sebi:PKK/AO/82/2011
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Facts / Headnote
Allegations not established; matter disposed off
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 3
Parties
- M/s. Charmi Investments
Holding
The allegations that the Noticee violated Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a), (b) & (g) of the PFUTP Regulations do not stand established. The matter is accordingly disposed off without imposition of penalty.
Full text
Page 2 of 8 along with the connected entities indulged in manipulative and fraudulent trading in the scrip of CDIL with the money received from Patel Investments. The Noticee allegedly created artificial volume and spurt in price by engaging in synchronized/reversal trades.
Page 3 of 8 6. It is alleged that a group of entities received loan from M/s. Patel Investments indulged in manipulative and fraudulent trading created artificial volume and spurt in price by engaging in synchronized/reversal trades in the scrip of CDIL. Some of the entities who had been allotted three lakh convertible warrants by CDIL were connected to the Noticee and therefore, Noticee aided and abetted the connected entities to trade in the aforesaid manner. Therefore, the Noticee allegedly violated Regulations 3 (a), 3 (b), 3 (c), 3 (d), 4 (1), 4 (2)(a), 4(2)(b) and 4(2)(g) of PFUTP Regulations.
Page 4 of 8 and the documents available on record. In the instant matter the following issues arise for consideration and determination: a. Whether the Noticee had violated the provisions of Regulations 3 (a), (b), (c), (d) 4(1), 4(2) (a), (b), & (g) of PFUTP Regulations, 2003 ? b. Whether the Noticee is liable for monetary penalty prescribed under Section 15HA of the SEBI Act for the aforesaid violation? c. If, yes what should be the quantum of monetary penalty?
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Source: SecMarx — sebi:PKK/AO/82/2011. 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.