sebi:PKK/AO/270/2010
Facts / Headnote
Violation found; monetary penalty of Rs. 1,00,000 imposed under Section 15HA
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations relied on
- SEBI (PFUTP) Regulations, 2003 — 4(1)
Parties
- Shri Ankit Vairana
Holding
The Noticee violated Regulations 4(1), 4(2)(a), (b), (e) and (g) of the PFUTP Regulations and is liable for monetary penalty under Section 15HA of the Act, with a penalty of Rs. 1,00,000 imposed.
Full text
Page 2 of 8 2. The role of the main brokers and clients who had traded heavily during the period under investigation in the scrip of AEL was scrutinized. The Investigations revealed that certain entities, including Shri Ankit Vairana (hereinafter referred to as the ‘Noticee’), transacted in the shares of AEL in a fraudulent manner that led to creation of artificial volume and a false market. Their trading distorted market equilibrium leading to spurt in the price which did not have any correlation with the performance of the company.
Page 3 of 8 Notice, Reply & Personal Hearing 5. The AO issued a Notice bearing no. EAD-2 /SD/AB/129557/2008 dated June 23, 2008 (hereinafter referred to as ‘SCN’) to the Noticee in terms 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 8 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/270/2010. 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.