sebi:PKK/AO/253/2010
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Facts / Headnote
Allegations not established; matter disposed of with no penalty
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 4
Parties
- M/s. Baij Krishna & Co.
Holding
The Adjudicating Officer held that the allegations of violation of Regulations 4(2)(a) and 4(2)(e) of the PFUTP Regulations against M/s. Baij Krishna & Co. were not established and accordingly disposed of the matter with no penalty.
Full text
Page 2 of 6 under section 15-I of the SEBI Act, 1992 (hereinafter referred to as the ‘SEBI Act’) read with Rule 3 of the SEBI (Procedure for holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudication Rules’) to inquire into and adjudge under Section 15HA of the SEBI Act, the alleged violation of the provisions of Regulations 4 (2) (a) and 4 (2) (e) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as the ‘PFUTP Regulations’) by the Noticee. Consequent to Ms. Babita Rayudu proceeding on deputation out of SEBI, Shri Sandeep Deore was appointed as the Adjudicating Officer in the instant matter vide SEBI Order dated November 23, 2007. The AO vide
Page 3 of 6 TCL in a fraudulent and manipulative manner. The details of the trades executed by the Noticee were provided to it as Annexure to the SCN. The Noticee submitted its reply vide letter dated July 31, 2010. The Noticee submitted inter alia that it had purchased the shares within the price range of Rs.141.50 and Rs.208. If it had any ulterior motive, it could have sold the shares when the share price touched Rs.332 at CSE, but the shares are still being held in it’s demat account. The price fell to around Rs.31 and there are no buyers for the shares. All trades done by it were purchase trades for which payments were given by cheques, deliveries were received and no trade was speculative. The Noticee denied all
Page 4 of 6 Whether the Noticee is liable for monetary penalty prescribed under Section 15HA of the SEBI Act for the aforesaid violation? If yes, what should be the quantum of monetary penalty?
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Source: SecMarx — sebi:PKK/AO/253/2010. 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.