that time, and after two years we received your first investigation letter in August 2010”. The Noticees assured that such mistake will not be repeated in the future and sought sympathy as they were not in a position to bear the penalty at this stage.
Page 4 of 12 SEBI [2007] 76 SCL 51 (SAT - MUM.) wherein it was inter- alia held that “…The appellants did not file any reply to the second show-cause notice. This being so, it has to be presumed that the charges alleged against them in the show-cause notice were admitted by them”.
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Source: SecMarx — sebi:PKK/AO/164-165/2011. 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.