sebi:PKK/AO/237/2010
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Facts / Headnote
Violation found; penalty of Rs.2,00,000 imposed on Noticee
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- Mr. Sureskumar P Jain
Holding
The Noticee violated Regulations 4(1), 4(2)(a), 4(2)(b), 4(2)(e) and 4(2)(g) of PFUTP Regulations and is liable to penalty under Section 15HA of SEBI Act. A penalty of Rs.2,00,000 was imposed on Mr. Sureskumar P Jain.
Full text
Page 2 of 9 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 Mr. Sureskumar P Jain (hereinafter referred to as the ‘Noticee’) is one of the connected entities who has engaged in such activities.
Page 3 of 9 the provisions of Rule 4 of the Adjudication Rules requiring him to show cause as to why an inquiry should not be held against him for the alleged violations.
Page 4 of 9 Accordingly, it was decided to conduct an inquiry in the matter. I have granted an opportunity of personal hearing to the Noticee and he was advised to appear before me on November 10, 2010. The Hearing Notice dated October 27, 2010 was sent for affixture 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 him. Therefore, I am proceeding with the inquiry taking into account the
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Source: SecMarx — sebi:PKK/AO/237/2010. 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.