sebi:PKK/AO/234/2010
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Facts / Headnote
Matter disposed of - Noticee exonerated with benefit of doubt, no penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- M/s. Rightstar Trading Company Pvt. Ltd.
Holding
The Adjudicating Officer found no corroborative evidence that the Noticee dealt in the scrip of KCL in a fraudulent manner or indulged in manipulation and accordingly disposed of the matter giving benefit of doubt to the Noticee.
Full text
Page 2 of 6 several entities further established linkages between them. The connected entities used to complete many of the market obligations from the shares received through off market. The connected entities were involved in creation of artificial volume and liquidity which led to price increase to unrealistic levels as mentioned above. The investigations revealed that M/s. Rightstar Trading Company Pvt. Ltd. (hereinafter referred to as the ‘Noticee’) is one of the connected entities who have engaged in such activities.
Page 3 of 6 of the Adjudication Rules requiring it to show cause as to why an inquiry should not be held against it for the alleged violations.
Page 4 of 6 Accordingly, it was decided to conduct an inquiry in the matter. I have granted an opportunity of personal hearing vide hearing notice dated October 27, 2010 and it was advised to appear before the undersigned on November 10, 2010. The hearing notice was affixed at the last known address of the Noticee where the SCN was also pasted. The hearing notice was thus, served on the Noticee in accordance with Rule 7(c) of the Adjudication Rules. The Noticee did not avail the opportunity of personal hearing granted to it. Therefore, I am proceeding with the inquiry taking into account the documents and material as available on record.
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Source: SecMarx — sebi:PKK/AO/234/2010. 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.