sebi:PKK/AO/271/2010
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Facts / Headnote
Violation established; monetary penalty of Rs. 1,00,000 imposed under Section 15HA
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 4
- Reg. 3
- Reg. 4(1)
Parties
- Ms. Rina Shah
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. A penalty of Rs. 1,00,000 was imposed on Ms. Rina Shah.
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 Ms. Rina Shah (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/129584/2008 dated June 23, 2008 (hereinafter referred to as ‘SCN’) to the Noticee in terms of Rule 4 of the Adjudication Rules requiring her to show cause as to why an inquiry should not be held against her for the alleged violations.
Page 4 of 8 9. In view of the above, 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/271/2010. 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.