sebi:RA/JP/182-183/2017
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Facts / Headnote
Case/SCN disposed of; no penalty imposed
Provisions invoked
- s. 15
- s. 15J
- s. 15A
- s. 15F
Regulations
- Reg. 3
- Reg. 4
Parties
- Vandanadevi Sanjaykumar Agarwal
- Jaiprakash Dwarikaprasad Agarwal
Holding
The Adjudicating Officer held that the Noticees' self-trades did not establish a violation of the PFUTP Regulations or the Stock Brokers Regulations code of conduct, and consequently no penalty was imposed under section 15HA of the SEBI Act.
Full text
Page 2 of 10 (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) vide order dated May 14, 2015 to inquire into and adjudge under section 15 HA of the SEBI Act against the Noticees for the alleged violation of aforesaid provisions of the PFUTP Regulations. Proceeding of appointment of undersigned as Adjudicating Officer was communicated vide communiqué dated April 21, 2016.
Page 3 of 10 (a) buy, sell or otherwise deal in securities in a fraudulent manner; (b) use or employ, in connection with issue, purchase or sale of any security listed or
Page 4 of 10 8. Thereafter, the reply of the Noticees dated September 19, 2016 towards the SCN was received on records. The Noticees also requested for personal hearing in the matter. Vide said replies, the Noticees stated that the alleged self trades are insignificant when compared to total market volume under investigation period of 13 months. They have tradded only for 4-5 days under the entire investigation period. The scrip was liquid and such self tardes were accidental and not intentional with manipulative intent to create misleading appearance of trading.
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Source: SecMarx — sebi:RA/JP/182-183/2017. 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.