sebi:SD/AO/04/2010
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Facts / Headnote
Penalty imposed on Noticee for fraudulent and unfair trade practices
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 4(1)
Parties
- Mr. Dattu Shitole
Holding
The Noticee, Mr. Dattu Shitole, was held to have violated Regulations 4(1), 4(2)(a), 4(2)(e) and 4(2)(g) of the PFUTP Regulations, 2003 by facilitating manipulation in the scrip of KCL through M/s Rightstar Trading Company Pvt. Ltd., and a penalty of Rs. 1,25,000/- was imposed under Section 15HA of the SEBI Act.
Full text
Page 2 of 11 2. SEBI has initiated adjudication proceedings under the SEBI Act against Mr. Dattu Shitole (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 11 shares received in the off market were later used to complete the market obligations of the connected entities. The transfer of shares of KCL in various off market deals between several entities further established linkages between the entities.
Page 4 of 11 the SEBI Act, the alleged violation of the provisions of Regulations 4(1), 4(2)(a), 4(2)(b), 4(2)(e) and 4(2)(g) of PFUTP Regulations.
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Source: SecMarx — sebi:SD/AO/04/2010. 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.