sebi:SD/AO/03/2010
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Facts / Headnote
Penalty of Rs.2,50,000 imposed under Section 15HA of the SEBI Act, 1992
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- Mr. Jayesh Waghela
Holding
The Noticee violated Regulations 4(1), 4(2)(a), 4(2)(e) and 4(2)(g) of the PFUTP Regulations, 2003 in the scrip of KCL. A monetary penalty of Rs.2,50,000 was imposed under Section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 10 2. SEBI has initiated adjudication proceedings under the SEBI Act against Mr. Jayesh Waghela (hereinafter referred to as the ‘Noticee’) on account of allegedly violating the provisions of Regulations 4(1), 4(2)(a), 4(2)(b), 4(2)(e) and 4(2)(g) of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (hereinafter referred to as ‘PFUTP Regulations’).
Page 3 of 10 5. It is alleged that these connected entities entered into large deals amongst themselves during the relevant period. By entering into trading amongst themselves, these entities allegedly brought about a sudden spurt in the volume and price of the scrip. These volumes were adequate enough to induce the other investors to deal in the shares of KCL.
Page 4 of 10 8. Subsequently, the then Adjudicating Officer was sent on deputation and thereafter the undersigned was appointed as the Adjudicating Officer in the instant matter vide SEBI order dated November 23, 2007.
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Source: SecMarx — sebi:SD/AO/03/2010. 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.