sebi:PKK/AO/177-179/2011
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Facts / Headnote
Violation found; monetary penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
Parties
- Sapna Jatania
- Himat Jatania
- Nainesh Jatania
Holding
The Noticees violated Regulations 4(1), 4(2)(a) and (g) of the PFUTP Regulations by creating artificial volume through synchronized non-genuine trades within the group and are liable for penalty under Section 15HA of the SEBI Act, with a total penalty of Rs. 50,000 imposed.
Full text
Page 2 of 8 2. During the investigation it was observed that a group of seven entities related to one another viz. 1. Sapna Jatania(hereinafter referred to as the Noticee No.1), 2.Himat Jatania (hereinafter referred to as the Noticee No. 2), 3.Nainesh Jatania (hereinafter referred to as the Noticee No.3), 4. Ramesh Gokani, 5. AMI Stock and Share Brokers Pvt. Ltd., 6.Kishore Thummar and 7.Bharat Kumar Vachhani, dealing through five brokers viz.
Page 3 of 8 Show Cause Notice, Reply and Personal Hearing 5. The AO issued notices dated May 16, 2011 (hereinafter referred to as ‘SCN’) under Rule 4 of the Adjudicating Rules to the Noticees to show cause as to why an inquiry should not be held against the Noticees and penalty be not imposed under Sections 15 HA of the SEBI Act, for their alleged violation of the provisions of Regulations 4 (1), 4 (2) (a) and (g) of the PFUTP Regulations.
Page 4 of 8 vide letter dated August 26, 2011 to appear before the undersigned on September 12, 2011. Thereafter, a final opportunity if personal hearing was given to the Noticees vide letter dated October 03, 2011 to appear before the undersigned on October 14, 2011. Noticee No.3 appeared on behalf of himself, Noticee No.1 and Noticee No.2 before the undersigned for the said personal hearing and made oral submissions.
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Source: SecMarx — sebi:PKK/AO/177-179/2011. 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.