sebi:PKK/AO/74/2011
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Facts / Headnote
Charges not established; matter disposed of without penalty
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 3
- Reg. 4(1)
- Reg. 13(1)
- Reg. 4(a)
- Reg. 200
Holding
The Adjudicating Officer concluded that the charges leveled against the Noticee under the PFUTP Regulations and the Stock Brokers Code of Conduct do not stand established and accordingly disposed of the matter without imposing monetary penalty.
Full text
Page 2 of 13 The Noticee bought large quantities of shares of VBC prior to its buy recommendation and sold a substantial chunk of the same after the publication. It was also revealed that out of 44 instances where multiple trades were resulted which influenced the price of the scrip by ` 2 or more, Noticee was responsible for 12 such instances during September 02, 2005 to September 15, 2005. Out of the said 12 such instances, on 6 instances there was a new price discovery. Noticee in such a way contributed to the price rise in the scrip of VBC. Noticee also failed to make disclosures as required by Regulation 13(1) and 13(3) of SEBI (Prohibition of insider Trading”) Regulations, 1992.
Page 3 of 13 Order dated August 17, 2010 appointed the undersigned as AO, consequent to Mr Deore’s transfer to Enforcement Department.
Page 4 of 13 the other profitable ventures and better profits, it was natural for any scrip to observe rise in its price or trading volume. b) …. We regularly carry out proprietary trades in various scrips. Based on the
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Source: SecMarx — sebi:PKK/AO/74/2011. 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.