sebi:PKK/AO/263/2010
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Facts / Headnote
Penalty imposed on Noticee for fraudulent and unfair trade practices
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 3
- Reg. 4
- Reg. 4(1)
Parties
- Aishwarya Housing Finance Co.
Holding
The Noticee violated Regulations 4(1) and 4(2)(a), (b), (d) & (e) of the PFUTP Regulations by engaging in circular trading and manipulation in the scrip of SCL, warranting a monetary penalty of Rs. 5,00,000 under Section 15HA of the SEBI Act.
Full text
Page 2 of 9 in circular trading and reversal of deals and interchange of funds and securities. Aishwarya Housing Finance Co. (hereinafter referred to as the ‘Noticee’) was one of the major clients interconnected with each other who had indulged in fraudulent and unfair trade practice and manipulation in the scrip of SCL.
Page 3 of 9 Show Cause Notice, Reply and Personal Hearing 5. The AO issued a notice dated June 27, 2008 (hereinafter referred to as the ‘SCN’) under Rule 4 of the Adjudication Rules to the Noticee to show cause as to why an inquiry should not be held against it and penalty be not imposed under Section 15 HA of the SEBI Act for its alleged violation of the provisions of Regulations 4 (1) and 4 (2) (a), (b), (d) & (e) of the PFUTP Regulations.
Page 4 of 9 Consideration of Issues, Evidence and Findings 10. I have carefully perused the charges made against the Noticee mentioned in the SCN and the materials and documents available on record. The issues that arise for consideration in the present case are:
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Source: SecMarx — sebi:PKK/AO/263/2010. 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.