sebi:PKK/AO/46/2011
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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
- M/s. Sparc Pesticides Private Limited
Holding
The Noticee violated Regulations 4(1), 4(2)(a), (b), (g) and (n) of the PFUTP Regulations by entering into synchronized/structured deals in the scrip of JSL creating artificial volume and misleading appearance of trading. A monetary penalty of Rs 1,00,000 under Section 15HA of the SEBI Act was imposed on the Noticee.
Full text
Page 2 of 8 3. In view of the findings of the Investigation as given above, SEBI has initiated adjudication proceedings under the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘‘SEBI Act’’), against M/s. Sparc Pesticides Private Limited (hereinafter referred to as “Noticee”), for allegedly violating the provisions of Regulations 4(1), 4(2)(a), (b), (g) and (n) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”).
Page 3 of 8 relevant period and engaged in synchronized/structured/matched transactions. 6. The said allegations made in the SCN are supported by Annexures 1-2. Annexure 1 contains details of the structured trades entered into between the Noticee and other entities in the scrip of JSL. Annexure 2 contains the details of synchronized trades executed between the Noticee and other entities.
Page 4 of 8 b) Does the violation, if any, on the part of the Noticee attract monetary penalty under section 15 HA of SEBI Act? c) If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in section 15J of SEBI Act?
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Source: SecMarx — sebi:PKK/AO/46/2011. 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.